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CVS Pharmacy Ground Lease, Kissimmee, FL

CVS Pharmacy Ground Lease

FL, USA

Price $8,471,000
Cap Rate
NOI
Lease Term 25 Years
Lease Type NNN Ground Lease, with Tenant Responsible for All Costs
Rental Increases 8% Rental Increases in Option Periods
Year Built 2018
Building Size 12,900 SF
Lot Size 1.35 Acres (58,370 SF)
Status Sold
Lead Broker Information Vince Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Cushman and Wakefield Inc. LIC. # 00616335
This property is listed in conjunction with Florida-licensed real estate broker Cushman & Wakefield, Inc.

Investment Highlights

LONG-TERM GROUND LEASE TO CVS
» New Trophy 25-year ground lease with a corporate guaranty
» Investment grade credit – CVS is rated “BBB+” by S&P
» Dedicated prescription drive-thru
» New high-quality construction to be completed in 2018

HIGH-TRAFFIC LOCATION NEXT TO WALT DISNEY WORLD RESORT
» Located at the signalized intersection of U.S. Highway 192 and Sherberth Road, with excellent visibility and access to 87,300 vehicles per day
» Next to Disney World, the most visited vacation resort in the world, with over 54 million visitors per year
» Disney World is the largest employer in the Orlando MSA, with over 74,000 employees

LARGE CUSTOMER BASE IN BUSY TOURIST CORRIDOR
» Located in dense retail corridor, with close proximity to major national tenants, including Super Target, Ross, and Publix
» Surrounded by numerous hotels, motels, vacation resorts, and RV campgrounds, creating a large customer base in the immediate area
» Sherberth Road is the westernmost public access road to Disney World
» U.S. Highway 192 provides immediate access to World Drive, the main north– south road in Disney World

CLOSE PROXIMITY TO MAJOR NEW DEVELOPMENTS
» Within walking distance of $750 million, 300-acre Margaritaville Resort Orlando, with an estimated resort-wide draw of three to four million guests per year
» Near Magic Place, a $1.8 billion project that will include 250,000 square feet of retail space and a total of 1,850 luxury residential units
» Part of Parkview at Osceola West, an $11 million mixed-use development that will feature a four-story, 120-room hotel, along with national retailers and restaurants

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is strategically located at the signalized intersection of U.S. Highway 192 and Sherberth Road, with excellent visibility and access to 87,300 vehicles per day. Sherberth Road is the westernmost public access road to the Walt Disney World Resort. The property benefits from its prime location next to Disney World, which covers 27,258 acres, an area twice the size of Manhattan. Disney World houses 27 themed resort hotels, nine non–Disney hotels, four theme parks, two water parks, several golf courses, a camping resort, and other entertainment venues. The resort is the flagship destination of Disney’s worldwide corporate enterprise and is the most visited vacation resort in the world, with an average attendance of over 54 million people annually. Additionally, Disney World is the largest employer in the Orlando MSA and the largest single-site employer in the U.S., with over 74,000 employees.

Due to its close proximity to Disney World, the property is located in a tourist area with a wide range of retail, lodging, and entertainment options nearby. Several large shopping centers are located near the site, including Rolling Oaks Commons, anchored by Super Target, Ross, and T.J. Maxx. Other major retailers near the property include Walgreens, Publix, McDonald’s, Denny’s, Dollar Tree, Panera Bread, and Wendy’s. The property is also surrounded by several hotels, motels, vacation resorts, and RV campgrounds, creating a large customer base in the immediate area.

Located in a rapidly expanding tourist corridor, the property is close to several major developments. The property is part of Parkview at Osceola West, an $11 million mixed-use development that will feature a four-story, 120-room hotel, along with national retail and restaurant tenants. Additionally, the property is within walking distance of Margaritaville Resort Orlando, a $750 million, 300-acre resort that will feature 324 luxury apartments, a 187-room hotel, 200,000 square feet of retail space, and a 12-acre water park. The water park is expected to draw approximately one million guests per year, making the water park one of the busiest in the nation. Margaritaville Resort Orlando will be able to host 6,000 guests per night altogether, with an estimated resort-wide draw of three to four million guests per year. Other notable developments in the area include Magic Place. The $1.8 billion project will include 250,000 square feet of retail space and a total of 1,850 units that will be a mix of residential, condo, and fractional units, as well as nightly rental hotel rooms.

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