CVS Pharmacy
Closed1525 Buford Dr, Lawrenceville, GA 30043
Property type
Retail
Price
$2,450,250
Building size
10,722 sf
Rentable area
10,722 SF
Year built
1995
Year renovated
Occupancy
Zoning code
Lot size
0.99 Acres
Sold/status
Sold · Date unknown
Sale price
$2450250
CAP
7.54%
Net Operating Income
$184,740
Property description
Franklin Street is pleased to present this freestanding CVS Pharmacy in Lawrenceville, Georgia. Lawrenceville is a northeast suburb of Atlanta in Gwinnett County. Since 2006, more than $1 billion in new capital investment and more than 15,000 new jobs have been announced within the county. Throughout the 1980s and 1990s, Gwinnett County was ranked as one of the fastest growing counties in the country. The growth has continued as the surrounding area has continued to average ~2% annual population growth. Lawrenceville is the county seat and is located 25 miles from Atlanta. This site was developed in 1995 for CVS and they have continued to operate here since. The store ranks in the 67th percentile for foot traffic for pharmacies in the state of Georgia and in the 69th percentile for locations within 30 miles. CVS recently exercised one of their 5 year options to renew in March further showing their commitment to the site. It is conveniently located on a corner at a lighted intersection on Buford Drive, which has 34,300 VPD. The CVS is surrounded by major national retailers including: Kroger, National Tire & Battery, Dollar Tree, UPS, Pizza Hut, Chase Bank, Autozone, Pet Supermarket, among many others. The neighborhood has strong household incomes that average ~$100,000.
Property highlights
- CVS recently exercised 5 year option renewal with strong reported sales
- Extensive tenant history at the site: CVS has been at this location since 1995
- Densely populated Atlanta metro location
- Excellent visibility along Buford Drive: 34,300 VPD
- Investment grade tenant: S&P 500 rating BBB
- CVS same store sales increased 4.6% during Q2 of 2020
- Low irreplaceable rent number for CVS: most Atlanta metro CVS stores rents are ~$300,000
- Adjacent to strong performing Kroger center
- Rare 5% rental increases in each remaining option period