Terrytown, 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 Terrytown, Louisiana. The tenant, CVS, has over 9 years of lease 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 at the hard corner intersection of Terry Parkway and Hickory Street which combine to average over 36,700 vehicles per day. Terry Parkway is a major retail thoroughfare serving the city of Terrytown. The CVS is located in close proximity to Towne Square Shopping Center, a Family Dollar anchored center that also features national/credit tenants including Church’s Chicken, Subway, T-Mobile, Thrift City USA, and others. In addition, the asset is also near a Walmart Supercenter, Lowe’s, and Sam’s club anchored center that also features national/credit tenants such as McDonald’s, PetSmart, Rally’s, Mattress Firm, GameStop, and more. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Walgreens, Starbucks, Winn-Dixie, Dollar General, Wendy’s, O’Reilly Auto Parts, Popeyes, and more, further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 234,200 residents and 174,500 employees with an average household income of $92,282.