Trophy CVS Pharmacy

Highlights:

• Extremely Rare 20 Year Recast Lease expiring 2041
• Absolute NNN Lease - No LL responsibilities Whatsoever
• Ahwatukee Location - Ranked #1 Best Neighborhood to live in Phoenix
• Located on the corner of 48th Street and Chandler Blvd with over 60,000 VPD
• Investment Grade Tenant
• Full CVS Health Corp Guaranty
• No Rent Holiday

Description:

RDO Investments is pleased to present a trophy fee simple, single tenant, 13,434 square foot CVS Pharmacy located in Phoenix, Arizona. The property was constructed in 2003 as an Eckerd's Pharmacy and then purchased and rebranded to CVS in 2004. CVS signed a Rare 20-year Lease Term in 2021 taking its new lease expiration out to February 2041 with an additional four, 5-year renewal options. The property is Absolute NNN with no Landlord Responsibilities whatsoever. The property is strategically located a block off of Interstate 10 at the southwest corner of 48th Street and Chandler Boulevard.

The property is part of Foothills Corporate Park which is anchored by Kohls Department store. Outparcels include AutoZone, Starbucks, Arriba Mexican Restaurant, Va Bene Italian Restaurant, Jersey Mikes, Sports Clips, Desert Dentistry, Edible Arrangements, Post Net and a number of Office and Retail suites.

CVS Pharmacy, which is publicly traded on the NYSE under the ticker symbol “CVS”, reported annual revenues in excess of $292 billion in 2022 and a Market Cap of $136.3 billion as of December 2022.

The Phoenix metropolitan area (“Phoenix Metro”), often referred to as the “Valley of the Sun”, has a population of 4,845,832 and is one of the fastest growing super-regional city areas in the United States. Phoenix Metro is the tenth largest metropolitan area in the United States and has an expanding diverse economy generating a $281 Billion GDP (2020). Freeport McMoRan, Avnet, Republic Services, Magellan Health, Go Daddy, and Sprouts Famers Markets are Fortune 500 companies located in the Phoenix Metro. Honeywell, Intel, Wells Fargo, U-Haul, and PetSmart are large employers also in the area. The Valley boasts a robust Healthcare industry lead by Banner Health and HonorHealth employing over 50,000 healthcare workers in the medical field.
 
The Valley is a dynamic cultural center with a vibrant sports and entertainment scene. State Farm Stadium’s 63,400 seat arena hosts Arizona Cardinals NFL home games, other marquee sporting events and an array of concerts. BCS college and NFL Super Bowl games have been hosted at State Farm Arena. Phoenix Suns basketball team’s home games and other events at Footprint Center attract an enthusiastic fan base as well. Arizona State University, with its main campus located across the Phoenix Metro, offers high quality college education to over 100,000 student enrollees. With its abundant golf courses, resort hotels and sunshine days, Phoenix Metro is very attractive to visitors from across the U.S. and beyond.
 
Ahwatukee is a highly regarded neighborhood in Phoenix and is known for its master-planned residential communities, beautiful golf courses, quality schools, range of shopping and food retail establishments, and ready access to major transportation corridors that allow its residents a fast commute to nearby employment centers. Ahwatukee ranks #1 as the best neighborhood to live in Phoenix. The average household income within Ahwatukee is a staggering $133,555 and a population of 82,054.

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