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1545 Pulaski Highway - Wellington Commons - CVS Pharmacy, Bear, DE

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1545 Pulaski Highway - Wellington Commons - CVS Pharmacy

Bear, DE 19701-1303 - South New Castle County Submarket


Property Type:Retail Sub Type:Drug Store Status:Existing Year Built:2013
Building Size:13,225 SF Land Area:2.28 AC (99,317 SF)
For Sale Price:$5,469,118 Price/SF:$413.54
Cap Rate:6.18 %



Sale Notes:
Stan Johnson Company is pleased to offer for sale to qualified investors an attractive retail property 100% leased to CVS Pharmacy located in Bear, Delaware. CVS Pharmacy is operating under a Twenty Five (25) year Absolute NNN lease with under 23 years remaining. The lease features Ten (10), Five (5) year renewal options with 10% rental increases in the option periods.

For over 50 years CVS Pharmacy has served millions of customers products and services geared towards a healthy lifestyle. In addition to pharmacies, their stores feature on-trend beauty departments, photo labs and general merchandise. CVS Pharmacy has more than 9,655 retail drug stores in 49 states, the District of Columbia, Puerto Rico and Brazil and is currently located in 98 of the top 100 drugstore markets. CVS currently holds a Standard & Poor' s credit rating of BBB+/ Stable.
Bear is a census-designated place (CDP) in New Castle County, Delaware. Starting in the late 1980s Bear became a popular location for the construction of sprawling housing developments and shopping centers along U.S. Route 40. As of 2014, Bear' s population is 19,751. Since 2000, it has had a population growth of 7.86 percent.

New Castle, just 7 miles east, is a city in New Castle County, Delaware. New Castle is six miles south of Wilmington, situated on the Delaware River. According to the 2010 Census, the population of the city was 5,285. Unlike many historic communities, New Castle is a residential town where people live and work. Each house reflects the individuality of its past and present owners. Because New Castle has been named a National Landmark Historic Area, all renovations and restorations are carefully supervised.

Highlights
Zero Cash Flow Financing- Assumable self-amortizing financing with fixed interest rate.
Paydown/Readvance- Structure allows for low equity contributions with high longterm return on initial investment.
Strong Demographics- Within 5 miles of the subject property the population is 146,473 with an average household income of $81,932.
Absolute NNN Lease- No landlord Responsibilities.
Strong Credit Tenant- CVS has investment-grade credit and strong financials.
High Growth Area- The location in Bear, Delaware is positioned in the Philadelphia- Camden-Wilmington Metro Area.

Stan Johnson Company
Bradly Richardson
(480) 607-4365




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