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CVS PHARMACY, Ocala, FL

CVS PHARMACY

Ocala, Florida

Price $12,592,000
Cap Rate 4.75%
NOI $598,079
Lease Term 25 Years With 13 Years Remaining
Lease Type Absolute NNN, With Tenant Responsible For All Taxes, Insurance, Utilities, And Maintenance, Including Roof, Structure, And Parking Lot
Rental Increases Fixed During Initial Term And During Primary Option Periods
Year Built 2009
Building Size 13,013 SF
Lot Size 1.27 Acres (55,321 SF)
Status Available
Lead Broker Information Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vincent Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

LONG-TERM ABSOLUTE NNN LEASE WITH CORPORATE GUARANTY TO NATIONAL TENANT WITH STRONG FINANCIALS
» Absolute NNN lease with corporate guaranty to investment grade tenant
» No landlord management, an ideal investment for an out-of-area investor
» Fixed rental amount in initial term and primary option periods, fair market value thereafter
» CVS Pharmacy rated “BBB” by Standard & Poor’s and is ranked fourth on the Fortune 500
» Record revenue of $268.7 billion in 2020
» CVS Pharmacy and its affiliates operate over 9,900 locations across the United States

HIGH-TRAFFIC LOCATION AT SIGNALIZED HARD CORNER
» Access to 76,700 vehicles per day at the signalized intersection of Southwest 27th Avenue and Southwest College Road
» Convenient access to Interstate 75, a major transportation corridor with a traffic count of 83,000 vehicles per day
» Outparcel to Best Buy-anchored Shady Oaks Shopping Center
» Strategic location in a dense retail corridor near major tenants such as Walmart Supercenter, Sam’s Club, Target, ALDI, Hobby Lobby, The Home Depot, Lowe’s Home Improvement, and many more

STRONG CUSTOMER BASE FOR PHARMACY SERVICES
» Beneficial proximity to several large hospitals, including Ocala Regional Medical Center (288 beds) and West Marion Community Hospital (186 beds)
» Walking distance from College of Central Florida – Ocala Campus that has a total enrollment of 6,820 students
» Near several schools, including College Park (820 students), Saddlewood (820 students), and Dr. NH Jones Elementary School (711 students)
» Building features a prescription drive-thru, providing additional customer convenience

CENTRAL LOCATION IN FLORIDA POISED FOR GROWTH
» Located in a well populated community near major employment centers, with 76,044 residents within a five-mile radius
» Excellent submarket location poised for growth in north-central Florida, the third-most populated state in the United States (21,538,187 residents)
» Near Florida’s largest cities, including Jacksonville, Orlando, and Tampa (all within a 100-mile radius)



Property Description

This CVS Pharmacy is conveniently located at the signalized hard corner intersection of Southwest 27th Avenue and Southwest College Road, with excellent visibility and access to 76,700 vehicles per day in front of the site. The property maintains a beneficial proximity to Interstate75, a major transportation corridor with a traffic count of 83,000 vehicles per day. The site is strategically located in a dense retail corridor, just minutes from several large retail centers. The property is an outparcel to the Best Buy-anchored Shady Oaks Shopping Center and immediately surrounded by major tenants such as Walmart Supercenter, Sam’s Club, Target, ALDI, Hobby Lobby, The Home Depot, Lowe’s Home Improvement, and many more.

The site is walking distance from College of Central Florida – Ocala Campus (6,820 students). The property is a short distance from large hospitals, including Ocala Regional Medical Center (288 beds) and West Marion Community Hospital (186 beds), providing a stable customer base for the site. Additionally, the property is minutes from several schools, including College Park (820 students), Saddlewood (820 students), and Dr. NH Jones Elementary School (711 students). The site is centrally located near Florida’s largest cities, including Jacksonville, Orlando, and Tampa, all within a 100-mile radius of Ocala. The property is located in a well populated community near major employment centers. 76,044 residents live within a five-mile radius of the site. The household income is projected to increase 13 percent by 2026, poising CVS Pharmacy and Ocala for concurrent growth.

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