LONG TERM CORPORATE NNN LEASE WITH INCREASES • The subject property is a CVS with over 13 years remaining on an initial 25 year lease. • The lease is absolute NNN and the Tenant is 100% responsible for all expenses including taxes, CAM, insurance, roof, and structure. • There are 5% rent increases during the first 2 option periods and Fair Market Value increases in the remaining 8, 5-year options.
INVESTMENT GRADE TENANT • CVS is a publicly traded (NYSE: CVS) Fortune 500 Company and currently holds an investment grade rating of BBB with S&P. • CVS is the largest pharmacy chain in the country and has a net worth of over $250B. • There are currently more than 9,800 CVS locations in 45 states. • Annual revenues increased 4.7% in 2020 and were over $268B.
NEAR THE UNIVERSITY OF GEORGIA • The subject property is located less than 2.5 miles from the University of Georgia. • The University of Georgia is the largest university in GA with over 39,000 students and a faculty of nearly 11,000. • Founded in 1785, it is the oldest and largest of Georgia’s Institution of Higher learning and considered the State’s flagship university. • Most known for Football, UGA offers 21 varsity sports and has 46 national championships, of which 34 were achieved since 1999.
WELL LOCATED IN ACTIVE MEDICAL CORRIDOR • This CVS sits at the corner of a four-way signalized intersection of Oglethorpe & Hawthorne Ave with a combined daily traffic count of 26,000 VPD. • Its well located adjacent to UGA’s Health Sciences Campus and surrounded by numerous hospitals and medical facilities. • The 5 Mile Population is 103,516 with 10.91% growth.
DOUBLE DRIVE THRU CVS • This CVS is open until midnight and is a double drive thru location.
ATHENS • Athens is located 70 miles East of Atlanta in the northeastern part of the state. • Athens is the 6th largest city in Georgia and the principal city of the Athens-Clarke County, GA • Athens is home to several pharmaceutical manufacturing and biotechnology companies such as Merial and Janssen Pharmaceuticals • It has been ranked by Forbes as one of “The Best Place to Retire in 2017” and is ranked as one of the best college towns in the country.