- CVS guarantees the rental income which has 10% increases in the options and does not include a rent holiday.
- Property is ±1.3 miles from Mountain Creek Resort with 3 main ski runs boasting over 700,000 annual visitors.
- Subject Property is the only national drugstore chain in Vernon. The next closest CVS is 7.7 miles to the northeast, the next nearest Walgreens is over 5.6 miles to the west and nearest Rite Aid is over 19 miles north.
- Over 16.5 years of lease term remaining on an absolute net lease with no landlord responsibilities.
- Nearby attractions include Crystal Springs Resort, Wawayanda State Park Wallkill River National Wildlife Refuge and 7 championship golf courses.
Available properties
- Walgreens signed a new 15-year lease with 5% increases every 5 years.
- Southernmost Walgreens location in Santa Clarita Valley, 1 of only 4 Walgreens serving over 221,345 residents.
- Los Angeles County is the most populous county in the United States with over 9.7 million residents as of 2023.
- Approximately 28,000 households in the immediate 3-mile trade radius, with an average household income of over $100,000.
- Located off I-5 (180,000 VPD) on a highly visible signalized intersection with over 63,000 vehicles daily.
- Within a 5-mile radius, the population consists of 224,973 residents with an average household income of $110,554.
- Walgreens exercised an option early in 2021 showing commitment to this location.
- A rental increase is scheduled in the fixed term on January 1, 2027 to $291,500.
- Located at the signalized corner of San Pablo Avenue and Richmond Parkway with a combined traffic count of ±46,000.
- Walgreens is paying $19.13 annual rent per square foot which is below market for the area.
- Recent 10 Year Extension showing Walgreens commitment to this location.
- This Walgreens benefits from limited competition with no other Walgreens for over 11 miles, and no competing CVS for over 2 Miles.
- Property is located within the Philadelphia-Camden-Wilmington Metropolitan Statistical Area, the 8th largest MSA in the United States with a population of over 6.2 million people.
- The average household income within a 1-mile radius is $107,926, within a 3-mile radius it is $104,930 and within a 5-mile radius it is $112,191.
- Apart from Walgreens, the three additional tenants have lease expirations over the next few years providing a potential value add component.
- Located on northeast corner of North Rancho Drive and West Washington Street with a combined traffic count of ±59,000 vehicles per day.
- Walgreens benefits from dense infill demographics with over 58,000 households in a 3-mile radius.
- Subject property is neighbored by numerous complimentary national retail tenants including McDonalds, O'Reily Auto Parts and 7-Eleven. There are ±6 million square feet of retail space in a 2 mile radius.
- Located 2 miles north of University Medical Center, a 564-bed Trauma I hospital with ±3,600 employees.
- Located 2 miles south of the North Las Vegas Airport employing nearly 1,000 and running over 176,000 general aviation operations including tourist helicopter flights.
- Lease with CVS guarantees an income of $1,330,000 over the term.
- This offering is for the leasehold interest on the CVS guaranteed lease.
- In 2018, CVS exercised the remaining 4 options of the lease and has ±14 years remaining.
- Property features a MinuteClinic branded as a HealthHub, providing customers enhanced healthcare services and shopping experience.
- Near AGH Suburban Hospital, a 195-bed satellite facility located just 0.5 miles from subject Property.
- Subject Property is one of only two national chain freestanding drugstores within a 3-mile radius and the only CVS north of the Ohio River within the same distance.
- This location is open until 11 PM, which is later than any other national drugstore tenant in the neighboring 5-mile radius.
- Bellevue is an infill suburb of Pittsburg and boasts over 207,000 residents in a 5-mile radius.
- In a 5-mile radius the population is 249,502 residents with an average household income of $93,968.
- Nearby hospitals include MultiCare Tacoma General Hospital (0.5 mi NE) with 437 beds and St. Joseph Medical Center (1.4 mi SE) with 374 beds.
- Within a 1-mile radius there are ± 220 apartment complexes with a total of ±6,200 units, with an additional 289 units coming in 2024 in the Aspire 11 six-story mixed-use project less than a mile away.
- Located in the immediate area are The University of Puget Sound, Bates Technical College and the University of Washington - Tacoma.
- Within a 5-mile radius, the population is ±365,021 residents within ±154,024 households.
- Ohio State University is located about 3 miles from the Property and enrolls ±60,000 students.
- The Property sits two blocks from Northern Lights shopping center, a 360,471 square foot mall.
- CVS is located directly across the street making this a strategic location for both CVS and Walgreens. CVS has closed its retail portion of the store and only the pharmacy remains open.
- Nationwide and JP Morgan Chase employs over 35,000 employees in the Columbus market, with Intel recently announcing a $20 billion local investment in manufacturing, creating over 10,000 new jobs.
- Columbus, Ohio is the 7th largest economy in the United States, and Ohio has 0% state corporate income or profits tax.
- Within a 10-mile radius there is ±61.8M square feet of industrial space including distribution and manufacturing for companies such as Amazon, Starbucks, DHL, FedEx, and Post.
- Property is located across the corner from CVS making this a strategic location for both Walgreens and CVS.
- Interstate 83 is blocks from the Property with a traffic count of ±79,000 vehicles per day.
- Within a 3-mile radius, the average household income is $81,069 and the population is 153,292 residents in a 5-mile radius.
- Located 2 miles northwest is WellSpan York Hospital, a teaching hospital with 593 beds and over 5,000 medical staff and employees.
- Two blocks south is York County School of Technology with ±1,700 students and ±120 staff.
- Within a 2-mile radius there are 8 senior housing facilities totaling approximately ±388,898 square feet.
- Infill Houston MSA demographics with ±500,000 people in ±189,000 residences with an average HH income of $80,0134 in a 5-mile radius.
- Directly across the corner from an emergency room connected to the HCA Houston Hospital System.
- Highly visible and trafficked signalized corner with a combined traffic count of ±74,416 vehicles per day.
- There are ±37 multi-housing complexes with over 11,500 units and 15 hotels with over 1,200 rooms all within a 1-mile radius.
- The lease operates on an absolute net leased basis and there are no landlord responsibilities whatsoever.
- Located within Westchase Business District which is home to large corporations such as Honeywell, Chevron, Dow Chemical and Phillips 66 with ±16M square feet of office space within a 4-mile radius.
