Westfield, IN - CVS

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the leasehold interest (building ownership) in an absolute NNN leased, CVS Pharmacy investment property located in Westfield, Indiana (Indianapolis MSA). The tenant has approximately 18 years remaining with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 7.5% rental increases at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor. CVS Pharmacy is America’s leading retail pharmacy with nearly 10,000 locations across 49 states.

CVS is ideally located at the signalized hard corner intersection of Oak Ridge Road and State Highway 32 which supports more than 32,000 vehicles per day. Furthermore, the asset benefits from nearby access to U.S. Highway 31 (75,800 VPD), making this an ideal, centralized location with easy commutes. Moreover, the asset is adjacent to a recently constructed 49,600 SF Market District Supermarket (Giant Eagle subsidiary), greatly increasing consumer traffic to the immediate subject trade area. In addition, the subject property is positioned within 2.5 miles from Springmil Commons of Westfield, a 98,000 SF Kroger anchored shopping center. Other nearby national/credit tenants include Meijer, Tractor Supply, Planet Fitness, Chick-fil-A, Starbucks, and more. Strong tenant synergy increases consumer draw to the immediate trade area and further increasing crossover tenant exposure to the site. The asset is within walking distance from multiple apartment complexes including the Wheelhouse Apartments on the Monon (214 units), Temo at Grand Park (240 units), Charlestown on the Monon Apartments (244 units), and more, providing a direct residential consumer base from which to draw. The 5-mile trade area is supported by a population of over 113,000 residents and more than 31,000 daytime employees who boast an extremely affluent average household income of more than $162,000.