CVS 3711 E Frank Phillips Blvd

The subject property is a 13,225-square-foot CVS Pharmacy with a drive-thru located in Bartlesville, Oklahoma, which is approximately 45 miles north of Tulsa. CVS signed a 25-year lease, which commenced in August 2014, leaving over 15.5 years remaining on the tenant’s initial lease term. The lease provides very attractive 10% rent increases between each of the six, 5-year renewal options. The lease is absolute net providing for zero landlord responsibilities.

CVS is strategically located at the highest traffic intersection in all of Bartlesville, exemplifying the strength of real estate. The site is conveniently located at the hard corner, signalized intersection of State Highway US-75 (Washington Blvd) and Frank Phillips Blvd, with combined daily traffic counts in excess of 35,900 vehicles. The subject property is well positioned along the area’s main retail and traffic corridor and features excellent ingress and egress along both traffic corridors allowing commuters easy access from all traffic patterns. CVS benefits from being the closest drugstore to Ascension St. John Jane Phillips Medical Center. The 114-bed hospital, which was named to the “Top 100” hospitals spans over 22 acres and includes six buildings making it the largest medical center in Bartlesville. CVS is located adjacent to Eastland Shopping Center – 445,731 SF open-air collection of large format retail anchored by Hobby Lobby, Planet Fitness, and Big Lots. Additional traffic generators in the center include Chick-fil-A, US Cellular, Scooters Coffee, State Farm, and many others.

Additionally, the subject property is situated within the main retail corridor featuring a strong roster of national/credit tenants including Walmart, Lowe’s Home Improvement, Ross Dress for Less, T.J Maxx, Goodwill, Petco, Ulta Beauty, Kay Jewelers, Five Below, Sears and many others.
The immediate area provides a critical mass of both necessity and specialty retailers that serve as Bartlesville’s rapidly expanding US-75 corridor and the growing community. Bartlesville is seeing extensive residential and commercial development over the next few years. This densely populated area is home to over 33,349 residents within a three-mile radius and over 42,758 residents within a five-mile radius, which includes over 17,362 housing units. These developments are having a ripple effect on the economy and will continue to generate more employment opportunities strengthening the local economy and making Bartlesville one of the premier locations to live.