CVS 3700 NW 199th St

Current Real Estate Advisors is pleased to present an exceptional investment opportunity to acquire CVS – Miami Gardens (the “Property”), a ±15,114 SF freestanding, single-tenant asset strategically positioned on a 67,724 SF (1.55-acre) parcel in the core of the Miami MSA. Leased to CVS Pharmacy (NYSE: CVS) – the leading pharmacy brand in the U.S. – the Property offers the security of an Absolute NNN lease with no landlord responsibilities. Over 6 years remain on the initial lease term, complemented by 10, 5-year renewal options, ensuring long-term stability.
The property is a build-to-suit location for CVS, constructed in 2006, with strong historical tenancy and exceptional performance at this location.
Situated just 1 mile from Hard Rock Stadium, the Property benefits from close proximity to one of South Florida’s largest economic drivers – host to the NFL, NCAA Football, ATP Miami Open, Formula 1, and FIFA World Cup (2026), as well as dozens of concerts and other events, bringing 4.5+ Million annual visitors to the area.
CVS – Miami Gardens is a unique offering for investors seeking reliable, steady cash flow from a publicly traded, industry-leading tenant. Supported by prime real estate fundamentals, this investment delivers security today, as well as opportunity for future redevelopment, which offers substantial upside potential for a range of high-value uses in the years ahead.
Desirable Location Dynamics - Standing at a prominent, signalized hard corner at the intersection of Honey Hill Drive / NW 199th Street (27,500+ VPD) and NW 37th Avenue (30,500+ VPD), the Property enjoys exceptional visibility and exposure, along with convenient access to high volumes of passing traffic
True Passive Income - Backed by a corporate guarantee (NYSE: CVS | S&P: BBB), this Absolute NNN lease requires no landlord responsibilities, offering investors a dependable and secure income stream with passive, hands-off management
Untapped Future Value - Below-market rents present an opportunity for potential upside as they’re adjusted to FMV in Options 3 -10 and strong real estate fundamentals drive significant tenant demand for potential backfill, while the expansive 1.55- acre corner parcel offers numerous future redevelopment possibilities
Critical Convergence Point - Strategically positioned between the Miami and Fort Lauderdale urban cores, with direct access to I-95, Florida Turnpike and Palmetto Expressway, providing efficient connectivity to major hospitals, primary airports, and South Florida’s key business hubs