CVS

Property Details

Asking Price:
$4,950,000
Tenancy:
Single Tenant
Property Type:
Single Tenant
Lease Type:
Absolute NNN
Square Footage:
14,699 sqft
Year Built:
2006
Lot Size:
1.73 acres
NOI:
$350,526

CVS

War Room

Confidentiality Agreement

Property Overview

  • Absolute Triple Net Lease – No landlord responsibilities
  • Corporate Guaranteed Lease with over 10 years remaining
  • Upgraded Store – CVS recently renovated the store to include a HealthHub
  • Well situated site – outparcel to Lowe’s anchored shopping center
  • Signalized Intersection - located at the SEC of Mystic Lake Dr (26,133 VPD) and Dean Lakes Blvd (9,013 VPD)
  • Affluent demographics – average household income over $148,000 within a 1-mile radius

This freestanding, 14,699 square foot CVS is situated on 1.73 acres of land. CVS has over 10 years remaining on the initial term of the lease, including a rent holiday for the final three years. CVS has 10 additional five-year options. The site is located at the SEC of Dean Lakes Blvd and Mystic Lake Dr in Shakopee, MN ~ 16 miles from the Minneapolis Central Business District.

This CVS benefits from an average household income of $148,490 per year within a 1-mile radius. This property is an outparcel to Lowe’s and has over 35,000 vehicles pass through the intersection of Dean Lakes Blvd and Mystic Lake Dr daily. Over 41,000 residents with an average household income of $125,386 within a 3-mile radius of the Property.

Shakopee, an affluent, high growth suburb of Minneapolis, is home to Canterbury Park (NASDAQ: CPHC), a high performing race track/casino in an area poised for development. Notably, a 19,000 seat amphitheater neighboring the race track is planned for construction, part of a $400mm mixed-use development including offices, retail, hotels and housing.

CVS has upgraded the store with a HealthHub, demonstrating its commitment to the site. The HealthHub is a key component to CVS’s strategic initiative to evolve as a “Health Destination” rather than a corner drugstore. Approximately 10% of CVS stores are upgraded with a HealthHub.