Long Term CVS Ground Lease Across from Western Michigan University

2600 W. Michigan Avenue, Kalamazoo, MI 49006

  • For Sale $4,123,592
  • 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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Attachments

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.

Contacts

broker
Jeffrey Hirschfeld, Ed.D.

Antonoff & Co. Brokerage

Location

Getting Around

  • Walk Score ®

    60/100 Somewhat Walkable

  • Bike Score ®

    63/100 Bikeable
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

Frequently Asked Questions

How much does Long Term CVS Ground Lease Across from Western Michigan University cost?

The space currently listed for sale at Long Term CVS Ground Lease Across from Western Michigan University asks for $4,123,592.

What is the total square footage of Long Term CVS Ground Lease Across from Western Michigan University?

Long Term CVS Ground Lease Across from Western Michigan University totals 13,700 square feet.

When was this property built?

Long Term CVS Ground Lease Across from Western Michigan University was built in 2016.

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Contact Listing Broker
broker
Jeffrey Hirschfeld, Ed.D.

Antonoff & Co. Brokerage