CVS Pharmacy

2600 W Michigan Ave Kalamazoo, MI 49006

FOR SALE
Property Type:
Free Standing Building
Amount:
$5,636,000
Last Verified:
Sep 21, 2022

Highlights

  • NNN GROUND LEASE | 19.5 YEARS REMAINING
  • NO LANDLORD RESPONSIBILITIES | LOW-RISK INVESTMENT
  • (10) 5-YEAR OPTIONS | 10% INCREASES EACH OPTION PERIOD
  • CVS HEALTH (S&P BBB) CORPORATE GUARANTEE
  • FORTUNE 500 COMPANY | 7,900 LOCATIONS | $73.79B REVENUE
  • FEE SIMPLE ASSET | OFFERED FREE & CLEAR
  • BELOW MARKET RENTS AT $16 PER SQUARE FOOT
  • MAIN AND MAIN LOCATION | ADJACENT TO DOWNTOWN KALAMAZOO
  • CENTER OF WESTERN MICHIGAN UNIVERSITY CAMPUS
  • WMU HAS 21,000+ STUDENTS | LARGE PUBLIC UNIVERSITY
  • STRONG AND GROWING DEMOS | 146k PEOPLE IN 5-MILE RADIUS
  • LIMITED COMPETITION | CLOSEST PHARMACY TO UNIVERSITY
  • NEAR SEVERAL BRAND-NEW CAMPUS/DOWNTOWN DEVELOPMENTS
  • RETAILERS IN IMMEDIATE VICINITY INCLUDE: COSTCO WHOLESALE, TRADER JOE’S, LOWE’S, TARGET, STARBUCKS, MCDONALD’S, BURGER KING, AT HOME, ARBY’S, BMW, DODGE RAM, FORD, KIA, VOLVO, HONDA AND MANY MORE.

Description

Jonna Group at Colliers has been selected to exclusively represent for sale the trophy CVS Pharmacy located in Kalamazoo, Michigan. CVS signed a 25-year triple-net ground lease with zero landlord responsibilities and has over 19 years remaining of term. The lease features attractive ten five-year options and includes 10% rent increase each option period. The property was built for CVS in 2016 and has below market rents. The location is strategically positioned across the street from Western Michigan University, a highly accredited public research university located on 1,200 acres with over 21,000 students. The CVS has limited competition and serves as the closest pharmacy to the University.

CVS Pharmacy is located with high visibility and frontage on the hard signalized corner of Michigan Avenue and Howard Street. The subject property is near downtown Kalamazoo in the center of campus within a busy and highly walkable area. Several national retailers in the immediate vicinity include Costco Wholesale, Lowe’s, Target, Trader Joe’s, Starbucks, McDonald’s, Burger King, At Home, Arby’s as well as notable busy automotive dealerships such as BMW, Dodge Ram, Ford, Volvo, KIA, Honda and many more.

The location features excellent demographics with over 146,000 people in a 5-mile radius and $67,000 average household income. The CVS is just minutes away from Bronson Methodist Hospital and Ascension Borgess Hospital. Several new and upcoming developments in Kalamazoo include the new Home2Suites by Hilton, Arcadia Flats Student Housing (341 Beds), Charles & Lynn Zhang Portage Community Senior Center, Hilton Garden Inn, Kalamazoo County Justice Facility, historic Gibson Hotel by Hard Rock Hotels, Advia Credit Union headquarters, Bronson Outpatient Surgery Center, Revel Creek Assisted Living, Redwood Texas Township 157-Unit Apartments, 400 Rose 136-Unit Apartments, The Creamery 48-Unit Apartments and many more. The CVS is located just a 15-minute drive to Kalamazoo/Battle Creek International Airport.


Year Built: 2016
Building Size: 13225sq ft
Lot Size: 0.93 acres

Map of 2600 W Michigan Ave , Kalamazoo, MI, 49006

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