net lease CVS for sale in AL

1. NET LEASED INVESTMENT OFFERING
CVS
2901 Morgan Road Southeast
Bessemer, AL 35022 (Birmingham MSA)
www.bouldergroup.com

2. 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
www.bouldergroup.com

3. 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.
www.bouldergroup.com

4. 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
www.bouldergroup.com

5. 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
www.bouldergroup.com

6. AERIAL
NET LEASED INVESTMENT OFFERING
AERIAL
N
459
DISTRIBUTION CENTER
00
52,0
VPD
www.bouldergroup.com

7. SITE PLAN
NET LEASED INVESTMENT OFFERING
SITE PLAN
PARKWOOD ROAD / COUNTY ROAD 6
N
MORG
AD
AN RO
DRIVE
THRU
www.bouldergroup.com

8. MAPS
NET LEASED INVESTMENT OFFERING
MAPS
www.bouldergroup.com

9. 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:
www.cvs.com
CVS: NYSE
BBB+
$79 billion
7,458
203,000
www.bouldergroup.com

10. 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
www.bouldergroup.com

11. 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.
www.bessemeral.org
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.
www.informationbirmingham.com
www.bouldergroup.com

12. CONTACT INFORMATION
NET LEASED INVESTMENT OFFERING
CONTACT INFORMATION
666 Dundee Road, Suite 1801
Northbrook, IL 60062
Randy Blankstein
President
847.562.0003
rblank@bouldergroup.com
Jimmy Goodman
Partner
847.562.8500
jimmy@bouldergroup.com
www.bouldergroup.com