CVS

Investment Overview

This offering features a corporate net lease backed by a guaranty from CVS Pharmacy, Inc. CVS has operated this 8,775-square-foot drugstore since 1997 and signed a 15-year extension in 2022 through January 31, 2038, with over 11 years remaining, plus four, 5-year renewal options, which include 5% rental increases. The property sits in Stafford, Virginia, within the I-95 Exit 143 node, a mile from the interstate. Stafford County’s population grew 8.8% from 2020 to 2025, to an estimated 170,803 residents, with median income of $137,807, and Marine Corps Base Quantico, a 20-minute drive away, anchors a $6.96 billion economic impact on the National Capital Region, per Quantico's FY2023 Economic Impact Report.

Investment Highlights

• CVS signed a new 15-year extension in September 2022 through January 31, 2038, with four, 5-year renewal options carrying 5% increases
• CVS Pharmacy, Inc., the guarantor, is a subsidiary of CVS Health Corporation
• Signalized corner outparcel to a grocery anchored shopping center
• Current annual rent is $115,000 ($13.11/SF)
• Dedicated drive thru lane drive sales and supports underlying property value
• CVS Health Corporation (NYSE: CVS) reported $108.4 billion in Q3 2026 revenue, up 5.4%, with GAAP diluted EPS of $1.68, versus a loss of $3.13 a year earlier
• CVS Health raised its 2026 guidance to at least $6.98 in GAAP diluted EPS and at least $420.0 billion in revenue
• CVS plans to open roughly 60 stores in 2026 and expects openings to exceed closures, its first net increase in several years
• Approximately 1 mile from I-95 at the Aquia/Garrisonville interchange, near a Walmart Supercenter and Aquia Town Center’s grocery-anchored redevelopment
• A new 10-mile express-lane addition to I-95 begins at its Route 610 interchange and extends south toward Fredericksburg
• Stafford County posted a 2.7% unemployment rate in 2024, below the state (2.9%) and national (4.0%) rates, with median income of $137,807
• Marine Corps Base Quantico supports a 28,385-person workforce, with Stafford County capturing $1.98 billion of its regional economic impact, per Quantico’s FY2023 Ecnomic Impact Report
• CVS is the only freestanding chain drugstore on this stretch of Richmond Highway (US-1) following Rite Aid’s nationwide closure in fall 2025