April 26, 2022 – Luke Thomson of Horvath & Tremblay has successfully completed the sale of the Covington CVS Center in Covington, Indiana. Horvath & Tremblay exclusively represented the buyer to complete the transaction at a sale price of $1,600,000.
The Covington CVS Center is located at 501-511 3rd Street in Covington, Indiana. The plaza is 100% leased to three tenants – CVS Pharmacy, China Buffet and Subway. The three-tenant plaza consists of 12,080 square feet on a 0.95-acre corner lot. The property was constructed in 1993 and had a new roof installed in 2021. CVS recently extended their lease demonstrating their commitment to the site and the market and has 14+ years remaining on their NNN lease with three (3), 5-year renewal options. Subway, has been in the center since 2000 and had 4+ years remining on their corporate guaranteed NNN lease with two (2), 5-year renewal options. China Buffet has been at this center since 1997 and had 4+ years remaining on their gross lease. Both CVS and Subway’s leases call for rental increases at the start of each renewal option and the China Buffet lease calls for 3% annual increases in rent. The Property is well located at the intersection of 3rd Street and Jefferson Street in the center of Covington. The Property is close to the town’s municipal buildings and is less than 0.5-miles from the area’s elementary, middle and high schools. Additionally, CVS benefits from limited area competition with the closest pharmacy (CVS & Walgreens) located more than 11-miles to the west in Danville, IL.
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.