Description
Marcus & Millichap is pleased to exclusively present The CVS Plaza, located on West Maple Avenue (Route 213) in the affluent Township of Langhorne in Bucks County, PA. The subject property is a 14,410 square foot neighborhood shopping center, which is currently 100% occupied, and anchored by a CVS drug store. The property was constructed in 1991, and recently renovated in 2005 by current ownership. CVS/pharmacy (BBB+) occupies 54% of the GLA and gross income. An ideal mix of local tenants that nicely compliment CVS, including Blue Ribbon Cleaners, Dominick's Pizza, K&C Nails, and Orchid Chinese. All tenants have NNN leases with increases, and all inline tenants reimburse for management fee. The amount of traffic and consumers generated by CVS leads to the success of these in-line tenants. In 2004, CVS renewed their lease for an additional 15 year period, with options, due to the tremendous success that they have at this location. CVS has been a staple of this shopping center since its inception, and will likely be for the continued future. Priced at $3,055,000 (7.97% Cap Rate), this investment offers a stable cash flow.
CVS Plaza is situated on West Maple Avenue (Route 213) in Langhorne, Pennsylvania. East of the property is a center anchored by Giant with Dollar General, Wachovia and a Rite Aid, as well as Langhorne Square, a 207,500 square foot center, anchored by Redner's and Marshalls. Langhorne is located in Bucks County, one of the five counties in Pennsylvania that make up the Delaware Valley, or Greater Philadelphia metropolitan area. As of 2004, the U.S. Census estimate placed the population at 621,342, making it the fourth most populous county in Pennsylvania (after Philadelphia, Allegheny, and Montgomery counties), and the 95th most populous county in the United States. As of 2000, it is the 76th wealthiest county in the nation as measured by median family income. The county's northern regions (colloquially referred to as Upper Bucks) are renowned for their natural scenery, farmland, colonial history, and proximity to major urban areas (particularly Philadelphia, but New York City, Allentown, Reading and Atlantic City are also within a two-hour radius).