Winchester, VA - CVS Pharmacy

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, freestanding, CVS (S&P: BBB) investment property located in Winchester, Virgina. The Tenant has approximately 9 years remaining with 10 (5-year) options to extend, demonstrating their long-term commitment to the site. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor. The asset includes a Credit Tenant Lease (CTL) zero cash flow financing which may be assumed, which also includes a paydown/readvance feature allowing 1031 exchange investors to pull cash out from the transaction. CVS Pharmacy is America’s leading retail pharmacy with over 9,000 locations across 49 states.

The asset is strategically located at the signalized, hard corner intersection of North Fredrick Pike and Westminster Canterbury Drive which supports more than 22,000 vehicles per day. Furthermore, the site benefits from nearby access to Highway 37 (31,000 VPD) and Fairmont Avenue (5,800 VPD), making this an ideal, centralized location with easy commutes. Moreover, the subject property is located less than 1.5 miles north of the award-winning Valley Health Winchester Medical Center, a 495-bed regional referral hospital recognized among the best in Virginia by U.S. News & World Report and consistently earning ‘A’ safety grades from The Leapfrog Group. The asset is located in a dense retail corridor and is within close proximity to multiple national/credit tenants such as Walmart Supercenter, Tractor Supply, Martins, Dollar Tree, Applebee’s, IHOP, and more. Strong tenant synergy increases consumer draw to the immediate subject trade area and promotes crossover tenant exposure to the site. The asset is within walking distance from multiple apartment complexes such as Autumn Wind Apartments (104 units), Shenandoah Valley Westminster Canterbury Retirement Community (218 units), Meadow Branch Luxury Apartments (305 units), and more, providing a direct residential consumer base from which to draw. The 5-mile subject trade area is supported by more than 68,000 residents and 40,000 daytime employees. Residents within a 1-mile radius boast affluent average household incomes of more than $118,000.

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Listing ID: a28TP000001mWrRYAU