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|Current / Passing Rent||
|Remaining Term||6 years, 10 months|
JLL is pleased to offer for sale the fee simple interest in a freestanding single-tenant CVS Pharmacy located in Orlando, FL. JLL is pricing the asset of a future rent reduction, allowing an investor to capture escalated returns in the near-term. The asset sits at a signalized intersection with frontage and visibility to Silver Star Road and Powers Road, which combined see over 60,000 VPD. The tenant has been operating at the site since 1998 and serves as the only CVS within a 3-mile radius (116,000+ residents).
CVS Health (NYSE: CVS) is the largest pharmacy health care provider in the United States by total prescription revenue. The company also closed 46 under-performing stores in 2019 with plans to close 22 in the first half of 2020 signalizing that our Asset is not only profitable but is a viable asset for the tenant.
•Absolute-NNN lease structure allows for management-free ownership and a passive rental stream
•Adjacent is a Save-A-Lot anchored shopping center with over 50,000 square feet of 90% occupied retail space
•The location proximate to essential grocer serves as a proximate shopping area for customers amid the COVID-19 pandemic
•Located in a dense retail corridor with over 1.1 million square feet of retail space with two major shopping centers Park Promenade and Westgate Square
•National retailers in the immediate vicinity include Save-A-Lot, Roses, Bravo Supermarket, Dollar General and many more
• CVS Health (NYSE: CVS) is the largest pharmacy health care provider in the United States by total prescription revenue
•After a full year of integration with Aetna, revenue in 4Q’19 increased 22.9% Y0Y while full-year revenue was up 32% over 2018
•Investment-grade credit ratings from both agencies ‘BBB’ from S&P Global and ‘Baa2’ from Moody’s Investor Services
•Orlando is Florida’s fastest-growing MSA and Forbes ranks it as the 4th Fastest-Growing City of America in 2018, and ranked #1 in the nation in % job growth
•The Orlando MSA is expected to continue to outpace the national average over the next 5 years in 8.1% wage growth, with the lowest Florida unemployment at 2.7%
•The MSA also ranks as the #1 Tourist Destination in the world that sees over 75 million annual visitors and is the 2nd business Convention Center in the United States