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Drug Store

CVS Pharmacy

48 Portland Rd, Kennebunk, ME 04043

Listing Price: $9,250,000

Cap Rate
5.65%
Tenant Name
CVS Pharmacy
Years Remaining On Lease
12.5
Gross SF
13,225
Guarantor
Corporate Guarantee
Rentable SF
13,225
Price/Gross SF
$699.43
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$39.52

Investment Overview

The subject property is a CVS Pharmacy located on Route 1 in Kennebunk, Maine. CVS operates on a 25-year lease with 12.5 years remaining and six five-year options with 5% increases at the beginning of each option. The lease includes a corporate guaranty by CVS Caremark Corporation, which has investment grade credit (S&P: BBB+). The 13,225 square-foot building sits on 2.62 acres of land and includes a drive-thru. The property also includes two means of ingress and one egress making the property easily accessible. The property is accessed through an easement agreement with Camden National Bank, which includes a recurring annual expense that is partially offset by reimbursement from the adjacent tenant, Amato’s. CVS shares the parcel with Amato’s, who signed a 99-year ground lease for a one-time fee in 2012 to occupy 3,000 square feet and contributes their pro rata share (18.49%) for CAM, Taxes, Insurance, and Easement expenses. CVS shares parking with Amato’s and Camden National Bank. The property is located directly on Route 1 (Portland Road) in Kennebunk with an average daily traffic count of 13,600+. Route 1 offers an alternative to I-95 and runs from downtown Boston up the Maine coast to the Canadian border. I-95 is located just two-and-a-half miles west and has an average daily traffic count exceeding 53,700. The city of Portland, Maine is less than 30 miles north of the property and downtown Boston is 85 miles south. The area boasts strong demographics with an average household income exceeding $95,000. Nearby retailers include Hannaford, Walgreens, Ace Hardware, Quest Fitness, Talbots outlet, USPS, Circle K, McDonald’s, Dunkin’, TD Bank, Key Bank and more. Originally an agriculture and shipbuilding settlement, Kennebunk has evolved into a favorite destination for travelers worldwide. Kennebunk & Kennebunkport are known for their upscale restaurants, world-renowned beaches, tastefully curated shops and modern amenities. The summer tourism season in the immediate area leads to population surges up to 300%. In 2021, Maine tourists spent $7.9 billion with most of that attributable to the Southern Maine region. During the 2021 Summer months (May-August), Maine had 10.1 million visitors and 84% were people visiting from out-of-state. The Summer accounts for 60-65% of visitation and spending in Maine, which shows how important tourism is to the state. Over the past three years, Maine’s Gross Domestic Product has grown the 11th fastest in the country.

Investment Highlights

  • NNN Lease with 12.5 Years Remaining
  • Includes a Drive-Thru
  • Summer Tourism Surges as much as 300%

Exclusively Listed By

  • Laurie Ann Drinkwater

    Senior Vice President Investments

    (617) 896-7230

    Email Laurie Ann

    License(s): CT: REB.0751880, MA: 147511, RI: B 16787

    Boston

  • Seth J. Richard

    Licensed Real Estate Salesperson

    (212) 430-5164

    Email Seth

    License(s): CT: RES- 0764595, NY: 10401275108, MA: 149700

    Manhattan

Broker of Record

  • James M. Koury

    Senior Managing Director Investments

    (617) 896-7220

    License(s) ME: DB904355

    Maine

Drug Store

CVS Pharmacy

Listing Price: $9,250,000

Cap Rate
5.65%
Tenant Name
CVS Pharmacy
Years Remaining On Lease
12.5
Gross SF
13,225
Guarantor
Corporate Guarantee
Rentable SF
13,225
Price/Gross SF
$699.43
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$39.52

Investment Highlights

  • NNN Lease with 12.5 Years Remaining
  • Includes a Drive-Thru
  • Summer Tourism Surges as much as 300%

Investment Overview

The subject property is a CVS Pharmacy located on Route 1 in Kennebunk, Maine. CVS operates on a 25-year lease with 12.5 years remaining and six five-year options with 5% increases at the beginning of each option. The lease includes a corporate guaranty by CVS Caremark Corporation, which has investment grade credit (S&P: BBB+). The 13,225 square-foot building sits on 2.62 acres of land and includes a drive-thru. The property also includes two means of ingress and one egress making the property easily accessible. The property is accessed through an easement agreement with Camden National Bank, which includes a recurring annual expense that is partially offset by reimbursement from the adjacent tenant, Amato’s. CVS shares the parcel with Amato’s, who signed a 99-year ground lease for a one-time fee in 2012 to occupy 3,000 square feet and contributes their pro rata share (18.49%) for CAM, Taxes, Insurance, and Easement expenses. CVS shares parking with Amato’s and Camden National Bank. The property is located directly on Route 1 (Portland Road) in Kennebunk with an average daily traffic count of 13,600+. Route 1 offers an alternative to I-95 and runs from downtown Boston up the Maine coast to the Canadian border. I-95 is located just two-and-a-half miles west and has an average daily traffic count exceeding 53,700. The city of Portland, Maine is less than 30 miles north of the property and downtown Boston is 85 miles south. The area boasts strong demographics with an average household income exceeding $95,000. Nearby retailers include Hannaford, Walgreens, Ace Hardware, Quest Fitness, Talbots outlet, USPS, Circle K, McDonald’s, Dunkin’, TD Bank, Key Bank and more. Originally an agriculture and shipbuilding settlement, Kennebunk has evolved into a favorite destination for travelers worldwide. Kennebunk & Kennebunkport are known for their upscale restaurants, world-renowned beaches, tastefully curated shops and modern amenities. The summer tourism season in the immediate area leads to population surges up to 300%. In 2021, Maine tourists spent $7.9 billion with most of that attributable to the Southern Maine region. During the 2021 Summer months (May-August), Maine had 10.1 million visitors and 84% were people visiting from out-of-state. The Summer accounts for 60-65% of visitation and spending in Maine, which shows how important tourism is to the state. Over the past three years, Maine’s Gross Domestic Product has grown the 11th fastest in the country.

Exclusively Listed By

  • Laurie Ann Drinkwater

    Senior Vice President Investments

    (617) 896-7230

    Email Laurie Ann

    License(s): CT: REB.0751880, MA: 147511, RI: B 16787

    Boston

  • Seth J. Richard

    Licensed Real Estate Salesperson

    (212) 430-5164

    Email Seth

    License(s): CT: RES- 0764595, NY: 10401275108, MA: 149700

    Manhattan

Broker of Record

  • James M. Koury

    Senior Managing Director Investments

    (617) 896-7220

    License(s): ME: DB904355

    Maine

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