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Drug Store

CVS 20 Year NNN Lease

2537 Weir Rd, Chester, VA 23831

Listing Price: $6,400,000

Cap Rate
4.65%
Tenant Name
CVS
Years Remaining On Lease
19.9
Gross SF
13,225
Guarantor
Corporate Guarantee
Rentable SF
13,225
Price/Gross SF
$483.93
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$22.50

Investment Overview

Marcus & Millichap is pleased to present for sale this Absolute Net
Leased CVS located at 2537 Weir Road in Chester, Virginia. The
subject property consists of a free-standing building comprised of
13,225 square feet of retail space and is situated on a large 1.84-
acre parcel of land.
Strategically located on the Hard-Signalized Intersection of U.S Route
1 and Weir Road, the property is highly visible to more than 22,000
vehicles per day. It also features excellent access and is within close
proximity of Interstate-95 with traffic counts exceeding 114,000 daily.
The subject property sits across from Lowes, Target, and a Ross-
TJMaxx-Homegoods anchored power center and is also adjacent
to a Community College. The immediate trade area proves to be
an affluent Richmond suburb which features an average household
income of more then $98,000 within a 5-mile radius. The immediate
trade area is also home to a number of National and Regional retailers
including but not limited to Big Lots, Kroger, Home Depot, Food Lion,
Kohls, Office Depot, and many more.
CVS recently executed a brand new 20 Year Absolute Net Lease. With
an 11-year historical occupancy at this site, CVS has shown a strong
commitment to the location. The Absolute-Net lease is guaranteed
by CVS Health Corporation and provides five options to extend for
five years each including 7.5 percent increases in each of the option
periods.
CVS is one of the nations largest leading drugstore chains with over
9,600 stores in 50 states, the District of Columbia, Puerto Rico and the
US Virgin Islands. CVS sells prescription drugs and a wide assortment
of general merchandise, including over-the-counter drugs, beauty
products, and cosmetics, film and photo finishing services, seasonal
merchandise, greeting cards, and convenience foods through their
CVS Pharmacy and Longs Drugs Retail stores and online through
CVS. com. It also provides healthcare services through its more than
1,100 MinuteClinic medical clinics as well as their Diabetes Care
Centers. Most of these clinics are located within CVS stores.

Investment Highlights

  • Investment Grade Credit Tenant, Rated BBB+ by S&P
  • Corporate Guarantee | CVS Health Corporation
  • Brand New Absolute NNN Lease | 20 Years of Term Remaining on Initial Term
  • Signalized Hard Corner Location | Daily Traffic Counts Exceeding 22,000
  • Positioned Along Areas Major Retail & Traffic Corridor
  • Fee Simple Allowing for Depreciation

Exclusively Listed By

Broker of Record

  • Dawson Rinder

    Associate Regional Manager

    (804) 205-5008

    License(s) VA: 0225215181

    Virginia

Drug Store

CVS 20 Year NNN Lease

Listing Price: $6,400,000

Cap Rate
4.65%
Tenant Name
CVS
Years Remaining On Lease
19.9
Gross SF
13,225
Guarantor
Corporate Guarantee
Rentable SF
13,225
Price/Gross SF
$483.93
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$22.50

Investment Highlights

  • Investment Grade Credit Tenant, Rated BBB+ by S&P
  • Corporate Guarantee | CVS Health Corporation
  • Brand New Absolute NNN Lease | 20 Years of Term Remaining on Initial Term
  • Signalized Hard Corner Location | Daily Traffic Counts Exceeding 22,000
  • Positioned Along Areas Major Retail & Traffic Corridor
  • Fee Simple Allowing for Depreciation

Investment Overview

Marcus & Millichap is pleased to present for sale this Absolute Net
Leased CVS located at 2537 Weir Road in Chester, Virginia. The
subject property consists of a free-standing building comprised of
13,225 square feet of retail space and is situated on a large 1.84-
acre parcel of land.
Strategically located on the Hard-Signalized Intersection of U.S Route
1 and Weir Road, the property is highly visible to more than 22,000
vehicles per day. It also features excellent access and is within close
proximity of Interstate-95 with traffic counts exceeding 114,000 daily.
The subject property sits across from Lowes, Target, and a Ross-
TJMaxx-Homegoods anchored power center and is also adjacent
to a Community College. The immediate trade area proves to be
an affluent Richmond suburb which features an average household
income of more then $98,000 within a 5-mile radius. The immediate
trade area is also home to a number of National and Regional retailers
including but not limited to Big Lots, Kroger, Home Depot, Food Lion,
Kohls, Office Depot, and many more.
CVS recently executed a brand new 20 Year Absolute Net Lease. With
an 11-year historical occupancy at this site, CVS has shown a strong
commitment to the location. The Absolute-Net lease is guaranteed
by CVS Health Corporation and provides five options to extend for
five years each including 7.5 percent increases in each of the option
periods.
CVS is one of the nations largest leading drugstore chains with over
9,600 stores in 50 states, the District of Columbia, Puerto Rico and the
US Virgin Islands. CVS sells prescription drugs and a wide assortment
of general merchandise, including over-the-counter drugs, beauty
products, and cosmetics, film and photo finishing services, seasonal
merchandise, greeting cards, and convenience foods through their
CVS Pharmacy and Longs Drugs Retail stores and online through
CVS. com. It also provides healthcare services through its more than
1,100 MinuteClinic medical clinics as well as their Diabetes Care
Centers. Most of these clinics are located within CVS stores.

Exclusively Listed By

Broker of Record

  • Dawson Rinder

    Associate Regional Manager

    (804) 205-5008

    License(s): VA: 0225215181

    Virginia

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