CVS 2600 W Michigan Ave 13,700 SF Retail Building Kalamazoo, MI 49006 $6,002,456 CAD ($438.14 CAD/SF) 5.05% Cap Rate

Long Term CVS Ground Lease - Approximately 16.5 years left on an ABSOLUTE NET GROUND LEASE with CVS at a fabulous corner location across from a main entrance to Western Michigan University. The significant growth projected within a 1 mile radius over the next 5 years in addition to all of the drug store traffic generated by the 17,835 plus students attending college across the street make this a solid real estate investment. CVS operates 9,600 traditional retail locations and over 900 stores that include Minute Clinics, it's primary Care Clinics. CVS is the largest drug store chain with the Top Pharmacy as ranked by prescription drug market share as of end of Qtr. 1 2025 totaling approximately 33.80%. As of end of 2024, global revenue totaled $372.8 Billion. CVS was ranked 6th on the Fortune 500 and 10th on the Fortune Global 500. In 2024, Fortune also ranked CVS Health the 32nd most admired companies in worldwide.
Investment Grade Tenant - Moody's rating Baa2. S & P - as of December 2024, credit rating of BBB outlook is stable! Primary term thru January 31, 2042 with ten (10) five (5) year options to extend. 10% rental increases at the beginning of each five year option. 39,583 SF lot with cross easement rights to adjacent shopping center - Campus Pointe Mall. Parking lot was re-paved and re-striped in 2019. Three points of ingress/egress into overall shopping center. Single lane "drive thru" access. Traffic counts at this lighted intersection are closed to 40,000 vpd. CVS aquired Aetna, the nation's 3rd largest health insurer in terms of membership in 2018/2019.
In 2013 CVS completes acquisitions of Signify Health, a leading technology and services company focused on provider enablement and bringing clinicians into the home, and Oak Street Health, a leading multi-player, value based primary care.