CVS Blanchester, OH (Cincinnati MSA)

Property Price: $2,494,000
Property Status: Available
Property Type: Retail
Cap Rate: 6.44%
Lease Type: Fee Simple
Tenant Type: Single Tenant
NOI: $160,693
Building Size: 10,050 sf
Land Area: 1.769 acres
Remaining Term: 12 years
Expenses: NNN

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Investment Highlights: 10,050 SF Absolute NNN Bond Lease with Drive-Thru, located in Blanchester, OH (Cincinnati MSA). Absolute Bonded NNN Lease, Tenant responsible for roof and structure, including all expenses. 25 Initial Lease Term; 12 years remaining on a Corporate Guaranteed CVS Caremark Lease (NYSE: CVS; S&P: BBB+ Stable). CVS Caremark is the largest Pharmacy Health Care Provider in the US. CVS Health fills or manages 1.9 Billion prescriptions each year, and has captured approximately 39% of past 5-year market prescription growth.

Tremendous motivation for tenant to renew due to favorable lease terms. Being the only major stand-alone pharmacy in a 13-mile radius, this is a long-term location for CVS. Seller is only willing to sell for a 30 day window.

Landes Fairmount is pleased to offer for sale this CVS fee simple interest located in Blanchester, OH (Cincinnati MSA). The existing 10,050 square foot freestanding single-tenant building is leased to CVS Pharmacy Inc. on a corporate guaranteed long-term twenty-five (25) year Absolute NNN Fee Simple Interest with twelve (12) years remaining on the initial lease. CVS has ten (10) renewal options at five (5) years each after the initial lease period.

A ‘bond lease’ or ‘hell-or-high-water lease’ is the most absolute form of the NNN Lease. The tenant is responsible for every real estate risk related to the property and is responsible for every single property related expense, even in instances of a material casualty/condemnation. This lease includes a thirty-nine month rent holiday during the last years of the initial lease term (CVS does not pay rent for the last thirty-nine months).

A rent credit or discount will be offered at closing to alleviate the rent holiday.

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Agent Contact Information

Justin Grissen
Managing Director

jgrissen@landesfairmount.com
214-572-2020

Austin Landes
Investment Advisor

alandes@landesfairmount.com
214-572-2024

Caleb Landes
Investment Advisor

clandes@landesfairmount.com
214-572-2016

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