CVS Ground Lease For Sale

The Boulder Group is pleased to exclusively market for sale a single tenant CVS ground lease located within the St. Louis Metropolitan Area. The CVS Pharmacy is located within a densely populated area of St. Louis County. The property is located along Lindbergh Boulevard which is a primary north-south thoroughfare in St. Louis County. The new twenty-five year CVS Pharmacy ground lease expires in January 2042.

The 1.49 acre CVS ground lease property is strategically positioned just south of the signalized intersection of Lindbergh Boulevard and St. Denis Street. Lindbergh Boulevard is a primary north-south thoroughfare in St. Louis County that experiences traffic counts in excess of 52,750 vehicles per day. The CVS Pharmacy property is located less than two miles north of Interstate 270 which experiences traffic counts in excess of 126,000 vehicles per day. The CVS Pharmacy will greatly out position a 24-hour Walgreens which is located immediately to the south and is an inline location. This is a strategic location for CVS as there are no other CVS Pharmacy in the immediate trade area. The surrounding area is densely populated with approximately 100,000 people living within a three mile radius of the property. Lambert-St. Louis International Airport, the primary airport serving the St. Louis Metropolitan Area, is located approximately five-miles south of the property. Retailers located in the trade area include Target, Home Depot, Lowe’s, ALDI, Dierbergs Grocery Store, Schnucks Grocery Store, PNC Bank, Bank of America and many other national and local retailers.

The CVS Pharmacy ground lease is for twenty-five years and expires January 31, 2042. The ground lease features five 5-year renewal option periods. The rent for the first renewal option period is the greater of the previous year’s rent or fair market value. The next four 5-year option periods feature 10% rental escalations in each. There are absolutely no landlord responsibilities. CVS is the nation’s second-largest drugstore chain and is a publicly traded company with a market capitalization in excess of $105 billion. CVS is an investment grade rated company with a Standard and Poor’s rating of BBB+.

 

INVESTMENT HIGHLIGHTS

• Located within the St. Louis MSA
• Investment grade rated tenant (S&P: BBB+)
• Long term ground lease with 25 years remaining
• New construction (2016)
• No landlord responsibilities
• Positioned along Lindberg Boulevard (Highway 67) which is a primary north-south thoroughfare in St. Louis County that experiences traffic counts in excess of 52,000 vehicles per day
• Densely populated area with approximately 100,000 people living within a three mile radius of the property
• Less than two miles north of Interstate 270 which experiences traffic counts in excess of 126,000 vehicles per day
• Approximately five miles north of Lambert-St. Louis International Airport
• Retailers located in the trade area include Target, Home Depot, Lowe’s, ALDI, Dierbergs Grocery Store, Schnucks Grocery Store, PNC Bank, Bank of America and many other national and local retailers
• Strategic CVS location that will out position a 24-hour inline Walgreens store located immediately to the south

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