Acquired in 2015, this high profile Corporate CVS Pharmacy is located in West Covina, CA and is in a dense retail trade area with strong credit tenants, high traffic counts and substantial population counts. This drug store is the first to appear along Azusa Avenue after coming from the I-10 freeway exit.
CVS has an established high-credit tenant (S&P Rating of BBB+). The NNN investments requires Low management/hassle with fixed rental increases. CVS is one of the nation’s top drug stores with a market capitalization of $118 Billion, 2014 revenue of $137 Billion, and assets in excess of $74.5 Billion.
This CVS is on an absolute NNN lease with no landlord responsibilities and is due for a rare 20% increase in net operating income, providing an excellent hedge against inflation.