A German family office represented by International Capital acquired a CVS ground lease in Miami, Florida.
CVS Health (NYSE: "CVS") was founded in 1969 and is one of the largest retailers in the US pharmaceutical industry. CVS sells prescription drugs and a wide assortment of general merchandise, including over-the-counter drugs, beauty products, and cosmetics, film and photo finishing services, seasonal merchandise, greeting cards, and convenience foods through their CVS Pharmacy and Longs Drugs Retail stores and online.
In 2020, CVS totaled $265 billion in sales, an increase of approx. 4.5% over the previous year, and employed more than 300,000 people.
CVS now operates over 9,900 locations in 50 US states, an equivalent to around 11% of all drug stores in the US, providing around 4.5 million people with daily access to basic health care.
The free-standing drugstore with drive-thru pharmacy was built in 2017 and has a total of 15,000 square feet of retail space and is situated on a large 2.4 acre parcel of land. Strategically located near a busy intersection, the property is highly visible and is situated within a strong trade area of a number of national and regional retailers including Walgreens, Burger King, Wells Fargo, Chase Bank, The Home Depot, McDonalds, TD Bank, Publix, Starbucks, Big Lots, among many others.
The absolute net lease has an initial term of 25 years and nine 5-year extension options.
The store in West Miami is part of the CVS “y más” concept which offers local Hispanic customers improved and personalized services. These stores offer a variety of Hispanic products at lower prices and bilingual services.
Martina Crevecoeur, CCIM, Senior Vice President Acquisitions / Dispositions of International Capital LLC, represented the investor in the transaction.