CVS Callahan, FL

Property Price: $2,965,000
Property Status: Closed
Property Type: Retail
Cap Rate: 5.30%
Lease Type: Fee Simple
Tenant Type: Single Tenant
NOI: $157,156
Building Size: 12,580 SF
Land Area: +/- 1.47 Acres
Remaining Term: 16 Years
Expenses: NNN

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Landes Fairmount Properties is pleased to exclusively offer the bond lease fee simple CVS (BBB+) property located in Callahan, FL. The lease is 100% guaranteed by CVS Caremark Corporation. The subject property opened in September 2005. This CVS property is under a twenty-five (25) year lease with approximately sixteen (16) years remaining on the initial lease term. The lease offers ten (10) extension periods of five (5) years per 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 three year rent holiday during the last years of the initial lease term (CVS does not pay rent for the last three years only). A rent credit or discount will be offered at closing to alleviate the rent holiday.

Closed

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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