150 E Illinois Ave
Dallas, TX 75216
CVS | No Rent Holiday with 23 Years Remaining · Retail Property For Sale

The subject property is a 13,054 square foot CVS located in Dallas, Texas. CVS signed a 25 year lease which commenced in October 2016, leaving 23 years remaining on the Tenant’s initial lease term. The lease provides for 10% rent increases between each of the six, 5-year renewal options. The lease is absolute net providing for zero landlord responsibilities. CVS, which is publicly traded on the New York Stock Exchange under the ticker symbol “CVS”, has a current BBB+ credit rating by Standard & Poor’s and reported annual revenues in excess of $184 billion in 2017. The property is situated adjacent to Oak Cliff, which is one of Dallas' most established and densely populated neighborhoods, with over 148,000 residents in a three mile radius and just 5 miles south of downtown Dallas. The site is ideally positioned at the signalized intersection of East Illinois Avenue and South Beckley Avenue, and benefits from its visibility along the areas main traffic artery with combined traffic counts in excess of 43,750 vehicles per day. The site also benefits from its close proximity (two blocks) from Interstate 35, which is the main thoroughfare leading into downtown Dallas experiencing daily traffic counts in excess of 182,590. CVS is located less than a half mile from Wynnewood Village, a 443,681 square foot regional shopping center anchored by Kroger, Ross Dress for Less, Fallas Paredes, Dollar Tree, and many more. Wynnewood Village is one of the oldest shopping centers in Dallas, and serves a large segment of Oak Cliff and Southern Dallas. Brixmor Property Group, who is the current landlord and one of the nation's largest owners of open-air shopping center is in the process of completely redeveloping the 65 acre shopping center with an estimated project cost of $30 million. Other national retailers in the immediate area include O'Reilly Auto, 7-11, Aldi, McDonalds, AutoZone, and numerous others.