cvs | super regional location · 2020-06-19 · cvs | super regional location 8645 woodward avenue,...
TRANSCRIPT
CVS | Super regional loCation8645 Woodward Avenue, Woodridge, Illinois 60517
inVeStMent HigHligHtS
abundance of retailers
over 10 Years remaining on a Corporately guaranteed triple-net lease
investment grade tenant | “BBB” Standard & poor’s Credit rating
Location Offers a Minute Clinic, Driving Additional Traffic to Location
property Features a Drive-thru, adding Value and Flexibility to existing or Future tenant located in Main retail thoroughfare
Situated on Signalized, Hard-Corner intersection | Directly across from Costco• Heavily Traveled | 55,000 Total Vehicles Passing per Day
located in Super regional trade area | Main intersection is Home to one of two iKea’s and Bass pro Shops in the Chicagoland area
located in Main retail thoroughfare with immediate access to interstate 355 | 135,750 Vehicles per Day
notable Major retailers in the area include Costco, iKea, Meijer, gordan Food Service, Bed Bath & Beyond, Michaels, planet Fitness, goodwill, Dunkin’ Donuts, Starbucks, McDonald’s and Much More
excellent Demographics | population of 80,630 Within three Miles of Subject property
Affluent Area | Average Household Income Within One Mile is $135,997
triple-netlease
nnn
Hard Cornerlocation
Drive-thru
CVS | Super Regional Location8645 Woodward Avenue, Woodridge, Illinois 60517
price $5,635,696
Cap rate 6.25%
noi $352,231
price/SF $430.21
Gross Leasable Area 13,100 SF
Year Built 2004
Lot Size 1.34 Acres +/-
Parcel Number 10-06-100-013
Type of Ownership Fee Simple
Parking 45 Surface Spaces +/-
FinanCial SuMMarY leaSe SuMMarY
Lease Type Absolute NNN
Lease Guarantor Corporate
Roof & Structure Tenant
Lease Term Remaining 10.5 Years
Rent Commencement 12/22/2005
Rent Expiration 2/1/2028
Lease Expiration 1/31/2031
(The present value of the prepaid rental amount shall be issued to the buyer at closing in the amount of $691,267, assuming a discount rate of 6.25%)
Options 10, 5-Year Options
Option to Terminate None
Right of First Refusal Yes
rent SCHeDuleterm period annual rent rent/SF
Base Current $352,231 $26.89
Option 1 2/1/2031 $317,008 $24.20
Option 2 2/1/2036 $317,008 $24.20
Option 3-10 2/1/2041 Fixed or FMV -
Note: Total of 10 options, first two at fixed rent, eight at fair market value (FMV) or fixed rent
tenant proFile
� Largest Pharmacy Health Care Provider in the United States
� 9,900 Plus Retail Locations in 49 States and Four Countries | 1,100 MinuteClinic Locations
� $194,576 Billion in 2018 Net Revenue, Up Five Percent from 2017
� 2.5 Billion Prescriptions Managed Annually
� Five Million Customers Served by CVS Pharmacy Each Day
� Ranked Number 7 on the Fortune 500 | 26 Consecutive Years on the List
� Headquartered in Woonsocket, Rhode Island
9,900+loCationS
BBBCreDit rating
10 YearsreMaining on leaSe
nnnleaSe
CVSHealtH.CoM
Tenant: CVS PharmacyGuarantor: Corporate
*representative photo
leaSe SuMMarY
*representative photo
TENANT CVS Pharmacy
GUARANTOR Corporate
SQUARE FEET 13,100
RENT COMMENCEMENT 12/22/2005
RENT EXPIRATION 2/1/2028
LEASE EXPIRATION 1/31/2031
LEASE TYPE NNN
RENEWAL OPTIONS 10, Five-Year
INSURANCE Tenant
ROOF & STRUCTURE Tenant
PARKING LOT Tenant
RIGHT OF FIRST REFUSAL
Applies during the Extension Period commencing February
1, 2031. If during any Extension Period Landlord shall obtain
an unaffiliated third party offer acceptable to Landlord to
purchase the Premises, the Tenant shall have the right to purchase the Premises on the same term
and conditions.
loCation HigHligHtS | WooDriDge, il
tBD - iMg
included in the Chicago Metropolitan Statstical area• 28 Miles Southwest of Downtown Chicago
part of Dupage County | one of the Healthiest, Wealthiest, and greenest Counties in illinois
ease of access to transportation• Interstate 355 and 55 Run through Woodridge
Very Competitive Sales tax
Village has Bond rating of aa1• Over the Last Two Years, the Village’s Tax Base has Grown
by a Cumulative 10 Percent to its Current $3.3 Billion
one of top Five Communities to live in by Crain’s (2017)
regional Map
DeMograpHiCSpopulation 1-Mile 3-Miles 5-Miles2019 Population 9,007 80,630 222,6062024 Population 9,343 81,159 223,782
Households 1-Mile 3-Miles 5-Miles2019 Households 3,203 29,945 83,1692024 Households 3,345 30,325 84,025
Daytime population 1-Mile 3-Miles 5-Miles2019 Population 5,681 65,253 194,043
income 1-Mile 3-Miles 5-Miles2019 Median HH Income $103,573 $85,057 $88,9382019 Average HH Income $135,997 $109,794 $117,642
lake Michigan
Subject Property
28 Miles to Chicago
DeMograpHiCSpopulation 1-Mile 3-Miles 5-Miles2019 Population 9,007 80,630 222,6062024 Population 9,343 81,159 223,782
Households 1-Mile 3-Miles 5-Miles2019 Households 3,203 29,945 83,1692024 Households 3,345 30,325 84,025
Daytime population 1-Mile 3-Miles 5-Miles2019 Population 5,681 65,253 194,043
income 1-Mile 3-Miles 5-Miles2019 Median HH Income $103,573 $85,057 $88,9382019 Average HH Income $135,997 $109,794 $117,642
aerial
E Bouhgton Rd41,200 VPD
Woodward Ave14,300 VPD
Subject Property
Interstate 355135,750 VPD
The Promenade Bolingbrook73 Tenants | 778,000 SF
Gateway Wetlands
aerial
E Bouhgton Rd41,200 VPD
Interstate 355135,750 VPD
Subject Property
ConFiDentialitY agreeMent
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
non-enDorSeMent notiCe
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
SPECIAL COVID-19 NOTICE All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2020 Marcus & Millichap. All Rights Reserved. Activity ID: ZAB0670382
eXCluSiVelY liSteD BY
Sean SHarKoSenior ViCe preSiDent inVeStMentSChicago oakbrook(630) [email protected] IL 471.010712
auStin WeiSenBeCKSenior ViCe preSiDent inVeStMentSChicago oakbrook(630) [email protected] IL 475.140200
BroKer oF reCorD
SteVen WeinStoCKChicago oakbrook(630) [email protected] 471.011175
MattHeW eMeriCKaSSoCiateChicago oakbrook(630) [email protected] IL 475.183047