The property is a 14,576 square foot free-standing retail facility on 1.74 acres of land 100% occupied by CVS on a bonded triplenet lease with 13.5 years remaining on the base term of the lease, with ten, 5-year options remaining thereafter. CVS 100% guarantees the lease in which they are responsible for all property expenses including the continuation of rent event in the event of a casualty.
This property is being offered on a free and clear basis or with the assumable zero cash flow debt. If the purchaser elects to buy the property free and clear of the existing debt the seller will defeasethe loan at closing and deliver the property debt free. Because CVS has a three year rent holiday starting on February 2034 and ending on January 2037, the seller will issue acredit for the full amount of this rent at closing.
If the buyer elects to assume the existing self liquidating debt, the seller will not issue a credit for the rent holiday at closing. Note that the debt service payments equal the rent that CVS pays. The terms of the existing assumable zero cash flow debt are approximately as follows as of December 2023.