CVS Pharmacy | Abilene, Texas
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.
PROMINENT HARD CORNER LOCATION | HIGHLY VISIBLE & EASILY ACCESSIBLE SITE
The subject property is strategically positioned at the hard corner intersection of E N 10th Street and N Judge Ely Boulevard, which features a combined 27,424 VPD per day at the intersection. Prominent national and regional retailers along N Judge Ely Blvd. include KFC, McDonald’s, United Supermarkets, Dollar General, Anytime Fitness, and First Texas Bank. CVS is easily accessible with two (2) points of ingress/egress around its perimeter.
WEST-CENTRAL TEXAS LOCATION | PROXIMITY TO ABILENE CHRISTIAN UNIVERSITY | NO STATE INCOME TAX
Abilene, TX is the principal city of the Abilene MSA which has a population of 180,000 people and is located along Interstate 20 in between the Dallas-Fort Worth and Midland-Odessa MSAs. CVS is located approximately 1.5 miles northeast of downtown Abilene along N Judge Ely Blvd., which serves as the connector to Abilene Christian University (4,558 students). Texas’s favorable tax climate, with no personal income tax, makes it a
desirable market for net lease investors from around the country.
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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.