Absolute NNN Lease: CVS is responsible for all maintenance, repair, and replacement, including roof and structure, providing completely passive ownership.
Investment Grade Credit Tenant: CVS is the leading pharmacy provider in the US and holds an investment grade credit rating of BBB (S&P).
Long Term Commitment: CVS recently extended the lease, added increases in the option periods, and removed the rent holiday, showing their commitment to the location and strong sales history.
Strong Performing Store: CVS has a rent to sales ratio under 3% at this location.
Limited Competition: CVS recently consolidated two area locations into the subject property which should support increasing sales into the future. Additionally, the subject store is the closest pharmacy to Methodist Olive Branch Hospital, a 100-bed hospital serving the local area.
Signalized Hard Corner Location: The property benefits from access from both Church St. and Cockrum Rd. The intersection has exposure to approximately 42,000 VPD.
Highway Access: Interchange access to US-78 (30,300 VPD) is located less than 1 mile north and is the main thoroughfare connecting Olive Branch to downtown Memphis.
Affluent Memphis MSA Market: Olive Branch is an affluent community in the Memphis MSA with average household incomes of $111,000 within 3 miles.
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