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NOI Net Operating Income
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Attributes

Year Built 2006
Building Area Gross
Occupancy 100.0 %
Call for Offers

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale the opportunity to acquire the fee-simple interest in a CVS/pharmacy located at 13821 Leo Road, in Leo-Cedarville, IN (the “Property” or “Asset”) . Leo-Cedarville is an affluent suburb of Allen County, located 12-miles northeast of Fort Wayne and 137 miles northeast of Indianapolis. The Asset is situated directly off interstate 1 on the corner of Leo Road and Amstutz Road. The Property benefits from close proximity to Leo-Cedarville Junior/Senior High School and is surrounded by numerous national retailers including Dollar General, Anytime Fitness, Subway, BP, and more.

CVS/pharmacy (the “Tenant” or “CVS”) is a premier healthcare provider, generating the largest total prescription revenue in the nation throughout its almost 10,000 sites nationwide. CVS has occupied the Asset since 2006 and recently executed a brand-new 15-year lease extension. Following the 15-year in-place lease term, there are eight (8) 5-year extension options subject to 5% rent increases. The lease type is absolute NNN, leaving the landlord with zero responsibilities.


BROKER OF RECORD: STEPHEN A. SCHWEGMAN

Investment Highlights

  • Investment Grade Tenancy (S&P: BBB)
  • Brand New 15-Year Lease Extension
  • Absolute NNN Lease Structure  - Zero Landlord Responsibilities
  • Features Drive-Thru and Minute Clinic
  • ~$100k average household income within 5-mile radius.
  • Fort Wayne, IN MSA


Last Updated Date: 11 Aug 2022

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Last Updated Date: 11 Aug 2022

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