Contacts

Jeffrey Hirschfeld, Ed.D.

Antonoff & Co. Brokerage

Property Details

Property Type Retail - Freestanding
Property Size 13,700 SF
Lot Size 0.93 Acre
Additional Rent Contact for pricing
Property Tenancy Single Tenant
Year Built 2016
Year Renovated 2016
Date Updated Dec 10, 2024

This hard corner property is located at the lighted western entry to Western Michigan University ("WMU") campus serving approximately 22,500 total students (2019). The adjacent campus encompasses about 1300 acres with degree programs at both the undergraduate and graduate levels ranking it 2nd among Michigan's 15 public universities in the number of bachelor programs offered. At $1.6B, WMU's economic impact is greater than Michigan's entire $1.4B budget line for all state universities. In addition to WMU, Kalamazoo is home to Kalamzaoo College and Kalamazoo Valley Community College, a two-year community college. With a population of more than 335,340, Kalamazoo is the 6th largest metropolitan area in Michigan and is home to the Stryker Corporation, the former Upjohn Company now part of the Pfizer Corporation as well as the global headquarters of Zoetis, the world's largest producer of medicine and vaccinations for pets and livestock. This CVS is immediately located near many new multi-story apartment and student housing complexes as well as many national retailers and businesses such as Costco, Save-A-Lot, At Home, Trader Joe's, Office Depot, PetSmart, Dunham's Sports, Lowe's, Kohl's, Harbor Freight Tools, Zeigler Auto Group including Dodge, Honda, Chrysler, and BMW, Aldi, Buffalo Wild Wings, McDonald's, Taco Bell, Starbucks, Domino's, Applebee's, Tim Horton's, Verizon and many more.Approximately 17 years left on an ABSOLUTE NET GROUND LEASE with CVS at a fabulous corner location across from a main entrance to Western Michigan University. The significant growth projected within a 1 mile radius over the next 5 years in addition to all of the drug store traffic generated by the 17,835 plus students attending college across the street make this a solid real estate investment. CVS operates 9,900 traditional retail locations and over 1,200 stores that include Minute Clinics, it's primary Care Clinics. CVS is the largest drug store chain with the Top Pharmacy as ranked by prescription drug market share as of 2023 totaling approximately 25.17%. As of March 2024, global revenue totaled $357,776,000,000. In CVS is ranked 6th on the Fortune 500 and 11th on the Fortune Global 500. In 2024, Fortune also ranked CVS the 50th most admired companies in worldwide

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Highlights

Investment Grade Tenant - Moody's rating: Baa2;
S & P - stable as of March 31, 2024;;
Primary Term thru January 31, 2042 with ten (10) five (5) year options to extend;
10% rental increases at the beginning of each five year option;
Building renovated by CVS for their use in 2016;
39,583 sf lot with cross easement rights to adjacent shopping center - Campus Pointe Mall;
Parking lot was re-paved and re-striped in 2019;
Three points of ingress/egress into overall shopping center;
Single lane "drive thru" access;
Traffic counts at this lighted intersection are close to 40k cpd;
Extended store hours from 7:00 am to 12:00 am, Monday through Sunday;
CVS acquired Aetna, the nation's 3rd largest health insurer in terms of membership in 2018/2019.

Attachments

CVS Ground Lease (PDF) opens in new window

Getting around

60/100
Walk Score ®
63/100
Bike Score ®

Powered by Walk Score ®

City Kalamazoo, MI
Neighborhood Arcadia
Zip Code 49006
Market Grand Rapids

Points of Interest

ChargePoint

0.07 miles
Marathon

0.67 miles
Phillips 66

1.08 miles
Speedway

1.40 miles
Rich Oil

1.53 miles
Citgo

1.55 miles
Costco Gasoline

1.61 miles
Shell

1.74 miles
Electrify America

5.01 miles

Parking Lot 49

0.07 miles
Parking Lot 78

0.09 miles
Parking Lot 82

0.09 miles
Parking Lot 93

0.10 miles
Parking Lot 62

0.12 miles
Parking Lot 83

0.13 miles
Parking Lot 76

0.14 miles
Lot 100

0.16 miles
Parking Lot 39

0.16 miles
Parking Lot 61

0.18 miles

Subway

0.03 miles
East Egg

0.04 miles
The Pita Pit

0.04 miles
Jimmy John's

0.07 miles
Valley Dining Center

0.50 miles
Buffalo Wild Wings

0.83 miles
Bilbo's Pizza in a Pan

0.86 miles
Bruno's Pizza

0.87 miles
Los Amigos

0.89 miles
Jet's Pizza

0.90 miles

Campus Pointe Mall

0.05 miles
Save-A-Lot

1.34 miles
Natural Health Food Center

1.61 miles
D&W Fresh Market

1.62 miles
Trader Joe's

1.66 miles
Harding's Friendly Market

1.69 miles
Kohl's

1.72 miles
Marshalls

1.83 miles
GFS Marketplace

1.85 miles
Aldi

1.89 miles

In-Depth Research Available for this Property

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