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CVS Pharmacy, Bowling Green, KY

CVS Pharmacy

KY, USA

Price $7,700,000
Cap Rate
NOI
Lease Term 25 Years
Lease Type
Rental Increases 5% Rental Increases at the Beginning of Each Option Period
Year Built 2016
Building Size 13,225 SF
Lot Size 1.21 Acres (52,707 SF)
Status Sold
Lead Broker Information Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Mike J. Sullivan, CCIM
Senior Vice President
513.763.3032
mike.sullivan@cushwake.com
KY RE License #63429

Investment Highlights

LONG-TERM NNN LEASE TO INVESTMENT GRADE TENANT
» Brand new 25-year lease with five 5-year options
» Guaranteed by CVS Health Corporation, rated “BBB+” by Standard & Poor’s
» No landlord management, ideal for an out-of-area investor

IMMEDIATELY ADJACENT TO WKU MAIN CAMPUS
» Located next to Western Kentucky University (WKU), the second-largest public university in Kentucky, with an enrollment of 20,068 students
» WKU is Bowling Green’s largest employer, with 4,658 employees
» Provides a strong customer base for CVS

HIGH-TRAFFIC LOCATION IN CENTRAL BOWLING GREEN
» Located at intersection, with excellent access and visibility to over 21,000 vehicles per day
» Within walking distance of downtown Bowling Green
» Close proximity to The Medical Center, Bowling Green’s second-largest employer and the leading healthcare provider in the ten-county south-central Kentucky region

BRAND NEW 2016 CONSTRUCTION
» Built in 2016 to tenant’s exact specifications
» Features prescription drive-thru, providing convenience to customers
» Features latest CVS prototype

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is located at the intersection of Adams Street and Kentucky Street, with 21,090 vehicles per day directly in front of the site. The property is immediately adjacent to the main campus of Western Kentucky University, also known as WKU. WKU is the second-largest public university in Kentucky, with an enrollment of over 20,000 students. Additionally, WKU employs over 4,600 people, making it the largest employer in Bowling Green. Several residence halls are located next to the property on the WKU campus. Additionally, E. A. Diddle Arena is located approximately a block from the property. The 7,326-seat multi-purpose arena is home to WKU’s men’s basketball team and women’s basketball and volleyball teams.

The property benefits from its central location in Bowling Green. The site is less than a mile from downtown Bowling Green and less than a mile and a half from The Medical Center, Bowling Green’s second-largest employer. The Medical Center is the leading healthcare provider in the ten-county south-central Kentucky region. Additionally, the property benefits from its close proximity to several retail centers; major retailers near the property include Walmart, McDonald’s, Kroger, Ace Hardware, Dollar Tree, and many others.

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