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CVS - Montville, CT 2005 Norwich New London Tpke 13,325 SF Retail Building Uncasville, CT 06382 $7,143,489 CAD ($536.10 CAD/SF) 7.30% Cap Rate

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Investment Highlights

TWENTY-FIVE YEAR LEASE
EXCELLENT EXPOSURE ALONG MAIN THOROUGHFAR
LONG OPERATING HISTORY

CORPORATE GUARANTY FROM INVESTMENT GRADE TENANTS
PROXIMITY TO MOHEGAN SUN CASINO
DOMINANT RETAIL CORRIDOR

Executive Summary

Atlantic Capital Partners is pleased to exclusively offer for sale the CVS located at 2005 Norwich-New London Turnpike in Montville, CT. The 13,325 SF building has been leased to CVS since it was built in 2008. The 25-Year Lease with CVS expires January 31, 2034 and includes six (6) five (5) year options. CVS is paying $370,300 with 5% increases at the start of every option period. The CVS offering is located just minutes from the Mohegan Sun Casino, the 2nd largest casino in the United States. Mohegan Sun offers 364,000 SF of gaming space, multiple entertainment complexes, and draws over 7.6 million visitors annually.

Montville CT - CVS OM - compressed

Property Facts

Sale Type

Investment

Sale Conditions

1031 Exchange

Property Type

Retail

Property Subtype

Drug Store

Building Size

13,325 SF

Building Class

Year Built

2008

Price

$7,143,489 CAD

Price Per SF

$536.10 CAD

Cap Rate

7.30%

NOI

$521,475 CAD

Tenancy

Single

Building Height

1 Story

Building FAR

0.09

Lot Size

3.30 AC

Zoning

C-1

Parking

73 Spaces (5.47 Spaces per 1,000 SF Leased)

Frontage

107’ on Norwich New London Tpke

Major Tenants

Retailer
-
$39.14 CAD
Triple Net
Nov 2033

CVS Pharmacy began as a single store in Lowell, Massachusetts in 1963 and grew into a retail pharmacy business within CVS Health. The company dispenses prescriptions and supports patient care through vaccinations, counseling, prescription savings, mail order pharmacy, specialty pharmacy, and prescription delivery, while also selling health and wellness products and general merchandise. CVS Pharmacy remains a major U.S. pharmacy chain with a broad neighborhood presence and is part of a larger health care platform that connects retail pharmacy, pharmacy benefits, and related services.