Property details
CVS Distribution Center, Great Lakes - Big Rivers Region
Property Description
CVS Corporation (NYSE: CVS) signed a Bond Net Lease with an initial term of 22 years commencing on September 20, 2001 and expiring on January 31, 2024.
This is an opportunity to purchase the fee simple interest in this 439,150+/- square-foot regional distribution center sitting on a 22+ acres site leased to CVS Corporation. The long-term bond net lease requires absolutely zero landlord responsibilities. There are successive lease renewal options. The property is being offered free and clear of existing debt.
There is abundant on-site parking on this 22+ acre site for both cars and semi trucks with in and out-bound shipments.
There are 2 buildings, the first was built in 1987 and the second in 1996.
CVS has been in operation for over 40 years. There are about 6,200 stores in 43 states, 14 distribution centers (including the subject property), regional business offices, and a Store Support Center in Woonsocket, RI which is also the site of CVS corporate headquarters. The CVS Corporation is well positioned to continue that growth and introduce quality service to a diverse group of new customers in communities and neighborhoods across the country.
Existing zero cash flow financing must be assumed. Assumption fee is 1%.
Maturity date is 1/10/2024. Original loan amount is $16,176,921.86. Loan
provides for paydown re-advance. Balloon payment is $5,382,601. Requires 24%
down payment.
Images
Highlights
- Status:
- Available
- Price:
- $19,275,000
- PSF:
- $44
- Cap Rate:
- 7.30%
- Annual Rent:
- $1,406,571
- Rent Increases:
- Flat
Property Information
- Building Size:
- 439,150 sq.ft.
- Property Type:
- Zero Cash Flow
- Industry Type:
- Industrial
- Units/Spaces:
- 1
- Year Built:
- 1987
- Land Area:
- 22.32 acres
- Purchase Tenure:
- Fee Simple
Lease information
- Tenant:
- CVS Distribution Center
- Lease Type:
- NNN
- Lease Commencement:
- 9/20/2001
- Lease Expiration:
- 1/31/2024
- Lease Term:
- 23 years
- Years Remaining:
- 16 years
- Landlord Responsibilities:
- None
- Options:
- There are successive lease renewal options. Lessee has a right of first refusal during the option periods only. Rent is flat through initial lease term. There are ten (5) year options to renew, except 2nd option which is 4 yrs and one month. Annual ren
Existing financing information
- Interest rate:
- 7.53%
- Amortized over:
- 0 years
- Annual Cash Flow:
- $1,406,571
- Cash on Cash Return:
- 30.77%
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.