Atlanta, GA - CVS

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, CVS Pharmacy investment property located in Atlanta, Georgia. The tenant, Georgia CVS Pharmacy, LLC has over 7 years remaining on their lease with 6 (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 NNN leased with minimal landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor. CVS has more than 9,000 retail pharmacy locations, more than 1,000 walk-in and primary care medical clinics, a leading pharmacy benefits manager with approximately 90 million plan members, and a dedicated senior pharmacy care business serving more than 800,000 patients per year. In addition, this site is ranked in the top 76th percentile nationwide, as well as in the top 88th percentile in the state of Georgia, per Placer.ai data.

The property is located near the signalized, hard corner intersection of M.L.K. Jr Dr SW and Peyton Rd SW with a combined 26,900 vehicles passing by daily. M.L.K. Jr Dr SW, is a major retail thoroughfare serving the city of Atlanta. Additionally, the site is located just south of Interstate 20, a major east/west travelling highway that averages 207,000 VPD and connects a multitude of major southern cities. Furthermore, the CVS is situated just east of West Ridge Shopping Center, a 167,000 square foot Wayfield Foods Inc anchored center that also features national/credit tenants including Family Dollar, O’Reilly Auto Parts, and Rainbow Shops pads. Moreover, the asset is located a few miles northeast of Cascade Corners, a 92,000 square foot Kroger grocery anchored center. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Walmart Supercenter, The Home Depot, Planet Fitness, Dollar Tree, Hibbett Sports, and more, further increasing consumer traffic to the site. The subject property is in close proximity to a multitude of college universities, including Morehouse College, Clark Atlanta University, Georgia Institute of Technology, and Spelman College. The 5-mile trade area is supported by a population of over 242,800 with an average household income of $91,876.