McKinney, TX - CVS (University Dr)

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, CVS investment property located in McKinney, Texas. The tenant, CVS Pharmacy, Inc., has approximately 12 years remaining on its lease with 10 (5-year) options to extend, demonstrating their commitment to the site. The lease features flat rent throughout the initial term and variable increases throughout each option period. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor. Seller will provide a credit for rent holiday.

The CVS is located at signalized, hard corner intersection of W University Dr and Community Ave, combining to average over 63,000 vehicles passing by daily. W University Dr is a major retail thoroughfare serving the city of McKinney. The property is located within walking distance to Cameron Crossing, a 210,000+ square foot shopping center that features national tenants such as The Home Depot, Best Buy, Ross, Michael’s, and Chick-fil-A, Starbucks, and Taco Cabana pads. The site is also within walking distance of additional shopping center, which includes of 400,000 square feet of retail space, anchored by Lowe’s Home Improvement and Target. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Walmart Supercenter, Costco, Sam’s Club, Academy, Kroger, Hobby Lobby, and more, further increasing consumer traffic to the site. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 5-mile trade area is supported by a population of over 154,700 with an average household income of $158,362.