Catylist ID: #30346012
Leasehold Interest in CVS Pharmacy
Retail-Commercial for Sale
|Catylist Listing ID:||30346012|
|Property Subtypes:||Convenience Store, Free-Standing Building, Other|
|Building Size (RSF):||10,125 SF|
|Gross Building Area:||See Agent|
|Gross Land Area:||1.33 Acres|
|Unit Price:||$291.36 PSF|
|Property Use Type:||Net Leased Investment (NNN)|
Overview / Comments
GOMAN+YORK is pleased to offer the opportunity to acquire the exclusive leasehold interest in a CVS Pharmacy located at 1990 Boston Road in Wilbraham, Massachusetts. The property is subject to a ground lease through 1/7/2039 with two 20-year renewal options remaining. The CVS Pharmacy net lease runs through 1/31/2026 with four five-year renewal options remaining.
The 1.33 acre General Business zoned site is improved with 10.125 sq. ft. steel-framed building with a drive-thru and approximately 55 parking spaces. The heating and air-conditioning are split while the heating fuel is natural gas via a forced air system.
Wilbraham is a town in Hampden County, Massachusetts, a suburb of the City of Springfield and situated on the banks of the Chicopee River. The town has always regarded education highly with six different schools educating over 3,000 pupils in the Hampden-Wilbraham Regional School District. With a population of just under 15,000 the town is well positioned along Interstate 90 and is a burgeoning retail hub. Boston Road is especially representative of this being the corporate headquarters of the Friendly’s ice cream and restaurant chain.
Founded in 1963 as the Consumer Value Store, CVS Pharmacy is now a retail subsidiary of CVS Health, an American health care company headquartered in Woonsocket, Rhode Island. CVS Health (NYSE: CVS) has a market capitalization of $80.35B and is the largest pharmacy health care provider in the United States. It has also expanded its integrated suite of offerings across the spectrum of pharmacy care – from retail pharmacies and urgent care clinics to long-term programs.
Attractive Credit Tenant: Lease guaranteed by the CVS Health Corporation which is the largest pharmacy health care provider in the US with a Moody’s Credit Rating of Baa1.
Limited Management Responsibilities: Tenant is responsible for all expenses except those related to structure, roof and base building utilities.
Relatively Recent Construction: The building was completed in 2001
Strategic Location: The property is located in an historically strong trade area immediately surrounded by national big-box retailers, grocers, shops, restaurants and residential neighborhoods.
High Barrier To Entry: There are no hard corner signalized intersection sites remaining within the retail corridor.
Strong Investment Return: High capitalization rate relative to peer group transactional sales.
Attachments & Media
|Finance Data Year||2018|
|Net Operating Income||$211,229 (Annual)|
|Actual or Proforma Year||Proforma|
|Zoning:||GENERAL BUSINESS (GB)|
|Total Number of Buildings:||1|
|Number of Stories:||1|
|Total Parking Spaces:||55|
|Proximity:||1 mile||3 miles||5 miles|
Thomas YorkGoman York Property Advisors LLC CTCList Member
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