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Drug Store

CVS/PHARMACY SHAKER HEIGHTS OH

17120 Chagrin Blvd, Shaker Heights, OH 44120

Listing Price: $6,120,000

Cap Rate
5.25%
Tenant Name
CVS
Years Remaining On Lease
15.7
Gross SF
11,946
Guarantor
Corporate Guarantee
Rentable SF
11,946
Price/Gross SF
$512.31
Lease Type
Absolute Net
Rent Per Square Feet
$26.88

Investment Overview

The CVS is an approximately 11,946 square foot absolute NNN leased investment located on approximately 1.22 acres. Constructed in 2012, the CVS is located 8 miles east of Cleveland in Shaker Heights, Ohio. The location benefits from strong demographics in the area, with 21,367 residents and an average household income $98,556 within a one-mile radius as of 2021. The property commenced a new 25-year lease 12/14/2012 which expires on 1/31/2038. There are ten, five-year options to renew with fair market value increases at the beginning of each option period in options 3-10. The lease is absolute NNN, with no landlord maintenance responsibilities under the lease. CVS Caremark (NYSE: CVS), headquartered in Woonsocket, RI, is the largest pharmacy health care provider in the United States with integrated offerings across the entire spectrum of pharmacy care. Through their unique suite of assets, CVS is reinventing pharmacy to offer innovative solutions that help people on their path to better health. They are focused on enhancing access to care, lowering overall health care costs for plan members and payors, and improving health outcomes. CVS is uniquely positioned to deliver significant benefits to health plan sponsors through effective cost management solutions and innovative programs that engage plan members and promote healthier and more cost-effective behaviors. Their integrated pharmacy services model enhances their ability to offer plan members and consumers expanded choice, greater access and more personalized services to help them on their path to better health. CVS effectively manages pharmaceutical costs and improves health care outcomes through their pharmacy benefit management (PBM), mail order and specialty pharmacy division, CVS Caremark® Pharmacy Services, their CVS/pharmacy® retail stores, their retail-based medical clinic subsidiary, MinuteClinic® and their online retail pharmacy, CVS.com®.

Investment Highlights

  • Absolute NNN lease with tenant responsible for roof and structure.
  • Newer 2012 construction .
  • Desirable Cleveland MSA located 8-miles from downtown.
  • Fantastic demographics in surrounding sub-market.
  • Corporate Guarantee from Investment Grade Tenant / S&P BBB .

Exclusively Listed By

  • Jon A. Holmquist

    Senior Managing Director Investments

    (415) 625-2117

    Email Jon

    License(s): CA: 01257479

    San Francisco

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (216) 264-2000

    License(s) OH: BRK.2007005898

    Ohio

Financing By

Drug Store

CVS/PHARMACY SHAKER HEIGHTS OH

Listing Price: $6,120,000

Cap Rate
5.25%
Tenant Name
CVS
Years Remaining On Lease
15.7
Gross SF
11,946
Guarantor
Corporate Guarantee
Rentable SF
11,946
Price/Gross SF
$512.31
Lease Type
Absolute Net
Rent Per Square Feet
$26.88

Investment Highlights

  • Absolute NNN lease with tenant responsible for roof and structure.
  • Newer 2012 construction .
  • Desirable Cleveland MSA located 8-miles from downtown.
  • Fantastic demographics in surrounding sub-market.
  • Corporate Guarantee from Investment Grade Tenant / S&P BBB .

Investment Overview

The CVS is an approximately 11,946 square foot absolute NNN leased investment located on approximately 1.22 acres. Constructed in 2012, the CVS is located 8 miles east of Cleveland in Shaker Heights, Ohio. The location benefits from strong demographics in the area, with 21,367 residents and an average household income $98,556 within a one-mile radius as of 2021. The property commenced a new 25-year lease 12/14/2012 which expires on 1/31/2038. There are ten, five-year options to renew with fair market value increases at the beginning of each option period in options 3-10. The lease is absolute NNN, with no landlord maintenance responsibilities under the lease. CVS Caremark (NYSE: CVS), headquartered in Woonsocket, RI, is the largest pharmacy health care provider in the United States with integrated offerings across the entire spectrum of pharmacy care. Through their unique suite of assets, CVS is reinventing pharmacy to offer innovative solutions that help people on their path to better health. They are focused on enhancing access to care, lowering overall health care costs for plan members and payors, and improving health outcomes. CVS is uniquely positioned to deliver significant benefits to health plan sponsors through effective cost management solutions and innovative programs that engage plan members and promote healthier and more cost-effective behaviors. Their integrated pharmacy services model enhances their ability to offer plan members and consumers expanded choice, greater access and more personalized services to help them on their path to better health. CVS effectively manages pharmaceutical costs and improves health care outcomes through their pharmacy benefit management (PBM), mail order and specialty pharmacy division, CVS Caremark® Pharmacy Services, their CVS/pharmacy® retail stores, their retail-based medical clinic subsidiary, MinuteClinic® and their online retail pharmacy, CVS.com®.

Exclusively Listed By

  • Jon A. Holmquist

    Senior Managing Director Investments

    (415) 625-2117

    Email Jon

    License(s): CA: 01257479

    San Francisco

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (216) 264-2000

    License(s): OH: BRK.2007005898

    Ohio

Financing By

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