single tenant net leased prope

1. NET LEASED INVESTMENT OFFERING
CVS
108 Park Road
Pleasant Grove, AL (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) Map
7) Tenant Profile
8) Demographic Comparison Report
9) Location Overview
10) Contact Information
www.bouldergroup.com

3. CONFIDENTIALITY & DISCLAIMER
NET LEASED INVESTMENT OFFERING
CONFIDENTIALITY
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 10,125 square foot CVS property was built in 2000. The lease features a 5% rental escalation in
the primary term as well as escalations in each of the four option periods. This is a proven location for CVS as the
location has a strong sales history with a low rent to sales ratio. Store sales at this location have increased 9.5% from
2009-2011.
The property is located along Park Road and has multiple points of ingress and egress on both Park and Pleasant Grove
Roads. The Arbors at Ellington, a 40 unit senior housing community is located less than one-quarter mile from the
property. Additionally, U.S. Steel’s Fairfield Works and Fairfield Tubular Operations are located in close proximity to the
property. Fairfield Works is comprised of both steelmaking and finishing facilities. The plan employs approximately 1,500
workers at the mill and creates 2.4 million tons of raw steel each year. The Fairfield Works plant has helped keep
unemployment in the greater Birmingham area at 6.6%, below the United State average.
The original CVS lease term was for 20 years with four 5-year renewal options and the lease expires in May 2020. CVS is
a publicly traded company on the New York Stock Exchange (CVS), with a market capitalization of $58 billion. CVS is an
investment grade rated company with a Standard & Poor’s rating of BBB+.
INVESTMENT HIGHLIGHTS
• Located within the Birmingham MSA
• Rare 5% rental escalation in the primary term of the
lease
• Strong rent to sales ratio
• Investment grade company with an S&P Rating of BBB+
• Over 150,000 people living within five miles of the
property
• Rental escalations in the option periods
• Unemployment in the Birmingham metro is 6.6%, which
is below the national average
www.bouldergroup.com

5. PROPERTY OVERVIEW
NET LEASED INVESTMENT OFFERING
PROPERTY OVERVIEW
Price: $3,400,000
Cap Rate: 7.54%
Rent Schedule: NOI Escalation Date
$ 256,521
$ 269,348 6/1/2015
$ 277,428 6/1/2020 (Option 1)
$ 285,751 6/1/2025 (Option 2)
$ 294,323 6/1/2030 (Option 3)
$ 303,153 6/1/2035 (Option 4)
Renewal Options: Four 5-Year
Lease Commencement Date: June 1, 2000
Lease Expiration Date: May 31, 2020
Tenant: CVS
Credit Rating: BBB+
Year Built 2000
Lease Type: NN
Rentable Square Feet: 10,125 SF
Land Size: 30,927 SF
www.bouldergroup.com

6. AERIAL
NET LEASED INVESTMENT OFFERING
AERIAL
www.bouldergroup.com

7. SITE PLAN
NET LEASED INVESTMENT OFFERING
SITE PLAN
www.bouldergroup.com

8. MAP
NET LEASED INVESTMENT OFFERING
MAP
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9. TENANT PROFILE
NET LEASED INVESTMENT OFFERING
TENANT PROFILE
CVS is engaged in the retail drugstore business. As of September 2011, the Company operated 7,304 locations in
41 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: www.cvs.com
Number of Locations: 7,304
Stock Symbol: CVS : NYSE
Standard & Poor’s Rating: BBB+
Market Capitalization: $58 Billion
Employees: 80,000
www.bouldergroup.com

10. DEMOGRAPHIC COMPARISON REPORT
NET LEASED INVESTMENT OFFERING
DEMOGRAPHIC COMPARISON REPORT
Population 3-mi. 5-mi. 7-mi
Total Population 30,745 94,256 162,784
Total Households 11,311 36,275 62,948
Income
Median Household Income $32,437 $39,975 $41,944
Average Household Income $41,802 $56,008 $58,171
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11. LOCATION OVERVIEW
NET LEASED INVESTMENT OFFERING
LOCATION OVERVIEW
Pleasant Grove is located in Jefferson County, Alabama and suburb of Birmingham. At
the 2010 U.S. census the population of Pleasant Grove was 10,110. Jefferson County
is the most populous county in Alabama. At the time of the 2010 census, the
population of Jefferson County was 658,466. Jefferson County is the principal and
most populous county in the Birmingham metropolitan area.
http://cityofpg.com/
Birmingham is the largest city in Alabama. At the time of the 2010 U.S. Census,
Birmingham had a population of 212,237 and the Birmingham-Hoover Metropolitan
Area had a population of about 1,128,047. The Birmingham MSA contains 25% of
Alabama’s total population.
The steel industry plays a large role in the local economy of Birmingham. Steel
products manufacturers American Cast Iron Pipe Company and McWane are based in
the city and several of the nation's largest steelmakers, including CMC Steel, U.S.
Steel, and Nucor, also have a major presence in Birmingham. In recent years, local
steel companies have announced about $100 million worth of investment in expansions and new plants in and
around the city. Vulcan Materials Company, a major provider of crushed stone, sand, and gravel used in
construction, is also based in Birmingham. Additionally, Birmingham has grown in the bio-technology and
medical research sectors due to the University of Alabama at Birmingham (UAB) and its adjacent hospital. UAB is
now the area's largest employer and the second largest in Alabama with a workforce of about 18,750. Health
care services provider HealthSouth, Surgical Care Affiliates and Diagnostic Health Corporation are also
headquartered in the city.
http://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 Jimmy Goodman
President Partner
847.562.0003 847.562.8500
rblank@bouldergroup.com jimmy@bouldergroup.com
www.bouldergroup.com