CVS Pharmacy

CVS Pharmacy – Queen Creek, AZ (Phoenix MSA)

This CVS Pharmacy in Queen Creek, Arizona is secured by a long-term absolute triple-net lease with CVS Health, a Fortune 500, investment-grade tenant. Located within the fast-growing Phoenix metropolitan statistical area, this offering represents a strong opportunity to acquire a stable, passive income-producing retail investment backed by one of the country’s most essential and resilient healthcare brands.

Tenant Overview – CVS Health

CVS Pharmacy, a subsidiary of CVS Health (NYSE: CVS), is the largest retail pharmacy chain in the United States with over 9,000 stores nationwide. The company provides a broad range of critical services including prescription dispensing, vaccinations, wellness screenings, walk-in clinic services through its MinuteClinic brand, and front-end convenience retail such as over-the-counter medications, personal care items, seasonal goods, and light groceries.

CVS Health has continued to evolve its model into a comprehensive healthcare destination, integrating in-store care, telemedicine, and insurance offerings. This makes each location not just a pharmacy, but a vital part of the community’s healthcare infrastructure.

Lease Structure – Absolute NNN Lease

The CVS in Queen Creek is under an absolute triple-net lease, meaning CVS is responsible for all property-related expenses, including taxes, insurance, building maintenance, and capital repairs, including roof and structure. The lease offers investors:

• Zero landlord responsibilities
• Predictable, long-term income with rent escalations
• Stability backed by a corporate guarantee
• Strong alignment with 1031 exchange requirements

For investors seeking passive real estate income with no active management requirements, this structure provides a true bond-like asset, ideal for income preservation and risk mitigation.

Queen Creek Market Overview – Phoenix MSA

Queen Creek is one of the fastest-growing suburban communities in the Phoenix metropolitan area. With a population that has more than tripled over the last two decades, Queen Creek offers the perfect balance of suburban living, access to urban job centers, and pro-development municipal leadership. It is located southeast of Phoenix and benefits from regional connectivity via State Route 24 and Loop 202.

The town has become a top destination for families and professionals seeking newer housing stock, high-performing schools, and a more spacious lifestyle within commuting distance to Chandler, Gilbert, and central Phoenix. Queen Creek’s retail infrastructure has evolved rapidly to meet demand, and national brands like CVS have anchored themselves in core retail corridors serving the town’s expanding population.

Demographics and Demand Drivers

Queen Creek exhibits strong demographic characteristics that support pharmacy retail and healthcare demand:

• Rapid population growth driven by in-migration and new housing development
• High median household income exceeding national averages
• Young, family-oriented population with strong healthcare utilization trends
• High levels of homeownership and low retail vacancy rates
• Regional draw from nearby rural communities for daily needs and healthcare access

These demographic trends point to continued relevance for essential service providers like CVS, ensuring consistent foot traffic and long-term tenant performance.

Retail Location and Site Attributes

This CVS Pharmacy is strategically located in a high-traffic retail corridor in Queen Creek with strong visibility and excellent access. The property benefits from:

• Proximity to dense residential developments, schools, and medical offices
• Easy access via major thoroughfares and local commuter routes
• Strong co-tenancy with national retailers and grocery anchors nearby
• Daytime population boosted by educational and healthcare facilities

Well-positioned pharmacy locations like this one serve not just local shoppers, but also act as community hubs for prescription fulfillment, wellness screenings, and basic everyday retail needs.

Tenant Strength and Creditworthiness

CVS Health is a publicly traded, investment-grade company with annual revenues exceeding $300 billion. Its strong balance sheet, consistent profitability, and strategic expansion into healthcare delivery make it one of the most stable tenants in the net lease marketplace.

As a tenant, CVS is known for long-term site retention, strong sales performance across its portfolio, and lease renewal consistency. The company is widely considered a top-tier credit tenant among institutional and private investors alike. This property benefits from the corporate lease guarantee, providing investors with low credit risk and dependable income.

Investment Highlights

• Absolute triple-net lease with no landlord responsibilities
• Lease guaranteed by CVS Health, a Fortune 500 investment-grade tenant
• Located in Queen Creek, one of the fastest-growing suburbs in the Phoenix MSA
• Strong demographics with high household income and rapid population growth
• Essential healthcare and convenience retail tenant with high-frequency traffic
• Excellent site fundamentals with visibility, access, and co-tenancy support
• Ideal for 1031 exchange buyers seeking passive, long-term income
• Recession-resistant service model with built-in healthcare demand

Conclusion

The CVS Pharmacy in Queen Creek, Arizona is a high-quality single-tenant retail investment located in one of the most rapidly developing markets in the Southwest. Backed by a long-term absolute NNN lease and corporate guarantee from one of the nation’s most trusted healthcare brands, the property offers a low-risk opportunity for passive investors seeking durable income, demographic upside, and exposure to the high-growth Phoenix metropolitan area.