Investment Highlights

RARE ABSOLUTE NNN GROUND LEASE WITH FIXED RENT INCREASES
» 25-year NNN ground lease to investment grade tenant
» Rent increases of 5% in year 16 and every five years thereafter
» No landlord management, providing ideal investment for an out-of-area investor

NATIONAL TENANT WITH STRONG FINANCIALS
» CVS is rated “BBB+” by Standard & Poor’s and is ranked 10th on the Fortune 500
» CVS is the largest retailer of prescription drugs in U.S.
» Record revenue of $153.3 billion in 2015
» CVS and its affiliates operate over 9,600 locations across the United States

LOCATED IN AFFLUENT, RAPIDLY GROWING INDIANAPOLIS SUBURB
» Hamilton County is Indiana’s wealthiest and fastest growing county
» Average household income of $121,464 with a five-mile radius of the property
» Westfield experienced 11% population growth between 2010 and 2013 and has above-average projected population growth from 2016 to 2021

BRAND NEW BUILDING WITH PRESCRIPTION DRIVE-THRU
» Built by tenant at tenant’s expense, demonstrating long-term commitment to the location
» Features unique building design that adheres to strict local design standard
» Features prescription drive-thru, providing convenience to customers

Click Here to Download Offering Memorandum

Property Description

SOLD

The property is located at the signalized hard corner of Spring Mill Road and 161st Street, a primary arterial, with excellent access and visibility to 20,439 vehicles per day. Access to U.S. Highway 31, which experiences a traffic volume of 37,738 vehicles per day, is less than two miles from the site. The property is directly across from a Kroger-anchored shopping center, featuring Kroger Fuel Center, Pizza Hut, Starbucks, and Chase Bank. Additionally, several large retail centers are within a three-mile radius of the property. Greyhound Plaza, Village Park Plaza, and Clay Terrace have approximately 1.5 million square feet of retail space and are anchored by major national retailers, including Walmart, Whole Foods, Barnes & Noble, and Kohl’s. Affluent residential neighborhoods surround the property, with an average household income of $121,464 within a five-mile radius.

The property benefits from its close proximity to significant new residential and community developments. Directly across from the property is a proposed multifamily housing complex that would include a clubhouse and 15 three-story apartment buildings that would house 292 units. Additionally, Grand Park is located approximately two and a half miles north of the site. Spanning over 400 acres and attracting nearly 1.6 million annual visitors, the $45 million complex features 31 multipurpose fields, 26 baseball diamonds, and over ten miles of trails. Future phases include a sports village development with a 20-acre lake surrounded by a boardwalk, shops, restaurants, and entertainment. The level of tourist activity surrounding Grand Park has generated a significant amount of consumer activity in Westfield, with retail on Spring Mill Road experiencing increased demand due to its proximity to the Sports Campus.