Property Listing No Longer Available for Sale

455 West Street Road, Warminster, PA

Retail for Sale - $8,258,266 - 13,013 Sq. Ft. on 2 acres


Property Info

CIMLS#455356
Location
  455 West Street Road
  Warminster PA 18974
UpdatedMay 4th, 2012
TypeRetail
Price$8,258,266
Building13,013 Sq. Ft.
Land2 acres

Property Description

This CVS/pharmacy is located in the northern Suburbs of Philadelphia in Bucks County, one of the seven counties that make up the Philadelphia Metropolitan Statistical Area (MSA). The market has a mature suburban feel and is well populated with an upper income population averaging $90,000 (which is far above the MSA average near $60,000.) CVS sought out this location that was synergistic with the other neighborhood retail surrounding (namely, Centre Square anchored by Giant), and benefits from the base of elderly customers living in the area. The Anne’s Choice Senior Living Community housing 2,200 seniors is located just 1.6 miles away,and this CVS represents the most convenient pharmacy to this facility. On a site-specific level, this location will also benefit from the new Wawa convenience store with fuel stations planned for the neighboring pad site (which have cross-easements in place). CVS reports that their stores perform stronger with Wawa’s presences and this certainly has much to do with the traffic that Wawa will generate with its store. A second pad is owned by Beneficial Bank and may be developed immediately next to the CVS as well. This CVS store is positioned immediately at the signaled intersection. There is fluid ingress and egress from both streets. The store also has a 30’ pylon sign with digital reader board. The site is at grade and has strong sight lines. Traffic counts along Street Road are an impressive 32,000 vehicles per day, and does not include the traffic on the cross street (Mearns Road). While glancing at an aerial photograph, one may conclude the best location would be at the intersection of Street and York Roads where the new Rite Aid is located. However, due to traffic volume, the Rite Aid corner is largely traffic jammed throughout the day. Further, there are two medians that prevent left turns on both access points directly into the store. This CVS is positioned at a slightly lower traffic intersection to preserve convenient access yet also “cut off” Rite Aid from the Anne’s Choice Senior Living Community. CVS indicates it is taking a large number of Rite Aid’s prescription volume due to its more convenient access. The subject property is located near the two major retail nodes in this immediate area - Warminster Town Plaza anchored by ShopRite, Kohl's, Petsmart and Ross Dress for Less, and Center Point Plaza, anchored by Giant, T.J. Maxx and Planet Fitness. The retail corridor is lined with a number of local and national businesses, including

Dunkin' Donuts, Rite Aid Pharmacy, AutoZone, Starbucks, Jiffy Lube and PETCO.


Financials

Marcus & Millichap is pleased to exclusively offer for sale this CVS/pharmacy location in Warminster, Pennsylvania, an

inner ring suburb of Philadelphia. This location was constructed in 2010 and CVS entered into a new 25 year NNN

lease. This store is ideal for the 1031 buyer as it has 24 years remaining on the base lease term, and boasts five-year

option periods with rental increases. CVS/Caremark Corporation, the guarantor of the lease, boasts an investment grade credit rating of BBB+. When combined with the strength of the real estate in question, it is almost inevitable that the tenant will do very well in this location. While sales are not reported, discussions with management at the store indicate that this location is “outperforming” original sales projections. This property is offered free and clear of debt. For full Offering Memorandum, Contact Listing Agent.