CVS / Pharmacy

Milledgeville, GA

  • Store number 4,251 

  • 1.53 Acres 

  • Building Size: 13,225 SF 

  • Property Type: Pharmacy and Convenience store 

  • Built in 2010 

  • 3 blocks from downtown Milledgeville 

  • Across the street from Georgia State College and University 


  • Income stream: Zero for 17.5 years 

  • Lease guarantor: CVS Corp 

  • Remaining Lease Term: 17.5 Years 

  • Absolute NNN Lease 

  • Fully amortized, non-recourse, assumable loan in place 

  • Renewal options: Two fixed-rate renewal options at five years each; Eight fair market rent renewal options at five years each 

  • 78.5% LTV as of September of 2019 

  • Current loan balance: $3,375,000 

  • Loan payment made directly to lender by tenant 

  • Operating expenses and utilities are all paid by the tenant 

  • Insurance paid by the tenant 

  • Repairs and maintenance paid by the tenant 

  • Annual rent: $287,130 

  • Annual debt payment: $287,130 


CVS Health Corporation (NYSE: CVS), headquartered in Woonsocket, Rhode Island, operates America’s leading retail pharmacy with integrated offerings across the entire spectrum of pharmacy care. Through the company’s more than 9,800 retail pharmacies; its leading pharmacy benefit manager serving more than 93 million plan members; and its retail health clinic system, the largest in the nation with more than 1,100 MinuteClinic locations; it is a market leader in mail order, retail and specialty pharmacy, retail clinics, and Medicare Part D Prescription Drug Plans. 

CVS is focused on enhancing access to care, lowering overall healthcare costs for plan members and payors, and improving health outcomes. In December 2015, CVS Health completed a $1.9 billion agreement to take over Target’s (NYSE: TGT) pharmacy and clinic businesses. The deal brought 1,672 new pharmacies into CVS Health, which expanded its retail footprint by more than 20%. Additionally, in November 2018, CVS Health completed the $78 billion acquisition of Aetna (NYSE: AET), establishing CVS Health as the nation’s premier health innovation company. As a result of the acquisition, shareholders are expected to benefit from enhanced competitive positioning; the delivery of more than $750 million in synergies in 2020; and a platform from which to accelerate growth. 

For the twelve-month period ended December 31, 2017, CVS Health Corporation reported total revenue of $184.8 billion, net income of $6.6 billion and a net worth in excess of $37.7 billion. CVS currently holds a Standard & Poor’s credit rating of BBB. 


Milledgeville has a rich history and bright economic future. It is the regional center of education, with three colleges, and of healthcare, as home to the area’s largest emergency hospital. Georgia College & State University was founded in 1889 in Milledgeville. The university has an enrollment of some 7,000 students and is located just three blocks from the CVS store. Directly across the street from the CVS store is Georgia Military College, founded in 1879. Georgia Military College has been ranked one of the best community colleges in Georgia and the nation, and current enrollment in the Milledgeville location is approximately 1,400. The school’s Milledgeville campus is home to the Navicent Health Baldwin Center, with 140 beds and over 100 physicians. 

Milledgeville is the county seat of Baldwin County, situated northeast of Macon and bordered on the east by the Oconee River. The city has a population of roughly 19,211, while Baldwin County has a population of nearly 46,000. One of Georgia’s oldest cities, it was previously used as the state capital in the 1800s and offers an excellent combination of restaurants, bars, shopping, cultural events, outdoor activities and more. Milledgeville prides itself on a balance of city living with stewardship of the environment, and recreation opportunities abound. Less than a mile from the subject property, the Oconee River Greenway Park and Riverwalk provides the city of Milledgeville with a safe and beautiful area to walk, jog, bicycle, or enjoy the beauty of the Oconee River. Multiple individual fishing stations and a boat ramp are available, as well as multi-use trails and dog parks. 

Milledgeville’s local healthcare ranks among best in the region. Along with numerous nursing facilities, family care practices and specialty medical offices, Navicent Health Baldwin is an important healthcare center for Central Georgia and the surrounding seven counties. With over 100 physicians and 140 acute care beds, the facility has been providing Central Georgia with top-quality healthcare for over 55 years and is one of the county’s largest employers 




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