The subject property is a CVS Pharmacy that boasts a long-term, corporate guaranteed lease. The fixed rental rate runs through the entirety of the 20-year base term. However, each five-year option period features a 2.5 percent increase, making this a stable, income-producing asset. CVS Pharmacy, the retail division of CVS Health (NYSE: CVS), is America’s leading retail pharmacy with revenues of more than $69.1 billion.
Situated at the signalized intersection of East 165th Street and Calumet Avenue, the subject property has two points of ingress/egress and features a drive-thru pharmacy component. The site is adjacent to Maywood Elementary School (390 students) and is surrounded by national retailers including Menards, Family Dollar, AutoZone and ALDI, among others. This CVS Pharmacy is also near a major industrial sector in Hammond that abuts the Indian Harbor Belt Railroad Company’s Gibson West End yard.
This CVS Pharmacy location is just 24 miles from the heart of downtown Chicago, the third most populous city in the United States with a population of more than 2.7 million. With a gross domestic product (GDP) of more than $689 billion, Chicago is an international hub for finance, culture, commerce, industry, education, technology, communications and transportation. In addition to being a major world financial center with the second-largest business district in the nation, Chicagoland contains the third-largest labor pool in the United States.
This property is listed by Monte Alexander of JDS Real Estate Services, Inc. (License No. RB14035897).