Investment Overview

Marcus & Millichap is pleased to present this single-tenant CVS Pharmacy located at 29425 Orchard Lake Road in Farmington Hills, Michigan. The property is situated on 1.23 acres and was constructed as a build-to-suit in 2008. CVS has 10 years remaining on a corporately guaranteed Triple-Net Ground Lease. There are five five-year option to renew, each containing a five percent rent increase at the beginning of each option period. The tenant currently sells beer and wine at this store and has recently added liquor sales, demonstrating its commitment to increasing sales and long-term success at this location. CVS Health® (NYSE: CVS | Standard & Poor’s: BBB | Moody’s: Baa3) is the leading health solutions company, serving millions of customers and patients across the country. With a strong local presence, extensive digital channels, and a workforce of over 300,000 professionals, including more than 40,000 physicians, pharmacists, nurses, and nurse practitioners, CVS plays a critical role in the healthcare ecosystem. Notably, 85 percent of Americans live within 10 miles of a CVS Pharmacy location, playing a critical role in the healthcare ecosystem. The subject property benefits from high visibility at a hard signalized corner of Orchard Lake Road (32,115 VPD) and 13 Mile Road (14,815 VPD) and is surrounded by established residential communities. It is next to Petco and near North Farmington High School, which has an enrollment of 1,268 students. The property is located one mile north of Interstate-696 and serves as the first major pharmacy on Orchard Lake Road, making it a convenient and high-traffic location for local residents. The area is home to a thriving retail market, featuring over 11.4 million square feet of retail space within a five-mile radius. Prominent national retailers in the vicinity include Whole Foods, Home Depot, Saks OFF 5th, TJ Maxx, Marshalls, HomeGoods, Burlington, and Kohl’s, among many others, further reinforcing the location’s strong consumer draw. There are numerous medical offices nearby, with 402,000 square-feet of medical space within a one-mile radius of the asset. Additionally, the property is in proximity to major healthcare facilities. Henry Ford West Bloomfield Hospital, located 4.6 miles away, is a 191-bed facility and Level III Trauma Center. Nestled on 80 acres, the all private room hospital offers an exceptional healing environment for patients and visitors. Corewell Health Farmington Hills, formerly known as Botsford Hospital, is 6.4 miles away. This 305-bed teaching hospital holds Level II Trauma status, providing advanced medical care to the region. Strategically positioned near Novi, Livonia, Southfield, and West Bloomfield, Farmington Hills plays a vital role in Metro Detroit’s economy. The city is known for its high quality of life, strong business community, and commitment to sustainable growth, making it a premier destination for both businesses and residents. The property offers excellent connectivity via major expressways, including Interstate 96 (I-96), Interstate 696 (I-696), Interstate 275 (I-275), and the M-5 Connector, ensuring convenient access throughout the metropolitan area. Additionally, Detroit Metropolitan Airport is just 30 minutes away, providing easy travel options for business and leisure. Farmington Hills is located in Oakland County, which ranks as the ninth-wealthiest county in the U.S. among regions with populations exceeding 1 million. The county maintains a AAA bond rating, reflecting its strong economic foundation. Within a five-mile radius of the property, there are over 178,194 residents, with an average household income exceeding $131,000. The area also supports a strong daytime population of 205,307, making it an attractive location for retailers and businesses alike. This investment offers a well-established national tenant, a prime location in a thriving retail corridor, proximity to major healthcare institutions, and strong regional demographics, making it an excellent opportunity for investors seeking long-term stability and growth.