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5712 Castle Hayne Rd 11,941 SF Retail Building Castle Hayne, NC 28429 $3,718,095 ($311.37/SF) 5.25% Cap Rate

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INVESTMENT HIGHLIGHTS

Absolute NNN lease with 14+ years remaining and no rent holiday.
Consistent population growth surrounding the property and the entire Wilmington MSA.
Directly across from CVS, Circle K is expanding their building and signed a new 15-year lease.

Corporate guarantee from investment grade tenant (BBB).
Located on a signalized intersection with 18,280 VPD.

EXECUTIVE SUMMARY

Transwestern is pleased to exclusively offer for sale a single tenant CVS Pharmacy in Castle Hayne, NC. CVS signed a rare, 20-year extension in 2019 on their absolute NNN lease, with no rent holiday. The property sits on 2.20 acers and is located at a signalized intersection with strong traffic counts. The immediate area is experiencing a significant population boom, with thousands of residential units currently proposed for development. CVS is the only pharmacy within a five-mile radius and will capitalize on the population increase. The property is also only 2.8 miles from the General Electric Aviation facility, which just announced a $22M expansion with additional jobs and received approval to handle higher enrichment level fuels. This facility will be the first commercial facility in the US to hold this license.
Broker of Record
Bradley Fulkerson
NC LIC #281422

5712 Castle Hayne Rd

Offering Memorandum

PROPERTY FACTS

Sale Type

Investment NNN

Sale Condition

1031 Exchange

Property Type

Retail

Property Subtype

Drug Store

Building Size

11,941 SF

Building Class

Year Built

2007

Price

$3,718,095

Price Per SF

$311.37

Cap Rate

5.25%

NOI

$195,200

Tenancy

Single

Building Height

1 Story

Building FAR

0.12

Lot Size

2.20 AC

Zoning

B-2

Parking

50 Spaces (4.15 Spaces per 1,000 SF Leased)

Frontage

149’ on Blossom St

Dedicated Turn Lane

Pylon Sign

Signage

Drive Thru

MAJOR TENANTS

Retailer
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Triple Net
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CVS Health is building a world of health around every consumer. Their unmatched reach allows them to deliver high-quality, affordable health care when and how individuals choose. They are on a mission to deliver superior and more connected experiences, lower the cost of care and improve the health and well-being of those they serve. As a leading health solutions company, they offer multiple channels to access health care locally and nationally. Their strong community presence, tech-forward approach and unmatched engagement with millions of people enabling them to deliver high-quality, personalized, affordable health care. Guided by their purpose, CVS Health® is building an entire world of health care around each and every person they serve, no matter where they are on their journey. They listen, show empathy and deliver innovative solutions that serve people’s unique needs and earn their loyalty. Because how they deliver their services is just as important as what they deliver.