Located in Satellite Beach, Florida, this CVS property consists of a free-standing building with a built-up area of 10,908 sq.ft. The property sits on a huge 1.39-acre parcel of land. It is strategically built at the signalized intersection of Desoto Parkway and Highway A1A, due to which, the property receives a traffic count of more than 30,000 vehicles per day.
The store serves the nearby trade area, which has a total population of more than 71,000 residents, having an average annual household income of more than $90,000. Several national and regional retailers are located in proximity, including Ross, Panera Bread, Wendy’s, Texas Roadhouse, McDonald’s, Walmart, Murphy USA, Burger King, Lowes, Chase Bank, and Publix. Since the possession of the property, CVS has performed extraordinarily at this location, registering around $8,800,000 in-store sales. The company has recently signed a 20 Year Lease Agreement. The lease has more than 18 years remaining on the initial term, with five options to extend for five years each. Plus, there is also a rent hike of five percent in each of the option periods. With over 9,600 stores in 50 states, the District of Columbia, Puerto Rico, and the US Virgin Islands, CVS is one of the country’s leading drugstore chain.
This investment property is suitable for a 1031 exchange.
Property Details –