1596 Highway A1A
Satellite Beach, FL 32937

CBRE is pleased to present exclusively for sale this CVS pharmacy located at the signalized corner of Highway A1A and Desoto Parkway in Satellite Beach, Florida. CVS recently recommitted to this site via a new 15-year corporately guaranteed lease extension after a 17-year operating history. This triple net lease has minimal landlord responsibilities or expenses, with four, five options to renew with four percent rental increases in each option period. The lease is corporately guaranteed by CVS, and investment grade credit tenant rated BBB+ by Standard & Poor's. CVS has little to no competition within a 1 mile radius, and has above average store sales with over $10 million in annual sales reported for the past 4+ years. This yields a very healthy rent to sales ration at 2.1%. This 12,465 square foot CVS was built in 2000/renovated in 2009, and sits on a large 1.39 acre parcel. CVS has excellent access and visibility with two points of ingress/egress and over 23,000 vehicles passing by daily. This is an irreplaceable location situated at the signalized corner of Highway A1A and Desoto Parkway, one block off of the beach. The area boasts excellent demographics with strong population density and average household income, despite half the catchment being in the ocean. Situated in Satellite Beach, Florida this is a highly sought after area partly due to no state income tax.