Investment Overview

Marcus & Millichap is pleased to present for sale 1200 Florida 7, a freestanding, single tenant retail building, leased to CVS located in Margate, Florida. Margate is a city in Broward County. It is part of the Miami-Fort Lauderdale-Pompano Beach Metropolitan Statistical Area. CVS recently exercised their first option period with no rent reduction and has just under five years of lease term remaining. The three, five-year option periods include one- and one- half percent increases every five years. This is an ideal passive investment opportunity with zero landlord responsibilities being offered at 6.25 percent capitalization rate. CVS consists of a 12,739 square-foot retail space with ample parking on a large 1.71-acre parcel, currently leased to and guaranteed by Holiday CVS, L.L.C. CVS is strategically located at the signalized, hard corner of Coconut Creek Parkway and US-441 S with a combined traffic count of 77,525 vehicles per day. Within five miles there are 384,284 residents with an average household income of $79,243. Just under one mile to the east of the property is Coconut Creek Plaza (235,838 square feet) anchored by Publix, Planet Fitness, Pet Supplies PLUS and Off The Wall trampoline park. To the south, is the Lakewood Mall (363,488 square feet) anchored by a Walmart Supercenter, Marshalls, Ross Dress For Less, Harbor Freight Tools and Five Below. National and Regional retailers in the immediate area include Chase, Denny’s, Burger King, McDonald’s, Applebee’s, and TD Bank among others. The current population of Broward County is nearly two million, making it the second most populous county in Florida. The bedroom community lifestyle offers young adults, families and senior citizens a small-town feeling, while location and proximity to major roadways grants residents easy access to amenities throughout the region. CVS Health Corporation (NYSE: CVS; S&P: BBB) is a leading diversified health solutions company, boasting integrated offerings across the entire spectrum of pharmacy care. The company has more than 9,000 retail pharmacy locations with 1,100 walk-in medical clinics. Ranked #6 on the 2023 Fortune 500 list, CVS Health reported $330.9 billion in TTM total revenues, $239.3 billion in total assets, and $71.6 billion in net worth as of March 31, 2023. The CVS Health Corporation umbrella has four segments: Retail/LTC, Pharmacy Services, Health Care Benefits, and Corporate/Other.