CVS Leased NNN Investment Property Sold

MESA, AZ – ORION Investment Real Estate is proud to announce the sale of the NNN Investment property leased to CVS for $3,375 million. This ±13,504 square foot freestanding building is situated at the intersection of Ellsworth Road & Broadway Road, visible to 31,500 cars per day. The store is ideally situated within a significant growth area — surrounded by rooftops and serving an expanding area of Mesa that continues to experience significant growth. It also benefits from the additional customer base in the winter when the “Snowbirds” settle in. It is fully leased to CVS/pharmacy; the retail division of CVS Health is America’s leading retail pharmacy with more than 7,800 CVS/pharmacy and Longs Drugs stores, under a long term, absolute NNN lease when the property was constructed in 2004.

The property is less than one half mile from AZ Loop 202 (43,102 cars per day), a vital connector between Mesa, Phoenix, Tempe, Chandler and Gilbert, and also three miles from U.S. Highway 60, which offers ease of access from surrounding areas. The store is 2.5 miles from Mountain Vista Medical Center (178 beds), a premier medical facility and hospital of choice for the community, which offers emergency medicine, heart care, diagnostic imaging, surgical services, women’s health services, wound care and a pain management center.

Nick Miner, CCIM, Senior Vice President at ORION Investment Real Estate, noted, “This is one of a few properties I am assisting my client in the acquisition to perfect his 1031 Exchange. This property was identified because of the location in Mesa and the long-term lease with a great credit tenant.”

The property was sold by SCP 2004E-014, LLC and purchased by JKB Properties, LLC, a client of Miner’s.