Marcus & Millichap is proud to market the CVS Hialeah Drive absolute net leased property located in the dynamic city of Hialeah in the heart of Miami, FL. The subject property is a 12,735 squarefoot CVS pharmacy building that sits on a large 2.14-acre parcel in the incredibly dense, infill Hialeah municipality. Hialeah is known across the state as one of the most successful retail submarkets in all of Florida with more than 33,000 people living within one mile of the subject property and more than 160,000 people living within a three mile radius. The daytime population exceeds the residential population with 41,000 people within one mile increasing to over 718,840 in a five-mile radius.
The property is a double corner lot and has multiple access points on busy Hialeah Drive just east of Okeechobee Road. This dense Hispanic retail corridor continues to be a highly sought-after retail corridor with limited supply of buildable land and very limited per capita retail space. The property was originally a build-to-suit for Eckerd Drugs. CVS acquired Eckerd in 2007 and converted the lease to a Holliday CVS, LLC guarantee. The reported sales from the tenant are in the top tier sales for the entire country (please contact listing agent for details) and subsequently CVS elected to execute an early extension on the base term of the lease. The absolute net lease has approximately 13 years remaining on the base term with four, ve-year options. There are rare $.50-per-square-foot increases every five years during the base and option terms and the next rent bump occurs in less than three years.
In 2015 CVS re-branded the property as a CVS pharmacy y más, a new concept which offers expanded services including bilingual signage and staff and a broad assortment of popular Hispanic brands. This is a desirable, 24-hour location with drive-thru that has full visibility from Hialeah Drive and two points of access from Hialeah Drive, two points of access from East 1st Avenue and an additional point along East 2nd Street, making the property convenient to traffic from roadways directly to the to the north, east and south.