CVS | Kansas City, MO
CORPORATE GUARANTY | INVESTMENT GRADE CREDIT (S&P: BBB) | $256.78 BILLION IN FY 2019 REVENUE & 9,900+ US LOCATIONS
CVS pharmacy is the largest drug store chain in the US with 9,900+ retail store locations and approximately 295,000 employees. For fiscal year 2019, CVS Health (S&P: BBB) generated revenues of approximately
$256.78 billion and grew total assets to $222.45 billion.
NEW 20-YEAR COMMITMENT | PASSIVE NNN LEASE | 5% INCREASES DURING OPTIONS
CVS, whose original lease at the subject property was signed in 2006, signed a new twenty (20) year lease in December 2019 that currently has approximately 19.4 years remaining in the primary term. The triple-net (NNN) lease requires zero landlord responsibilities, with the tenant being responsible for all maintenance and repairs. The lease also features 5% rental increases at each of CVS’ eight (8), five (5) year renewal options.
ATTRACTIVE HARD CORNER LOCATION | PROMINENT RETAIL CORRIDOR | EASILY ACCESSIBLE SITE
The subject property is ideally located along NW Barry Rd (17,107 VPD) with immediate on/off ramp access via Interstate 29 (92,212 VPD) and Hwy 152 (51,761 VPD). Prominent nearby national and regional retailers include Walmart, Lowe’s, Best Buy, Target, The Home Depot, and PetSmart. CVS is easily accessible with a total of two (2) curb cuts along NW Barry Rd for East/West traffic and another on Green Hills Rd for North/South
HOUSEHOLD INCOMES EXCEEDING $93,000 | DENSELY POPULATED KANSAS CITY LOCATION | EXPLOSIVE POPULATION GROWTH
The subject property is well located within the Kansas City MSA which boasts a total population of 2.3 million and an extremely favorable business climate with the 5th best corporate income tax rate (4%) in the U.S. The city’s economic development commission recently reported 67 new projects, $1.02 Billion in new investments and an additional 3,564 new jobs. Within 5 miles of the subject property, there are 131,207 people, 53,699 households, with an average household income of $93,410. Additionally, the population in Kansas City’s urban core has quadrupled in the last decade and is expected to grow another 50% in the next 5 years.
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The information contained herein has been obtained from sources deemed reliable or implied, is made with respect to such information. Terms of sale or lease and availability are subject to change or withdrawal without notice.