3711 SE Frank Blvd
Bartlesville, OK 74006
CVS with Rent Increase in Primary Term · Retail Property For Sale

The subject property is a 13,225 square foot CVS located in Bartlesville, Oklahoma. CVS signed a 25 year lease, which commenced in August 2014, leaving over 21 years remaining on the tenant’s initial lease term. The lease provides an extremely rare 10% rent increase in the primary term which is schedule to occur in September of 2024, as well as 10% rent increases between each 5-year renewal option. 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. CVS is also ranked #7 on the Fortune 500 list. The subject property is ideally positioned adjacent to the Jane Phillips Medical Center, a 114-bed regional acute care hospital providing extensive medical services. The site is located on the southwest corner of the signalized intersection of Washington Boulevard and Frank Phillips Boulevard, the busiest intersection in town with combined daily traffic counts in excess of 41,000 vehicles. Washington Boulevard, also known as US-75, is the main north/south traffic corridor leading to Tula, Oklahoma. National retailers in the immediate area include Walmart Supercenter, Lowe’s, Starbucks, Hobby Lobby, McDonalds, Burger King, Goodwill, UPS Store and numerous others.