Net Lease CVS For Sale
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Net Lease CVS For Sale



net lease CVS for sale in AL

net lease CVS for sale in AL



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Net Lease CVS For Sale Net Lease CVS For Sale Document Transcript

  • NET LEASED INVESTMENT OFFERING CVS 2901 Morgan Road Southeast Bessemer, AL 35022 (Birmingham MSA)
  • TABLE OF CONTENTS NET LEASED INVESTMENT OFFERING TABLE OF CONTENTS 1) Confidentiality & Disclaimer 2) Executive Summary 3) Property Overview 4) Aerial 5) Site Plan 6) Maps 7) Tenant Profile 8) Demographic Comparison Report 9) Location Overview 10) Contact Information
  • CONFIDENTITALITY & DISCLAIMER NET LEASED INVESTMENT OFFERING CONFIDENTIALITY & DISCLAIMER The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from The Boulder Group and should not be made available to any other person or entity without 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 not made any investigation, and makes no warranty or representation. The information contained in this Offering Memorandum has 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 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.
  • EXECUTIVE SUMMARY NET LEASED INVESTMENT OFFERING EXECUTIVE SUMMARY The Boulder Group is pleased to exclusively market for sale a single tenant net leased CVS property located in the Birmingham MSA. The 10,880 square foot CVS property was built in 2003 and features a drive-thru. There are 6% rental escalations every five years and in each of the six 5-year renewal option periods. The next rental escalation will occur in September 2018. This is a proven location for CVS as evidenced by a strong sales history with a low rent to sales ratio. The CVS property is positioned at the signalized intersection of Morgan Road Southeast and Parkwood Road. The property is located approximately 20 miles southwest from downtown Birmingham. The property is in the immediate vicinity to Interstate 459, which experiences daily traffic volumes in excess of 52,000 vehicles. A CVS warehouse facility is located across Interstate 459, demonstrating CVS’ commitment to the immediate area. A Winn-Dixie anchored shopping center is located across the street from the property. There are many national retailers in the immediate area including McDonald’s, Regions Bank, Dollar General, Wendy’s, British Petroleum, Texaco, and Taco Bell. The property is located within an affluent area, with the average household incomes in excess of $104,000 within three miles. The original CVS lease term was for 20 years with six 5-year renewal options and the lease expires in January 2024. There is a 6% rental escalation in 2018 and in each of the renewal option periods. CVS is a publicly traded company on the New York Stock Exchange (CVS), with a market capitalization of $79 billion. CVS is an investment grade rated company with a Standard & Poor’s rating of BBB+. INVESTMENT HIGHLIGHTS • Located within the Birmingham MSA • Investment grade company with an S&P Rating of BBB+ • Long term lease with 10 years remaining • 6% rental escalation in 2018 and in each option • Drive-thru location • Average annual household incomes within three miles are in excess of $104,000 • Proven location for CVS as evidenced by a strong sales history with a low rent to sales ratio • Positioned on a hard corner of a signalized intersection
  • PROPERTY OVERVIEW NET LEASED INVESTMENT OFFERING PROPERTY OVERVIEW Price: $5,924,307 Cap Rate: 6.50% Rent Schedule: NOI Escalation Date $385,080 $408,185 $432,676 $458,637 $486,155 $515,324 $546,244 $579,018 9/22/2018 2/1/2024 (Option 1) 2/1/2029 (Option 2) 2/1/2034 (Option 3) 2/1/2039 (Option 4) 2/1/2044 (Option 5) 2/1/2049 (Option 6) Renewal Options: Six 5-Year Lease Commencement Date: September 22, 2003 Lease Expiration Date: January 31, 2024 Tenant: CVS Credit Rating: BBB+ (S&P) Year Built: 2003 Lease Type: NN (Roof, Structure & Parking Lot Replacement) Rentable Square Feet: 10,880 SF Land Size: 1.9 acres
  • TENANT PROFILE NET LEASED INVESTMENT OFFERING TENANT PROFILE CVS is engaged in the retail drugstore business. The Company operates 7,458 locations in 45 states and Puerto Rico. CVS is the nation’s second-largest drugstore chain and the third-largest pharmacy benefits manager. As a retail division of CVS Caremark, CVS retail locations sell prescription drugs and a wide variety of general merchandise including over-the-counter medication, beauty products and cosmetics, film and photo finishing services, seasonal merchandise and convenience foods. CVS also offers healthcare services through their MinuteClinic locations, most of which are located within their stores. CVS is headquartered in Woonsocket, Rhode Island and was founded in 1963. Website: Stock Symbol: Standard & Poor’s Rating: Market Capitalization: Number of Locations: Employees: CVS: NYSE BBB+ $79 billion 7,458 203,000
  • DEMOGRAPHIC COMPARISON REPORT NET LEASED INVESTMENT OFFERING DEMOGRAPHIC COMPARISON REPORT Population Total Population Total Households 3-mi 5-mi 7-mi 15,948 5,721 55,450 20,740 122,763 47,010 $80,437 $104,207 $60,042 $83,725 $58,311 $80,247 Income Median Household Income Average Household Income
  • LOCATION OVERVIEW NET LEASED INVESTMENT OFFERING LOCATION OVERVIEW Bessemer, Alabama is a city within the Birmingham MSA in Jefferson County. The town is located about 18 miles southwest of Birmingham and 8 miles west of Hoover. According to the 2010 census, the population was 27,456. Bessemer is home to UAB Medical West, a 300-bed healthcare facility that has been around for over 34 years. The facility served over 67,000 patients in the past year. Birmingham is the largest city in Alabama and the county seat of Jefferson County. According to the 2010 Census, 1,128,047 people lived in the Birmingham-Hoover MSA, which is approximately one quarter of Alabama’s population. The metro area is served by four major Interstate Highways; Interstate 20, Interstate 65, Interstate 59, and Interstate 22. Interstate 459 connects Interstate 65 to Interstate 20 in the southern part of the region. Birmingham ranks as one of the most important business centers in the Southeastern United States and is also one of the largest banking centers in the United States. Regions bank and five other fortune 1000 companies are headquartered in Birmingham.
  • CONTACT INFORMATION NET LEASED INVESTMENT OFFERING CONTACT INFORMATION 666 Dundee Road, Suite 1801 Northbrook, IL 60062 Randy Blankstein President 847.562.0003 Jimmy Goodman Partner 847.562.8500