This property is Off-Market

2401 SW 27th Avenue
Ocala, FL 34471 ·

13,013 SF · Retail For Sale

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CVS Zero Cash Flow, Ocala, FL

Price N/A Cap Rate 8.75%
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

Description

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.

Highlights

  • 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

Research

2401 SW 27th Avenue, Ocala, FL 34471 (Marion County)

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