net lease cvs for sale
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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
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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 BlanksteinPresident847.562.0003rblank@bouldergroup.com
Jimmy GoodmanPartner847.562.8500jimmy@bouldergroup.com
CONTACT INFORMATION
CONTACT INFORMATION
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