Marrero, LA - CVS

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NN leased, CVS Pharmacy investment property located in Marrero, Louisiana. The tenant, CVS, has over 9 years of initial term remaining with 9 (5-year) options to extend, demonstrating their commitment to the site. The lease features 5% rental increases at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is NN with limited landlord responsibilities making it an ideal, low management investment opportunity for a passive investor.

The CVS Pharmacy is located near the signalized, hard corner intersection of Barataria Blvd and Lafitte Parkway which combine to average over 42,000 vehicles passing by daily. Barataria Blvd is a major retail thoroughfare serving the city of Marrero. The CVS is located in close proximity to Oak Ridge Plaza, a H&W Drug Store and Dollar Tree anchored center that features other national/credit tenants such as Chick-fil-A, Wendy’s, Sally Beauty, Aaron’s, Smoothie King and others. In addition, the asset is also near a Lowe’s anchored center that includes national/credit tenants such as McDonald’s, Starbucks, Smalls Sliders, Jimmy John’s, Anytime Fitness, and more. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Walmart Supercenter, The Home Depot, Raising Cane’s, Planet Fitness, AutoZone, Walgreens, Outback Steakhouse, Take 5 Oil Change, and more, further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 154,000 residents and 67,400 employees with an average household income of $96,057.