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CVS
245 S Military Trl, West Palm Beach, FL 33415, USA
Sands Investment Group is Pleased to Exclusively Offer For Sale the 12,739 SF CVS Absolute NNN Asset Located at 245 South Military Trail in West Palm Beach, FL. This Deal Includes a Short-Term Absolute NNN Lease CVS Located at the Highly Trafficked Signalized Intersection of S Military Trl (45,000+ VPD) and Gun Club Road (11,000+ VPD) in West Palm Beach, FL, Providing For a Secured Investment.
- Short Term Absolute NNN Lease CVS Located at the Highly Trafficked Signalized Intersection of S Military Trl (45,000+ VPD) and Gun Club Road (11,000+ VPD) in West Palm Beach, FL
- The Property is Ideally Situated on a 1.82 Acre Lot Between Several Large Suburban Neighborhoods and Many Key Employers in the Area
- Strong Rental Escalations in the Amount of 2% Each Options With 5 x 5 Year Options Remaining
- Total Consumer Spending on Healthcare Exceeds $165 Million Annually Within a 5-Mile Radius of This Location and Total Population Exceeds 334,988 People Within a 5-Mile Radius of This Location
- Established Retailers Within a 1-Mile Radius Include: The Mall at Wellington Green, The Shoppes of Palm Beach, Target, Home Depot, Lowe’s, Walmart, Best Buy, Ross, Big Lots, CVS Pharmacy, Walgreens, Petsmart and Marshalls
- Investment Grade Credit / Fortune 500 Company: Lease Corporately Guaranteed By CVS Health, the 6th Ranked Company in the Fortune 500 With an S&P Credit Rating of BBB and Over $358 Billion in Total Revenue (2023)
In Cooperation With SIG RE Services, LLC – Lic. #CQ1055229 BoR: Andrew Ackerman – Lic. FL #BK3369953
CVS
245 S Military Trl, West Palm Beach, FL 33415, USA
CVS
CVS Pharmacy is the second largest pharmacy chain in the United States. There are Over 9,000 CVS Pharmacy locations in the United States. The state with the most number of CVS Pharmacy locations in the US is California, with 1,154 locations, which is 11% of all CVS Pharmacy locations in America. The company was founded in Lowell, Massachusetts and originally named the Consumer Value Store. CVS Pharmacy is currently the largest pharmacy chain in the United States by number of locations and total prescription revenue. As the retail pharmacy division of CVS Health, it ranks as the 12th largest company in the world serving 5 million customers each day. CVS sells prescription drugs and a wide assortment of general merchandise including over-the-counter drugs, beauty products and cosmetics, film and photo finishing services, seasonal merchandise, greeting cards, and convenience foods through their CVS Pharmacy and Longs Drugs retail stores. It also provides healthcare services to more than 1,100 MinuteClinic medical clinics in 33 states including the District of Columbia. As a pharmacy innovation company, CVS focuses on charitable giving in ways that will help people on their path to better health by improving health outcomes and building healthier communities. Their in-store fundraising campaigns, in-kind donations and corporate grants provide support for national nonprofit partners that are focused on helping people on their path to better health.
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Price
$6,100,000
Cap Rate
5.11%
PREMISES
12,739 SF
RENEWAL OPTIONS
5 x 5 Year Options
Lease Expiration
02/28/2027
Lease Type
Absolute NNN
RENTAL INCREASES
2% Each Option
BROKERS
Chris Sands
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Sands Investment Group (“Broker”) is presenting for sale the Subject Property (“Property”) referenced above, by the Property’s owner (the “Owner”). Our agreement with the Owner requires that we obtain a Non-Disclosure before disclosing the name and location of his/her location of his/her business. The undersigned (“Recipients”) hereby acknowledge and agree that certain confidential information that has been or may be disclosed is intended solely for Recipients’ limited use in considering whether to pursue negotiations to acquire the Property.
Neither the Owner of the Property nor Broker or any of their respective officers, employees or agents, make any representation or warranty, expressed or implied, as to the accuracy or completeness of this confidential information and no legal liability is assumed or shall be implied with respect thereto. Information provided has been or will be gathered from sources that are deemed reliable; however, neither Owner nor Broker warrants or represents that the information is true or correct. Recipients are advised to verify information independently. Owner and/or Broker reserve(s) the right to change the Property’s purchase price, or any Property or market information provided, or to withdraw the Property from the market at any time without notice.
Recipients agree that the information provided by Broker is confidential and as such, agrees to hold and treat such information in the strictest of confidence. In addition, Recipients agree not to disclose, directly or indirectly, or permit anyone else to disclose this information to any person, firm or entity without prior written authorization of Owner or Broker and not use, or permit to be used this information in any fashion or manner detrimental to the interests of Owner or Broker. Photocopying or other duplication of such confidential information is strictly prohibited. Recipients agree not to contact the Property’s tenant(s), leasing brokers, or property management staff in connection with Recipients’ review of the Property or confidential information. IN ADDITION, THE CONFIDENTIAL INFORMATION SHALL NOT BE DEEMED AS REPRESENTATIVE OF THE STATE OF AFFAIRS OF THE PROPERTY OR CONSTITUTE AN INDICATION THAT THERE HAS BEEN NO CHANGE IN THE BUSINESS OR AFFAIRS OF THE PROPERTY SINCE THE DATE OR PREPARATION OF THE OFFERING MEMORANDUM.
While Owner and/or Broker may discuss the purchase and sale of the Property with Recipients, either Owner or Broker, in our sole and absolute discretion, may terminate sale discussions at any time and for any reason. Recipients acknowledge that neither Owner nor Broker has any obligation to discuss or agree to the sale of the Property. The acquisition discussions may be lengthy and complex. Notwithstanding that the parties may reach one or more oral understandings or agreements on one or more issues, neither of the parties shall be bound by any oral agreement of any kind, and no rights, claims, obligations or liabilities of any kind, either expressed or implied, shall arise or exist in favor of or be binding upon either Owner or Broker except to the extent expressly set out in a written agreement signed by both Owner and Broker.
This letter will further confirm that Recipients understand that Broker is presenting the information on the above-referenced Property and that Recipients agree that all initial correspondence and agreements pertaining to the opportunities and subsequent purchase shall be submitted through Agent. Prospective Buyer shall not contact the Owner directly unless given written permission by Agent or act either directly, indirectly, through any third parties including affiliates, other clients or other brokers to circumvent the purpose of this Agreement.
The term of this Agreement is for one (1) year from the date below, which shall be automatically extended through any ongoing negotiations, escrow periods or closing of any purchase and sales transaction(s) for the opportunity entered into by Prospective Buyer or its affiliates during the term hereof.
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