Located in Indialantic, Fl, this 15,525 sq.ft. freestanding CVS has over 18 years remaining on the base term of its NN Lease that includes four ‘Five Year’ options to extend. The property is positioned at the signalized intersection of 5th Avenue and N Miramar Avenue that serve as major East-West and North-South corridors, respectively. The subject property sees more than 63,000 vehicles per day. The immediate area has a population of more than 65,000 residents with an average annual household income of over $119,000 in the one-mile radius. CVS has maximized the use of their space by having three synergistic subtenants – Jersey Mike’s Subs, Live Lounge Medical, and Vista Clinical Diagnostics. This has certainly increased the flow of consumers to the site. Several national retailers are also present in the surrounding, including Subway, SunTrust, 7-Eleven, Wendy’s, Starbucks, and others.
Being one of the nation’s largest leading drugstore chains, CVS has over 9,600 stores in 50 states, the District of Columbia, Puerto Rico and the US Virgin Islands. CVS specializes in selling prescription drugs and a vast collection of general merchandise, including over-the-counter medications, 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 and online on CVS.com. The company also provides healthcare services and has over 1,100 MinuteClinic medical clinics and Diabetes Care Centers. The majority of these clinics are situated within CVS stores.
This investment property is suitable for a 1031 exchange.
Property Details –
Property Type – Pharmacy Property