Investment Highlights
- Long-Term Tenant, In Place for Approximately 25 Years
- Tenant Recently Extended the Lease an Additional 10 Years, Commencing on February 1, 2025
- Long-Term, Triple Net (NNN) Lease With Two, Five-Year Tenant Renewal Options and Rent Increases in Both Option Periods
- CVS Health is an American Retail Pharmacy and Healthcare Company That Operates One of the Largest Pharmacy Chains in the U.S. and a Presence in Nearly 10,000 Retail Locations
- Located at the Merge Point of Chase Avenue and Main Street, With a Combined Traffic Count of Approx. 30,000 Vehicles Daily
- Population is Over 150,000 in Five Miles of the Subject Property
- Located Off a Major Retail Corridor on Wolcott Street With More Than 24,000 Vehicles Daily
- Surrounding National Retailers Include Walmart Supercenter, Target, ALDI, Stop & Shop Supermarket, Anytime Fitness, Planet Fitness, Party City, Harbor Freight Tools, Staples, Rent-A-Center, Dollar Tree, Family Dollar, Advance Auto Parts, AutoZone, O’Reilly Auto Parts, Big Lots, Panera Bread, McDonald’s, Wendy’s, KFC, Taco Bell, Dunkin, Xfinity Store, Metro by T-Mobile, Wells Fargo, TD Bank and Many More
Investment Overview
Marcus & Millichap is pleased to present the opportunity to acquire a CVS located in Waterbury, CT. This lease features a long-term triple-net (NNN) lease with the tenant in place for approximately 25 years. The tenant recently extended the lease for an additional 10 years, starting on February 1, 2025. The lease structure includes two five-year tenant renewal options, and there are rent increases specified for both option periods.
CVS Health is an American retail pharmacy and healthcare company that operates one of the largest pharmacy chains in the U.S. The company has a presence in nearly 10,000 retail locations.
Situated at the merge point of Chase Avenue and Main Street, the property experiences a combined daily traffic count of approximately 30,000 vehicles. The population within a five-mile radius of the subject property exceeds 150,000. Additionally, the property is positioned off a major retail corridor on Wolcott Street, witnessing a traffic flow of more than 24,000 vehicles daily.
Surrounding national retailers include Walmart Supercenter, Target, ALDI, Stop & Shop Supermarket, Anytime Fitness, Planet Fitness, Party City, Harbor Freight Tools, Staples, Rent-A-Center, Dollar Tree, Family Dollar, Advance Auto Parts, AutoZone, O’Reilly Auto Parts, Big Lots, Panera Bread, McDonald’s, Wendy’s, KFC, Taco Bell, Dunkin’, Xfinity Store, Metro by T-Mobile, Wells Fargo, TD Bank and many more.
The property is positioned two miles from downtown Waterbury and the Palace Theater, a historic venue hosting various events, including concerts, Broadway shows, and other performances. It is also situated two miles from the University of Connecticut (UConn) Waterbury, a public research university with a total enrollment exceeding 17,000 students across four campuses. Additionally, the property is two miles from St. Mary’s Hospital, a community teaching hospital and trauma center affiliated with Yale University, featuring 347 beds and the region’s sole pediatric emergency care unit.
Broker of Record
John Krueger
Lic #: REB.0752012