Net Leased CVS Property For Sale


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Net Leased CVS Property For Sale

  1. 1. NET LEASED INVESTMENT OFFERINGwww.bouldergroup.comCVS Distribution Center50 Fortin DriveWoonsocket, RI 02895 (Providence MSA)
  2. 2. NET LEASED INVESTMENT OFFERINGwww.bouldergroup.com1) Confidentiality & Disclaimer2) Executive Summary3) Property Overview4) Aerial5) Maps6) Tenant Profile7) Demographic Comparison Report8) Location Overview9) Contact InformationTABLE OF CONTENTSTABLE OF CONTENTS
  3. 3. NET LEASED INVESTMENT OFFERINGwww.bouldergroup.comThe information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to bereviewed only by the party receiving it from The Boulder Group and should not be made available to any other person or entitywithout the written consent of The Boulder Group. This Offering Memorandum 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. The Boulder Group has notmade any investigation, and makes no warranty or representation. The information contained in this Offering Memorandumhas been obtained from sources we believe to be reliable; however, The Boulder Group has not verified, and will not verify,any of the information contained herein, nor has The Boulder Group conducted any investigation regarding these mattersand 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.CONFIDENTIALITY & DISCLAIMERCONFIDENTITALITY & DISCLAIMER
  4. 4. NET LEASED INVESTMENT OFFERINGwww.bouldergroup.comThe Boulder Group is pleased to exclusively market for sale a single tenant net leased CVS distribution centerlocated in Woonsocket, Rhode Island (Providence MSA). This is a proven location for CVS since 1985 and they arecommitted to the area as evidenced by the execution of their first renewal option for an additional five years. Thesubject property contains a prototype store inside the facility to test in-store concepts before they are “rolled out”. This is an important location for CVS as it is located less than one-half mile from the CVS corporate headquarters.The subject property is located along Cumberland Hill Road just north of State Route 99 ten miles north ofdowntown Providence. Cumberland Hill Road is a primary thoroughfare and traffic volumes are in excess of 26,000vehicles per day. In addition to the prototype store located within the facility, CVS distributes sales tags for alldomestic CVS locations from this location. The property is strategically located less than one half mile from theCVS corporate headquarters, which is within Highland Industrial Park. Highland Industrial Park is a 250 acre officeand industrial park with over 30 tenants. Tenants in Highland Industrial Park include CVS, Johnson & Johnson,Cintas Corporation, Hershey’s Chocolate, and Procter & Gamble along with numerous national pharmaceuticalvendors. The distribution center benefits from its central location in the Boston-Worcester-Providence triangleand is easily accessible via Route 146, Interstate 295 and newly constructed Route 99. Downtown Providence islocated ten miles south of the property and downtown Boston can be reached in less than one hour.The original twenty five year lease term commenced in 1985 and CVS exercised their first renewal option for anadditional five years through 2015. The lease features four additional 5-year renewal options. CVS is a publiclytraded company on the New York Stock Exchange (CVS), with a market capitalization of $73 billion. CVS is aninvestment grade rated company with a Standard & Poor’s rating of BBB+.INVESTMENT HIGHLIGHTS• Located one-half mile from the CVS corporate headquarters• Tenant is paying the same low rental rate since 1985• Longstanding tenant since 1985 and exercised first renewaloption for an additional five years• No landlord responsibilities• Investment grade company with an S&P Rating of BBB+• Central location in the Boston-Worcester-Providence triangle inclose proximity to downtown Providence and downtown Boston• Low price per square foot• Facility distributes sales tags for all domestic CVS stores and a prototype CVS store is located inside the facilityto test “in-store” conceptsEXECUTIVE SUMMARYEXECUTIVE SUMMARY
  5. 5. NET LEASED INVESTMENT OFFERINGwww.bouldergroup.comPrice: $1,975,235Cap Rate: 8.50%Net Operating Income: $167,895Renewal Options: Four 5-YearLease Commencement Date: December 16, 1985Lease Expiration Date: December 15, 2015Tenant: CVSCredit Rating: BBB+Year Built: 1985Lease Type: NNNRentable Square Feet: 47,950Land Size: 5.10 acresPROPERTY OVERVIEWPROPERTY OVERVIEW
  8. 8. NET LEASED INVESTMENT OFFERINGwww.bouldergroup.comCVS is engaged in the retail drugstore business. As of September 2011, the Company operated 7,400 locationsin 41 states and Puerto Rico. CVS is the nation’s second-largest drugstore chain and the third-largest pharmacybenefits manager. As a retail division of CVS Caremark, CVS retail locations sell prescription drugs and a widevariety of general merchandise including over-the-counter medication, beauty products and cosmetics, film andphoto finishing services, seasonal merchandise and convenience foods. CVS also offers healthcare servicesthrough their MinuteClinic locations, most of which are located within their stores. CVS is headquartered inWoonsocket, Rhode Island and was founded in 1963.Website: www.cvs.comNumber of Locations: 7,400Stock Symbol: CVS: NYSEStandard & Poor’s Rating: BBB+Market Capitalization: $73 billionEmployees: 80,000TENANT PROFILETENANT PROFILE
  9. 9. NET LEASED INVESTMENT OFFERINGwww.bouldergroup.comPopulation 1-mi 3-mi 5-miTotal Population 7,715 63,685 93,115Total Households 3,014 26,044 37,295IncomeMedian Household Income $46,230 $44,130 $52,618Average Household Income $58,008 $58,914 $68,966DEMOGRAPHIC COMPARISON REPORTDEMOGRAPHIC COMPARISON REPORT
  10. 10. NET LEASED INVESTMENT OFFERINGwww.bouldergroup.comWoonsocket is a city in Providence County, Rhode Island and is part of the Providence MSA.Woonsocket is centrally located in the Boston/Worcester/Providence Triangle, with direct interstateconnection to Route 146 and Interstate 295. Woonsocket is located 10 miles north of downtownProvidence and approximately 50 miles southwest of downtown Boston, Massachusetts. At the timeof the 2010 U.S. Census Woonsocket had a population of 41,186. The city is home to the corporateheadquarters of CVS, a fortune 500 company with over 1,500 employees in the corporate office.Providence is the capital and most populous city in the state of Rhode Island. The population of the Providence MSAis in excess of 1,600,000 people, exceeding that of Rhode Island by about 60%. The providence economy is oneof the largest centers for jewelry and silverware design and manufacturing in the country. Providence is home toseveral Fortune 500 company headquarters including Textron and Citizens Bank. The top employer in Providenceis Rhode Island Hospital with over 6,900 employees. OVERVIEWLOCATION OVERVIEW
  11. 11. NET LEASED INVESTMENT OFFERINGwww.bouldergroup.com666 Dundee Road, Suite 1801Northbrook, IL 60062Randy BlanksteinPresident847.562.0003rblank@bouldergroup.comJimmy GoodmanPartner847.562.8500jimmy@bouldergroup.comCONTACT INFORMATIONCONTACT INFORMATION