CVS Pharmacy,
Bowling Green, KY Investment Summary
| Price | $7,700,000 |
| Cap Rate | |
| NOI | |
| Lease Term | 25 Years |
| Lease Type | |
| Rental Increases | 5% Rental Increases at the Beginning of Each Option Period |
| Year Built | 2016 |
| Building Size | 13,225 SF |
| Lot Size | 1.21 Acres (52,707 SF) |
| Status | Sold |
| Lead Brokers | Michael T. Yuras, CCIM Executive Managing Director 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Mike J. Sullivan, CCIM Senior Vice President 513.763.3032 mike.sullivan@cushwake.com KY RE License #63429 |
Investment Highlights
LONG-TERM NNN LEASE TO INVESTMENT GRADE TENANT
» Brand new 25-year lease with five 5-year options
» Guaranteed by CVS Health Corporation, rated “BBB+” by Standard & Poor’s
» No landlord management, ideal for an out-of-area investor
IMMEDIATELY ADJACENT TO WKU MAIN CAMPUS
» Located next to Western Kentucky University (WKU), the second-largest public university in Kentucky, with an enrollment of 20,068 students
» WKU is Bowling Green’s largest employer, with 4,658 employees
» Provides a strong customer base for CVS
HIGH-TRAFFIC LOCATION IN CENTRAL BOWLING GREEN
» Located at intersection, with excellent access and visibility to over 21,000 vehicles per day
» Within walking distance of downtown Bowling Green
» Close proximity to The Medical Center, Bowling Green’s second-largest employer and the leading healthcare provider in the ten-county south-central Kentucky region
BRAND NEW 2016 CONSTRUCTION
» Built in 2016 to tenant’s exact specifications
» Features prescription drive-thru, providing convenience to customers
» Features latest CVS prototype
Click Here to Download Offering Memorandum
Property Description
SOLD
The property is located at the intersection of Adams Street and Kentucky Street, with 21,090 vehicles per day directly in front of the site. The property is immediately adjacent to the main campus of Western Kentucky University, also known as WKU. WKU is the second-largest public university in Kentucky, with an enrollment of over 20,000 students. Additionally, WKU employs over 4,600 people, making it the largest employer in Bowling Green. Several residence halls are located next to the property on the WKU campus. Additionally, E. A. Diddle Arena is located approximately a block from the property. The 7,326-seat multi-purpose arena is home to WKU’s men’s basketball team and women’s basketball and volleyball teams.
The property benefits from its central location in Bowling Green. The site is less than a mile from downtown Bowling Green and less than a mile and a half from The Medical Center, Bowling Green’s second-largest employer. The Medical Center is the leading healthcare provider in the ten-county south-central Kentucky region. Additionally, the property benefits from its close proximity to several retail centers; major retailers near the property include Walmart, McDonald’s, Kroger, Ace Hardware, Dollar Tree, and many others.
