CVS Portfolio

Multiple Addresses
Tallahassee , FL 37347

CVS Portfolio - Retail for sale


Jones Lang LaSalle (JLL) is pleased to offer for sale the fee simple interest in two freestanding CVS retail locations (the Properties or Assets) located in Knoxville, Tennessee and Bedford, Ohio respectively. Available only as a portfolio, the Assets are subject to absolute triple net leases with zero landlord responsibilities. Both Properties are approaching the end of their primary term, and are subject to 6, 5-year option periods at reduced rent, creating a unique incentive for CVS to renew. CVS (the Tenant), is a publicly traded pharmacy retailer and health company with over 9,600 locations and an investment-grade credit rating (S&P BBB+), and is the largest pharmacy health provider in the United States. Both Assets additionally benefit from strong, high-visibility corner locations in their respective submarkets, both of which are within a larger nationally recognized MSA. This is a rare opportunity to acquire a portfolio of CVS-leased assets at an attractive yield with strong site fundamentals.

Investment Highlights

High Renewal Probability
• Both Assets are leased on an absolute net basis to CVS, with zero landlord obligations and the end of the primary term approaching in January of 2019. With an attractive discount in rent to the tenant in the option periods, there is a strong incentive for CVS to renew their lease.

Strong Anchor Markets
• Knoxville is the third-largest city in Tennessee, with a city-limits population of over 186,000 residents and over 800,000 in the greater MSA. Bedford, OH is a suburb just 15 miles from downtown Cleveland, the anchor city to an MSA that is home to over 2,000,000 residents.

Prime Retail Locations
• Both Assets benefit from hard-corner locations at major local intersections, with dual frontages and multiple curb cuts. The Bedford asset is located adjacent to Bedford’s main grocery store, just minutes from downtown and Bedford high school. The Knoxville Asset is located in the Hall’s Crossroads neighborhood, amidst a retail corridor that features Aldi, Walmart, Ingles, Burke’s, Food 4 Less, Walgreens, Rural King, and numerous other national tenants.

Investment Grade Tenancy
• CVS is the nation’s largest pharmacy healthcare provider, operating approximately 9,600 retail pharmacies, 900 walk-in healthcare clinics, and supporting over 80 million PBM plan members. Traded on the New York Stock Exchange under the symbol “CVS”, the company has revenues of approximately $185 billion and boasts an investment-grade credit rating of “BBB+” from Standard & Poor’s. CVS recently announced their acquisition of Aetna, which poises them to redefine the way consumers and customers access healthcare.
Property Type Retail
Tenure Type Sale / Purchase
Property Address Multiple Addresses, Tallahassee, FL 37347
Land In Acres 5.8
Building Size 20,250  ft2
Price $4,600,000
Cap Rate 8.25%
Current NOI $379,515.00
Tenant's Name CVS Caremark Corporation
Lease Expiration Date 01/31/2019
Remaining Term -0.1Yrs

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