Join Our Email List

x
By submitting, you're allowing YAFC Team to email you regarding available listings. You can unsubscribe anytime.

Submit Your 1031 Exchange Requirements

x

CVS Pharmacy, New Braunfels, TX

CVS Pharmacy

TX, United States

Price $8,564,500
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 14,600 sq. ft. with Prescription Drive-Thru
Lot Size 2.064 Acres (89,907 sq. ft.)
Status Sold
Lead Broker Information Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Investment Highlights

LONG-TERM ABSOLUTE NNN LEASE TO INVESTMENT GRADE TENANT
» Brand new, 25-year lease to an CVS Pharmacy (S&P: BBB+)
» CVS and its affiliates operate over 9,600 locations across the United States
» CVS fills more than one out of every seven prescriptions in the U.S. and one out of every five in their respective markets
» Rental increases provide a hedge against inflation

HIGH TRAFFIC LOCATION IN SAN ANTONIO MSA
» New Braunfels has experienced a rapid population growth of 26 percent in the last 10 years, and was 2015’s second fastest growing city in the U.S.
» Located off of U.S. Highway 46, which experiences a high traffic count of 24,120 AADT in front of the property
» Texas is an income tax free state

BRAND NEW BUILDING WITH PRESCRIPTION DRIVE-THRU
» Built to Tenant’s exact specifications
» Features the latest CVS design and store concepts
» Features prescription drive-thru, providing convenience to customers

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is located at the signalized hard corner of Texas 46 and Oak Run Parkway, with access and visibility to 24,120 vehicles per day. The site benefits from its location just off of State Loop 337, with a traffic count of 16,574 vehicles per day. Multiple national retailers surround the property including Chevron, McDonald’s, Walgreens, and many others. The site also benefits from its central location in a burgeoning area, which is experiencing a boom of retail development including a 169,352 square foot community shopping center, anchored by an 88,000 square foot H.E.B. Grocery Company, and a Texas Medical Center planned for development next to the site.

Located across U.S. Highway 46 is an array of medical offices. A short distance from the property is Veramendi, a proposed 2,430 acre mixed-use development, which will include a town center, retail, corporate campuses, medical offices, a resort hotel, university campus, and elementary schools. It is a project that will provide greater housing and development opportunities in the fast-growing area, increasing the property’s customer base. Additionally, the site is in the proximity of various tourist destinations, which offers access to additional through-traffic throughout the year.

Contact Us About This Property

Mike Form
Sending
JOIN OUR
EMAIL LIST
SUBSCRIBE
Receive Our Latest Single and Multi-Tenant Listings
close-link