Off Market
Ennis, TX - CVS Pharmacy Distribution Center
5201 Sterilite Dr | Ennis, TX 75119
Price
Description
SRS Capital Markets is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, CVS distribution facility located in Ennis, Texas (Dallas MSA). The tenant has occupied the property for over 20 years and in 2018 exercised an early extension, which has over 16 years remaining with 10 (5-year) options. Demonstrating long-term commitment to the site and still has significant remaining term for the future investor. The lease features 5% rental increases at the beginning of each option period, with a current below market rent of $3.46 per square foot giving additional security and future upside for the investor. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for an out of state investor in an income tax free state.
Furthermore, the asset can be delivered free & clear or with assumption of below market interest rate credit tenant lease (CTL) financing of 5.2%, which is non-recourse and can be ideal financing for certain 1031 exchange investors to assume.
Location
Located 40 miles south of DFW right off interstate 45 (Dallas and Houston connection) and under 20 miles east of interstate 35 (DFW and Austin connection) it is perfectly positioned as one of the only 18 distribution facilities across the United States to handle the significant portion of Texas CVS stores and some surrounding states. Demonstrating the near and long-term demand for this industrial market, Freshpet, the leading pet food supply for dogs and cats, recently built a new 83,000 square foot distribution facility next door. The surrounding industrial market also includes other well-known companies such as Lowe’s, Sherwin Williams, PetsMart, and Sterilite.