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5902 Read Boulevard - CVS Pharmacy, New Orleans, LA
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5902 Read Boulevard - CVS Pharmacy
New Orleans, LA 70127-2615 - Northshore/E New Orleans Submarket
2.4 AC (104,544 SF)
For Sale Price:
Stan Johnson Company is pleased to offer for sale to qualified investors an attractive retail property 100% leased to CVS Pharmacy located in New Orleans, LA.
CVS Pharmacy is operating under a Twenty Five (25) year Absolute NNN lease with under Twenty Three (23) 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.
New Orleans is a city located on the Mississippi River, near the Gulf of Mexico. The region consists of Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. James, St. John the Baptist, St. Tammany, Tangipahoa, and Washington parishes. The 10 parishes composing the Greater New Orleans region are unique each enjoying its own character, attractions, and strategic business advantages.
New Orleans is home to the largest port complex in the Western Hemisphere. That, combined with extensive port, rail, air, and highway access, gives the region unparalleled infrastructure for international trade. 88% of the nation' s oil rigs are off its coast, and New Orleans is in the top three in the country in oil and gas production. The region boasts a civilian labor force of over 650,000 and there are over 65,000 students enrolled in the region' s nine universities and eight community/technical colleges. The variety of the region offers a lifestyle that suits anyone.
Zero Cash Flow Financing - Assumable self-amortizing financing with fixed interest rate. Paydown/Readvance - Structure allows for low equity contributions with high long-term return on initial investment. Absolute NNN Lease - No landlord Responsibilities. Strong Location for Ideal 1031 Exchange Property - Located along I-10 on an outparcel to a newer Lowe' s property. Strong Credit Tenant - CVS has investment-grade credit and strong financials. Long Lease Term - More than 22.5 years remaining on this deal.
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Stan Johnson Company
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