Pharma Property Group Lists 16-Year CVS in Vernon, New Jersey

Pharma Property Group is pleased to present a unique ownership opportunity for investors looking for a national investment-grade tenant with a long-term lease and limited competition. With over 16 years of firm term remaining and 6 (5-year) options to renew, the CVS property offers investors a long-term investment with zero landlord responsibilities whatsoever and no rent holiday. 

 

Located in northeast Sussex County, the property is situated at the base of Mountain Creek Resort, which includes three main ski runs and benefits from over 700,000 additional annual tourists. With 167 acres of designated recreation area, Mountain Creek Resort attracts skiers and snowboarders in the winter months and hikers, golfers, mountain bikers, and campers in the summer. Additionally, the resort is home to one of New Jersey’s largest Oktoberfest Festivals in the fall. 

 

“With so many headwinds in the retail market, many buyers are concerned with the longevity of their investment when looking at potential acquisitions. With the next closest CVS store over 7 miles away across state lines in New York, the property is strategically the only CVS in the market. This investment offers the rare opportunity to acquire a long-term CVS store, with limited competition and no rent holiday, giving a buyer the ability to have confidence in their investment,” said Jason Pongsrikul, Managing Principal at Pharma Property Group.

 

 

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Pharma Property Group (PPG) has over $2.5 Billion in closing transaction experience and specializes in providing commercial real estate services to landlords who own properties occupied by Walgreens, CVS and Rite Aid.  Pharma Property Group is one of the top brokerage firms in the country in drugstore property closing volume and has an unparalleled drugstore marketing platform providing access to the largest pool of drugstore landlords in the nation.

 

Jason Pongsrikul, Managing Principal

Pharma Property Group

1979 Chicago Street 

San Diego, CA 92110

www.pharmapropertygroup.com

Office: (858) 860-6591