January 29, 2021 – Brian Ahrens and Mark Brockwell of Horvath & Tremblay have successfully completed the sale of CVS Pharmacy in Memphis, Tennessee. Horvath & Tremblay exclusively represented the buyer in this transaction at a sale price of $3,075,000.
CVS Pharmacy is located at 6620 Winchester Road in Memphis, TN. Built in 2010, CVS signed a 25-year ground lease (Absolute NNN) that currently has 15+ years of term remaining and is followed by five, 5-year renewal options. The lease features 10% rental increases at the start of each renewal option. The property has excellent access and visibility along Winchester Road with traffic counts in excess of 34,000 vehicles per day, and also has exposure to Highway 385, which sees more than 89,000 vehicles per day. CVS is strategically positioned on the hard corner in front of Winchester Court Shopping Center, which includes more than 40 stores, including two different grocers. The property benefits from its location within one of Memphis’s strongest retail districts that attracts shoppers from surrounding counties. The site enjoys outstanding area demographics and is surrounded by national retailers.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.