CVS Mesa, AZ

Property Price: $5,906,000
Property Status: Closed
Property Type: Retail
Cap Rate: 5.35%
Lease Type: Fee Simple
Tenant Type: Single Tenant
NOI: $315,996
Building Size: 11,866 sf
Land Area: 1.39 acres
Remaining Term: 14 years
Expenses: NNN

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Landes Fairmount Properties is pleased to exclusively offer the opportunity to acquire the fee simple bond lease CVS (BBB+) property located in Mesa, AZ. The lease is 100% guaranteed by CVS Caremark Corporation. The subject property opened in June 2003, when CVS began paying rent. CVS operates under bonded twenty-five (25) year lease with approximately fourteen (14) years remaining on the initial lease term. The lease offers ten (10) extension periods, at five (5) years per option. CVS Caremark Corporation also corporately guarantees the extension periods.

The subject property is located on the southeast corner of East Brown Road and North Recker Road. Across the street on the southwest corner there is a Chevron gas station and to the north on the northeast corner there is a Fitness Works Athletic Club as well as a Medical Plaza. Located less than a mile away is Shepard Junior High School. Large neighborhoods over a 3 mile radius surround the subject property and for most of these residents the subject CVS is the closest pharmacy. This property is a proven location for a profit making retailer and pharmacy such as CVS, providing a viable long-term investment opportunity.


Agent Contact Information

Justin Grissen
Managing Director

Austin Landes
Investment Advisor

Caleb Landes
Investment Advisor

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