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CVS Pharmacy (Dark) 118 E Harrison Ave
13,892 SF 4-Star Retail Building Harlingen, TX 78550 £4,307,630 (£310/SF) 9.88% Net Initial Yield
Investment Highlights
- Close Proximity to Regional Hospitals: Two miles from Valley Baptist Medical Center and three miles from Harlingen Medical Center
- Property Encompasses Entire Square Block Along Main Traffic Corridors: Combined daily traffic counts exceed 26,600 vehicles
- Corporate Backed Long-Term Lease: CVS signed a 25-year lease with approximately 12 years remaining on the initial lease term
- Surrounded by Retail Developments: Over 5.4 million square feet of retail properties within a two-mile radius
- Densely Populated Area: Over 61,000 residents within a 3-mile radius and over 91,300 residents within a five mile radius
- Absolute NNN Lease Structure: Zero landlord responsibilities for operating or capital expenses
Executive Summary
The lease is absolute NNN providing for zero landlord responsibilities. CVS, which is publicly traded on the New York Stock Exchange under the ticker symbol “CVS”, has a current BBB credit rating by Standard & Poor’s and reported annual revenues in excess of $322 billion in 2022. Located at the intersection of East Harrison Ave and South Commerce Street, the subject property occupies and entire square block in the heart of the area’s main commercial district. Combined daily traffic counts at the intersection exceed 26,600 vehicles. CVS is ideally positioned less than two miles from Valley Baptist Medical Center and three miles from Harlingen Medical Center, the city’s top employer.
The surrounding community is densely developed with over 5.4 million square feet of retail properties within a 2-mile radius. Valle Vista Mall, which is positioned in the heart of the retail hub, is a 650,000 square foot regional mall anchored by JC Penney, Dillard’s, Big Lots and Forever 21. Other retailers in the area include Walmart Supercenter, Target, Sam’s Club, Bass Pro Shops and more.
Property Facts
Amenities
- Corner Lot
- Signage
- Drive Thru
MAJOR TENANTS
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease Type
- Lease End
-
- Retailer
- 13,892 SF
- £2.55
- Triple Net
- -
CVS Health is building a world of health around every consumer. Their unmatched reach allows them to deliver high-quality, affordable health care when and how individuals choose. They are on a mission to deliver superior and more connected experiences, lower the cost of care and improve the health and well-being of those they serve. As a leading health solutions company, they offer multiple channels to access health care locally and nationally. Their strong community presence, tech-forward approach and unmatched engagement with millions of people enabling them to deliver high-quality, personalized, affordable health care. Guided by their purpose, CVS Health® is building an entire world of health care around each and every person they serve, no matter where they are on their journey. They listen, show empathy and deliver innovative solutions that serve people’s unique needs and earn their loyalty. Because how they deliver their services is just as important as what they deliver.
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease Type | Lease End | |
|
|
Retailer | 13,892 SF | £2.55 | Triple Net | - |
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 150001-0010-001000 | Improvements Assessment | £1,137,008 |
| Land Assessment | £550,605 | Total Assessment | £1,687,614 |
PROPERTY TAXES
-
Brandon Price -
Cushman & Wakefield
Presented by
CVS Pharmacy (Dark) | 118 E Harrison Ave
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