CVS PHARMACY #5802

VIRGINIA BEACH, VA

6099 Indian River Rd, Virginia Beach, VA 23464
SQF 14,600 Tenants 1

General Information:

CVS Health Corporation (formerly CVS Caremark Corp.), together with its subsidiaries, is the largest pharmacy health care provider in the United States, with integrated offerings across the entire spectrum of pharmacy care. CVS is unique among the “big three” retail drugstore chains (Walgreens, Rite Aid, CVS) in that it operates its own pharmacy benefit management (“PBM”), making it an integrated pharmacy health care provider. With 102 million PBM members, CVS’s offerings include pharmacy benefit management services; mail order, retail, and specialty pharmacy; disease management programs, and retail clinics. Additionally, CVS is ranked #8 on the Fortune 500. As of April 2019, CVS operated over 9,900 retail locations in the United States, Puerto Rico, and Brazil. Its stores sell prescription drugs and frontend products such as non-prescription medications, health and beauty aids, and cosmetics. The company also operates the nation’s largest chain of health care clinics, with 1,100 MinuteClinic outlets throughout the country. MinuteClinics are staffed by nurse practitioners and physician assistants who utilize nationally recognized protocols to diagnose and treat minor health conditions, perform health screenings, monitor chronic conditions, and deliver vaccinations.

The company has implemented assertive growth plans in recent quarters. In April 2019, the company announced that it would be collaborating with teeth-straightening company SmileDirectClub to open 1,000 store-withina-store locations over the next two years. Customers can take advantage of specialized equipment to create a 3-D scan of their teeth, which is then used
to create custom invisible braces.

In November 2018, CVS completed a $69 billion merger with Aetna, creating a healthcare giant with $240 billion in annual revenue. CVS is using the merger as an opportunity to increase its in-store healthcare offerings, including adding primary care and complex condition management to its MinuteClinic locations. In August 2015 the company completed a $12.9 billion acquisition of pharmacy services firm Omnicare, which helps manage specialty pharmaceutical distribution to long-term care facilities and other medical environments. In June 2015, it announced the $1.9 billion purchase or Target’s pharmacy business. That deal brought the company’s total store count to 9,500 and extended its reach in the Western U.S.—including the metro areas of Seattle, Portland, Denver, and Salt Lake City.