(Northbrook, IL- November 3, 2016 – RealEstateRama) – The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased CVS Pharmacy located at 6820 North Pear Tree Lane in Peoria, Illinois for $4,198,000.
The 10,125 square foot CVS Pharmacy is located just off of the heavily trafficked signalized intersection of West War Memorial Drive and North Big Hollow Road which sees a combined 50,700 vehicles per day. West War Memorial Drive is a primary east-west thoroughfare in the area and a major retail corridor. The CVS Pharmacy is benefitted from strong demographics with over 33,900 people living within three miles with an above average household income of $103,000.
There are 20 years remaining on the recently extended CVS Pharmacy lease that expires August 31, 2036. CVS Pharmacy has successfully operated at this location since 1998 and recently executed a new 25 year lease extension demonstrating their commitment to this location. The CVS lease features five 5-year renewal option periods with 5% rental escalations in each. CVS is a publicly traded company with a market capitalization in excess of $104 billion CVS is an investment grade rated tenant with a Standard & Poor’s rating of BBB+.