CVS National Prescription Management Service Center Office

1451 Center Crossing Rd
Las Vegas , NV 89104-1107

CVS National Prescription Management Service Center Office - Office for sale

Overview


JLL is pleased to offer for sale a single tenant office building leased to CVS. This Property is a new, mission critical office facility located in the highly desirable Summerlin suburb of Las Vegas, Nevada. CVS selected this building after a national site selection process and the location specifically supports national pharmacy operations for CVS and their Anthem account. Anthem is one of the largest US health insurance companies. CVS will operate multiple shifts staffed by pharmacists, pharmacy techs, and customer service experts with 24/7 capability. This single tenant office building underwent a complete interior build-out from shell for CVS and an exterior overhaul essentially creating a new building for the tenant and future ownership. Please visit our homepage on RCM to access due diligence materials: https://my.rcm1.com/handler/modern.aspx?pv=pFp1wWTitsOKgS44k_kz5kBNR2HNLETi0i4R77Q7e3PlUwy5VeF8oS5iXzLPdGjEg7ua6md6KR_psFgCxP0f7g

Investment Highlights


  • CVS is a Fortune 7 company with investment grade credit ratings from Moody's Investor Service  'Baa2' and a 'BBB' credit rating by S&P Global
  • CVS completed their Aetna acquisition in late 2018. Aetna, formerly a Fortune 49 company, had strong investment grade credit ratings from Moody's 'Baa2' and 'BBB' ratings by both S&P and Fitch
  • CVS is the largest pharmacy company in the United States
  • The property is subject to a corporate CVS guaranteed lease
  • Ten (10) year firm term with no termination or contraction options
  • 3% annual rental increases 
  • Ease of ownership with a NNN lease structure. The tenant self-manages the building. The landlord has limited exposure to roof and structure expenses. The building was fully renovated in 2018 and 2019 including replacing the roof membrane and the HVAC units with new warranties
  • CVS received over $4 million in tenant improvement allowance funds and reported to the State of Nevada they will invest an additional $5 million of their own capital in the project 
  • The Property is located in the very strong and highly sought after Summerlin area


General
Property Type Office
Tenure Type Sale / Purchase
Property Address 1451 Center Crossing Rd, Las Vegas, NV 89144-7047
Land In Acres 6.25
Building Size 58,950  ft2
Financial
Price Confidential
Cap Rate Confidential
Lease
Tenant's Name CVS Caremark Corporation
Credit Rating (S&P) BBB
Credit Rating (Moody's) Baa1
Lease Type NNN
Annual Rent $1,131,840.00
Lease Expiration Date 01/31/2029
Remaining Term 9.9Yrs

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