CVS Pharmacy – Murfreesboro
Tenancy Type: National
Lease Type: NNN
Address: 607 SE Broad Street
The Cooper Commercial Investment Group is pleased to announce the sale of the CVS Pharmacy located at 607 SE Broad Street, Murfreesboro, Tennessee. Murfreesboro is approximately 35 miles from Downtown Nashville and is a part of the Nashville Metropolitan area. CVS (NYSE: CVS and S&P “BBB+ Stable Outlook” is on a 20-year, corporately guaranteed, Triple Net (NNN) Lease with approximately 8 years of original term remaining. The property sold for $2,962,500, representing an 8.24% CAP Rate. Dan Cooper had the privilege to represent the owners, a private New York based company and also directly procured the buyers, a private group out of Texas. The property closed in under sixty (60) days of contract execution.
The 10,125 square foot property was built in 1999 and is optimally located at the main intersection of SE Broad Street and Mercury Boulevard (also known as Route 1/70S). The high traffic intersection has approximately 70,957 vehicles per day passing by the featured property. The property is strategically positioned in the middle of a heavy concentration of retail (The Avenue Murfreesboro, Stones River Mall and The Oaks), Middle Tennessee Medical Center, Middle Tennessee State University (22,000+ students), and major employers, Nissan, Ingram Book Company, and Whirpool. Over the past few years, Murfreesboro has grown at a pace that is over five times the national average. With such a rapid growing population, it is the sixth largest and one of the fastest growing cities in the state. Rutherford County’s retail trade base is made up of retail destinations attracting shoppers from a 10-county region. The Cooper Commercial Investment Group looks forward to working with parties interested in selling or looking to acquire such assets, and encourages you to contact them for an evaluation of your commercial property. Visit them on-line at www.coopergrp.com for the most up-to-date listings and information.