Investment Overview

CVS has operated at this location since 1998, marking more than 27 years of continuous occupancy. Upon running out of options, the tenant executed a 15-year term extension approximately three years ago. There were no concessions for the renewal, and the rental rate remained flat, underscoring the store’s success and long-term commitment to the site. While sales are not reported, Placer.ai data further supports this location’s strength, ranking the store in the 61st percentile nationally and showing a 21% increase in customer traffic over the past three years. Additionally, on page 6 there is a submarket pharmacy competition chart which ranks this unit as the highest traffic location (per Placer.Ai) in its trade area. In negotiations of the lease extension, ownership wisely elected not to grant CVS any renewal options beyond its new term. This is immensely rare and highly advantageous to the owner. It provides the landlord the ability to reset rents to market at lease expiration or pursue a redevelopment or alternative exit strategy at the conclusion of the term. It is notable that the adjacent building is for sale, and the aggregation of the two parcels would total 1.83 acres. This could be ideal for any number of high-paying users; especially convenience stores like Wawa.