Overview

Description

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, corporate guaranteed, drive-thru equipped, CVS Pharmacy investment property located in Richmond, VA. The tenant, CVS Prescription Center, Inc., recently exercised a 3-year extension with 2 additional option periods left to extend, demonstrating their commitment to the site. The lease is guaranteed by CVS Corporation (S&P: BBB), and is NNN with limited landlord responsibilities, making it an ideal, low-management investment opportunity for a passive investor. CVS is the largest pharmacy chain in the United States with more than 10,000 operating locations.

CVS is strategically located at the signalized intersection of Walmsley Boulevard and Broad Rock Boulevard, averaging a combined 34,000 vehicles passing by daily. The asset benefits from nearby access onto State Highway 150, US Highway 360, US Highway 301, and other major commuter routes, making this a centralized location with easy commutes. CVS is ideally situated within a dense retail trade area with major surrounding tenants including Advance Auto Parts, Harbor Freight, Haynes Furniture, Bank of America, and others. The strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure. Furthermore, the property is near numerous single-family communities and multi-family complexes including Forest Creek (94 units), Townhouses of Chesterfield (129 units), Tuscany Townhomes (132 units), and others, providing a direct residential consumer base. The 5-mile trade area is supported by over 177,900 residents and 70,400 daytime employees, with a healthy average household income of $79,190.

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