CVS NJ 16+ Yrs Increases No Rent Holiday 302 State Rt 94

We are pleased to market for sale the CVS property located at 302 Route 94 in Vernon, New Jersey ("The Property"). CVS has been successfully operating at this location for 9 years and has over 16 years of firm term remaining on an absolute net lease with no landlord obligations whatsoever. CVS has 6 (5-year) options to renew with 10% increases every 5 years and no rent holiday.
The Property is less than 1.3 miles from Mountain Creek Resort and the base runs of Vernon Peak, Granite Peak and South Peak, the Property benefits from the resort's 2,000 full-time employees and more than 700,000 annual visitors. During the winter months, it attracts skiers and snowboarders; and in the summer, hikers, golfers, mountain bikers, and campers. In 2020 alone, Sussex County had 2.2 million tourists, spending more than $340 million on lodging, food, retail, and recreation.
Located less than a quarter mile from Vernon Valley Plaza, the Property is situated in one of the major retail corridors in the market. Anchored by ACME Markets, the Vernon Valley Plaza is the only grocery-anchored center for over 7 miles. Additionally, the Property benefits from limited drugstore competition. The next closest CVS store is over 7.5 miles away, across state lines in New York.

Listed in association with Brian Brockman, Bang Realty, 513-898-1551, wg@bangrealty.com, NJ DRE 1970382