Net Lease CVS For Sale
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Transcript of Net Lease CVS For Sale
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
CVS2901 Morgan Road Southeast
Bessemer, AL 35022 (Birmingham MSA)
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
TABLE OF CONTENTS
TABLE OF CONTENTS
1) Confidentiality&Disclaimer
2) ExecutiveSummary
3) PropertyOverview
4) Aerial
5) SitePlan
6) Maps
7) TenantProfile
8) DemographicComparisonReport
9) LocationOverview
10) ContactInformation
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
TheinformationcontainedinthefollowingOfferingMemorandumisproprietaryandstrictlyconfidential.ItisintendedtobereviewedonlybythepartyreceivingitfromTheBoulderGroupandshouldnotbemadeavailabletoanyotherpersonorentitywithoutthewrittenconsentofTheBoulderGroup.ThisOfferingMemorandumhasbeenpreparedtoprovidesummary,unverifiedinformationtoprospectivepurchasers,andtoestablishonlyapreliminarylevelofinterestinthesubjectproperty.Theinformationcontainedhereinisnotasubstituteforathoroughduediligenceinvestigation.TheBoulderGrouphasnotmadeanyinvestigation,andmakesnowarrantyorrepresentation.TheinformationcontainedinthisOfferingMemorandumhasbeenobtainedfromsourceswebelievetobereliable;however,TheBoulderGrouphasnotverified,andwillnotverify,anyoftheinformationcontainedherein,norhasTheBoulderGroupconductedanyinvestigationregardingthesemattersandmakesnowarrantyorrepresentationwhatsoeverregardingtheaccuracyorcompletenessoftheinformationprovided.Allpotentialbuyersmusttakeappropriatemeasurestoverifyalloftheinformationsetforthherein.
CONFIDENTIALITY & DISCLAIMER
CONFIDENTITALITY & DISCLAIMER
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
TheBoulderGroupispleasedtoexclusivelymarketforsaleasingletenantnetleasedCVSpropertylocatedintheBirminghamMSA.The10,880squarefootCVSpropertywasbuiltin2003andfeaturesadrive-thru.Thereare6%rentalescalationseveryfiveyearsandineachofthesix5-yearrenewaloptionperiods.ThenextrentalescalationwilloccurinSeptember2018.ThisisaprovenlocationforCVSasevidencedbyastrongsaleshistorywithalowrenttosalesratio.
TheCVSpropertyispositionedatthesignalizedintersectionofMorganRoadSoutheastandParkwoodRoad.Thepropertyislocatedapproximately20milessouthwestfromdowntownBirmingham.ThepropertyisintheimmediatevicinitytoInterstate459,whichexperiencesdailytrafficvolumesinexcessof52,000vehicles.ACVSwarehousefacility is locatedacross Interstate459,demonstratingCVS’commitment to the immediatearea.AWinn-Dixieanchoredshoppingcenterislocatedacrossthestreetfromtheproperty.TherearemanynationalretailersintheimmediateareaincludingMcDonald’s,RegionsBank,DollarGeneral,Wendy’s,BritishPetroleum,Texaco,andTacoBell.Thepropertyislocatedwithinanaffluentarea,withtheaveragehouseholdincomesinexcessof$104,000withinthreemiles.
TheoriginalCVS leasetermwasfor20yearswithsix5-year renewaloptionsandthe leaseexpires inJanuary2024.Thereisa6%rentalescalationin2018andineachoftherenewaloptionperiods.CVSisapubliclytradedcompanyontheNewYorkStockExchange(CVS),withamarketcapitalizationof$79billion.CVSisaninvestmentgraderatedcompanywithaStandard&Poor’sratingofBBB+.
INVESTMENT HIGHLIGHTS
• LocatedwithintheBirminghamMSA
• InvestmentgradecompanywithanS&PRatingofBBB+
• Longtermleasewith10yearsremaining
• 6%rentalescalationin2018andineachoption
• Drive-thrulocation
• Averageannualhouseholdincomeswithinthreemilesare inexcessof$104,000
• ProvenlocationforCVSasevidencedbyastrongsales historywithalowrenttosalesratio
• Positionedonahardcornerofasignalizedintersection
EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
PROPERTY OVERVIEW
PROPERTY OVERVIEW
Price: $5,924,307
CapRate: 6.50%
RentSchedule: NOI EscalationDate
$385,080$408,185 9/22/2018$432,676 2/1/2024(Option1)$458,637 2/1/2029(Option2)$486,155 2/1/2034(Option3)$515,324 2/1/2039(Option4)$546,244 2/1/2044(Option5)$579,018 2/1/2049(Option6)
RenewalOptions: Six5-Year
LeaseCommencementDate: September22,2003
LeaseExpirationDate: January31,2024
Tenant: CVS
CreditRating: BBB+(S&P)
YearBuilt: 2003
LeaseType: NN(Roof,Structure&ParkingLotReplacement)
RentableSquareFeet: 10,880SF
LandSize: 1.9acres
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
AERIAL
AERIAL
N
DISTRIBUTION CENTER459
52,000 VPD
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
SITE PLAN
SITE PLAN
N
MO
RGAN
ROAD
PARKWOOD ROAD / COUNTY ROAD 6
DRIVETHRU
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
MAPS
MAPS
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
CVSisengagedintheretaildrugstorebusiness.TheCompanyoperates7,458locationsin45statesandPuertoRico. CVS is the nation’s second-largest drugstore chain and the third-largest pharmacy benefitsmanager.AsaretaildivisionofCVSCaremark,CVSretaillocationssellprescriptiondrugsandawidevarietyofgeneralmerchandiseincludingover-the-countermedication,beautyproductsandcosmetics,filmandphotofinishingservices, seasonalmerchandise and convenience foods. CVS also offers healthcare services through theirMinuteClinic locations,mostofwhichare locatedwithin their stores.CVS isheadquartered inWoonsocket,RhodeIslandandwasfoundedin1963.
Website: www.cvs.comStockSymbol: CVS:NYSEStandard&Poor’sRating: BBB+MarketCapitalization: $79billionNumberofLocations: 7,458Employees: 203,000
TENANT PROFILE
TENANT PROFILE
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
Population 3-mi 5-mi 7-mi
TotalPopulation 15,948 55,450 122,763TotalHouseholds 5,721 20,740 47,010
Income
MedianHouseholdIncome $80,437 $60,042 $58,311AverageHouseholdIncome $104,207 $83,725 $80,247
DEMOGRAPHIC COMPARISON REPORT
DEMOGRAPHIC COMPARISON REPORT
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
Bessemer,AlabamaisacitywithintheBirminghamMSAinJeffersonCounty.Thetownislocatedabout18milessouthwestofBirminghamand8mileswestofHoover.Accordingtothe2010census,thepopulationwas27,456.BessemerishometoUABMedicalWest,a300-bedhealthcarefacilitythathasbeenaroundforover34years.Thefacilityservedover67,000patientsinthepastyear.
www.bessemeral.org
BirminghamisthelargestcityinAlabamaandthecountyseatofJeffersonCounty.Accordingtothe2010Census,1,128,047peoplelivedintheBirmingham-HooverMSA,whichisapproximatelyonequarterofAlabama’spopulation.ThemetroareaisservedbyfourmajorInterstateHighways;Interstate20,Interstate65,Interstate59,andInterstate22.Interstate459connectsInterstate65 to Interstate20 in the southernpart of the region.Birmingham ranksasoneof themost
importantbusinesscentersintheSoutheasternUnitedStatesandisalsooneofthelargestbankingcentersintheUnitedStates.Regionsbankandfiveotherfortune1000companiesareheadquarteredinBirmingham.
www.informationbirmingham.com
LOCATION OVERVIEW
LOCATION OVERVIEW
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
666DundeeRoad,Suite1801Northbrook,IL60062
Randy [email protected]
Jimmy [email protected]
CONTACT INFORMATION
CONTACT INFORMATION