This property is Off-Market
2401 SW 27th Avenue
Ocala, FL 34471 ·
13,013 SF · Retail For Sale
CVS Zero Cash Flow, Ocala, FL
|Building Size||13,013 SF||Occupancy||100%|
|Property Type||Retail||No. Stories||1|
|Property Sub-type||Free Standing Bldg||Tenancy||Single|
|Property Use Type||Net Lease Investment with 10+ years left on lease||Year Built||2008|
|Commission Split||1%||Lot Size||1.27 AC|
|Listing ID: 16429666||Date Created: 10/13/2009||Last Updated: 03/29/2010|
CB Richard Ellis is pleased to offer the sale of a 13 property portfolio leased by CVS. Properties are available individually or as a portfolio. The initial lease term is 25 years and 2 months and expires on July 31, 2034. There are 10 five-year renewal options. The leases are absolute net with no landlord responsibilities. There is zero cash flow assumable debt in place and the fully amortizing, non-recourse loan has an interest rate of 8.353%. The loan has a pay-down re-advance option which allows an investor to contribute additional equity on a temporary basis for tax purposes.
The CVS in Ocala, FL is located at the southeast corner of SW College Road (200) and SW 27th Avenue. SW College Road is a heavily traveled six-lane commercial artery in the area densely populated with national retailers. The property is located at a hard corner signalized intersection as an out parcel to Shady Oaks shopping center anchored by Best Buy, Staples, Big K and Jo-Anns. It's located across from the Simon owned Paddock Mall anchored by Belk, JC Penney, Macys and Sears.
- 25 Year Bondable Lease with CVS Caremark (NYSE: CVS)
- CVS has investment grade credit. Rated BBB+ by Standard & Poor' s and Baa2 by Moody' s
- Assumable 87% LTV non-recourse, fully amortizing debt in place
- Paydown/readvance feature allows buyer to match debt and equity requirements for any exchange
- CVS has nearly 6,923 retail drugstores located in 41 states with revenues of $87.41 billion and net income of $3.2 billion for the late
- Ideal for 1031 or 1033 exchanges, foreclosure, deed in lieu of foreclosure, tax and estate planning
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