Investment Offering
East Brunswick, NJ - CVS
377 Summerhill Road | East Brunswick, NJ 08816
$4,652,000
Price5.72%
Cap Rate$838,961
NOI14,823
± SF Offering GLA5.72
± AC Land AreaDescription
SRS National Net Lease Group is pleased to offer the opportunity to acquire the leasehold interest (building ownership) in an absolute NNN, corporate guaranteed, investment grade (S&P: BBB), drive-thru equipped, CVS Pharmacy investment property located in East Brunswick, NJ (Newark MSA). The tenant, New Jersey CVS Pharmacy, L.L.C., recently executed a brand new 20-year lease with 8 (5-year) options to extend, demonstrating their commitment to the site. The lease is guaranteed by CVS Health Corporation (S&P: BBB) and is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor. CVS is the largest pharmacy chain in the United States with more than 9,900 stores across 49 states, the District of Columbia, and Puerto Rico. The building was recently built and features state-of-the-art, brand new construction with modern amenities and design.
Location
CVS Pharmacy is strategically located at the signalized, hard corner intersection of Old Stage Road and Summerhill Road, averaging a combined 16,700 vehicles passing by daily. The building is equipped with a drive-thru pharmacy, providing ease and convenience for customers. The site benefits from excellent visibility and access via significant street frontage and multiple points on ingress/egress. Additionally, the asset is ideally situated across from ShopRite anchored shopping center (70,000 SF). Grocery anchored centers significantly increase consumer draw to the immediate trade area and promote crossover store exposure for the site. Further, the property is directly adjacent to a residential development containing 96 units across four, three-story buildings providing a direct residential consumer base to draw from. Other nearby multi-family housing communities include Cranbury Crossing (160 units), Wyndmoor Apartments (410 units), and Hall’s Corner (154 units). The 5-mile trade area is supported by more than 154,300 residents and 56,600 daytime employees. Residents within 1 mile of the subject property boast an affluent average household income of $138,368.
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Contact
Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215