CVS | $7,877,360 | 5.00% CAP
The Deltondo Group and Marcus & Millichap are pleased to present for sale CVS pharmacy a single-tenant property located at 1316 Charleston Avenue, Mattoon, IL 61938.
The subject property is comprised of 15,748 square feet, built-in 2009. The building sits on a large 1.38-acre lot located with frontage on Charleston Avenue with over 14,159 vehicles per day.
CVS operates on a corporate absolute-net lease with a new 15-year lease beginning at the close of escrow. At the end of the initial term, CVS will have ten, five-year options to extend with 5% increases each option. CVS, an essential retailer, is pandemic, recession resistant, and remained open during the global pandemic caused by Covid-19.
CVS Pharmacy is a subsidiary of the American retail and Health care company CVS Health, headquartered in Woonsocket, Rhode Island. It was also known as, and originally named the Consumer Value Store and was founded in Lowell, Massachusetts, in 1963. The chain was owned by its original holding company Melville Corporation since its inception until its current parent company CVS Health was spun off into its own company in 1996. CVS Pharmacy is currently the largest pharmacy chain in the United States by number of locations (over 9,900 as of 2019) and total prescription revenue. As the retail pharmacy division of CVS Health, it ranks as the 4th largest U.S. corporation according to Fortune 500 in 2021 with revenues of more than $285 billion. CVS/pharmacy’s leading competitor Walgreens Boots Alliance is ranked 16th.