CVS

Property Highlights

The subject property is a single-tenant, 10,000 square foot retail property located along South Main Street in the Elkhart County of
Goshen, Indiana. Goshen is generally characterized as an established urban community approximately 54-miles NW of Fort
Wayne, Indiana and 95 miles NE of Chicago, Illinois. It is currently occupied by CVS Pharmacy. The subject property is in a central
urban location that is exposed to high visibility and has been very well maintained. It is located on a fully developed intersection that
serves a heavily traversed commercial corridor. This commercial corridor is directly off the IN-15, which also connects to other
major thoroughfares. CVS’s original lease commenced in January 2001 and occupies 10,000 square feet of area. The acquisition of
this asset included several layers of note buyouts and negotiations in obtaining Fee Simple ownership. The opportunity was not only
entangled with layers of debt and partners, but also had a short term remaining on its lease. Included in the accomplishments of
NMR’s involvement, they have successfully negotiated and renewed the lease for a 20 year extension with option periods thereafter.
Upon this execution, CVS will have a fixed rent of $250,000, which equates to $25.00 per square foot. This location
is one of CVS’s top locations with an extraordinary sales activity of
approximately $1,350 per square foot filling an above average volume of prescriptions.