offering memorandum net lease cvs portfolio - ackerman … … · houston, tx las vegas, nv...
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Houston, TXLas Vegas, NV
Blanchester, OHMeza, AZ
Dunedin, FLRiverview, FL
OFFERING MEMORANDUM
Net Lease CVS Portfolio
This Offering Memorandum and any subsequent evaluation material you may be
provided (collectively known as the “Offering Memorandum”) is intended solely for
your limited use in considering whether to pursue negotiations to acquire the CVS
Portfolio (the “Properties”) located in Houston, Texas, Las Vegas, Nevada, Blanchester,
Ohio, Meza, Arizona, Dunedin, Florida and Riverview, Florida. The Properties are being
marketed for sale by Ackerman & Co. (“Broker”).
The Offering Memorandum contains brief, selected information pertaining to
the business and affairs of the Property and has been prepared by Broker. It does
not, however, purport to be all-inclusive or to contain all of the information that a
prospective purchaser may desire. Broker makes no representation or warranty, express
or implied, as to the accuracy or completeness of the Offering Memorandum or any of
its contents, and no legal liability is assumed to be implied with respect thereto.
By acknowledgment of your receipt of the Offering Memorandum you agree that the
Offering Memorandum and its contents are confidential, that you will hold and treat it
in the strictest of confidence, that you will not directly or indirectly disclose, or permit
anyone else to disclose, the Offering Memorandum or its contents to any other person,
firm, or entity (including, without limitation, any principal for whom you have been
engaged), without prior written authorization of Owner or Broker and that you will
not use or permit to be used the Offering Memorandum or its contents to be copied
or used in any fashion or manner detrimental to the interest of Owner. Photocopy or
other duplication is strictly prohibited.
THE OFFERING MEMORANDUM SHALL NOT BE DEEMED TO REPRESENT THAT STATE
OF AFFAIRS OF THE PROPERTY OR CONSTITUTE AN INDICATION THAT THERE HAS
BEEN NO CHANGE IN THE BUSINESS OR AFFAIRS OF THE PROPERTY SINCE THE DATE
OF PREPARATION OF THE OFFERING MEMORANDUM.
The information provided in the Offering Memorandum has been gathered from
sources that are deemed reliable, but the Broker does not warrant or represent that
the information is true or correct. Prospective offerors are advised to verify information
independently. The Offering Memorandum is not to be construed as an offer or as any
part of a contract to sell the property.
Furthermore, the inclusion or exclusion in the Offering Memorandum of information
relating to asbestos or any other hazardous, toxic or dangerous chemical item, waste or
substance (hereinafter collectively referred to as “Waste”) relating to the Property shall
in no way be construed as creating any warranties or representations, expressed or
implied by the Broker as to the existence or nonexistence or nature of Waste in, under
or on the Property, it may create significant legal and/or economic obligations upon
the Owner, lessee and/or other holders of interest in the Property or a part thereof and
you are hereby advised to obtain professional assistance such as from a consultant,
engineer and/or attorney prior to taking an interest in the Property or a part thereof.
INFORMATION NOT WARRANTED
Table of Contents
01 Executive Summary Investment Profile Portfolio Locations Investment Highlights Offering Summary Tenant Overview
02 Property Photo Lease Abstract Loan Abstract Area Map Demographics Aerial
JASON POWELL, CCIM Vice President, Investment Sales 770.913.3952 [email protected]
ACKERMAN & CO. 10 Glenlake Parkway South Tower, Suite 1000 770.913.3900 | ackermanco.com
CVS Investment Portfolio
Executive Summary Investment Profile Property Locations Investment Highlights Offering Summary Tenant Overview
01
Houston, TX
Riverview, FL
Dunedin, FL
Mesa, AZ
Blanchester, OH
Las Vegas, NV
CVS Investment Portfolio 5
Ackerman & Co.’s Retail Investment Sales Team is pleased to exclusively present for sale a portfolio of six (6) absolute net-leased CVS properties located across four different geographic regions in the United States. Each property includes an absolute net lease structure with zero landlord responsibilities. The portfolio offering includes a zero cash flow (ZCF), assumable, non-recourse, debt structure whereby each loan is scheduled to fully amortize within the contractual lease term.
The offering includes complete fee simple ownership and geographical diversification with the six locations: Houston, TX, Las Vegas, NV, Blanchester, OH, Mesa, AZ, Riverview, FL, and Dunedin, FL. Four of the six properties are located in “state income tax free” states. The existing debt structure at our asking price requires approximately 15.30% in equity.
INVESTMENT PROFILE
TOTAL OFFERING PRICE: $20,373,493
TOTAL EQUITY REQUIREMENT: $3,107,368 (15.30%)
TOTAL NOI: $1,753,163
CAP RATE: 8.60%
INITIAL TERM LEASE EXP. DATE: 1/31/2029
DEBT STRUCTURE: Assumable/Non-Recourse
LOAN MATURITY: 10/10/2025
CVS RENT HOLIDAY: Yes, 11/1/2025-12/31/2028
BALLOON PAYMENT: NONE (Self-Amortizing Loans)
PORTFOLIO LOCATIONS
EXECUTIVE SUMMARY
CVS Investment Portfolio 6
INVESTMENT HIGHLIGHTS
Superior Locations in Major Markets – The drugstores within this portfolio are all well-located, corner sites, with superior demographics when compared to the national averages. Four of the six properties feature submarkets with approximately 100,000 people within a three mile radius of the respective site. The “average” five-mile radius population count within the portfolio is approximately 215,000 people. According to Costar, the average household income (3 mile radius) within the portfolio is $68,290, roughly 8% above the national average. The median household income within the portfolio (1 mile radius) was $56,316 in 2012, roughly 10% above the national average.
Low Equity Requirement – the ZCF structure enables an investor to utilize the tenant’s investment grade tenant with a high leverage, non-recourse, self-amortizing loan. With an equity requirement of only 15.30%, it also allows an investor to purchase a premier drugstore tenant using a significantly lower amount of equity than what is usually required.
Fully Amortizing Assumable Loans – this offering includes a twenty-two (22) year self-amortizing loan which means the debt on the property is scheduled to be completely paid off from the CVS rental payments in year twenty-two (22) of the twenty-five (25) year initial lease term for CVS.
Absolute Net Lease – this offering includes an absolute net lease structure with zero landlord responsibilities. All expenses, including, but not limited to, repairs to the building, roof, and parking lot are borne by CVS.
Remaining Lease Term – the initial twenty-five year (25 year) lease term commenced in 2003, therefore, 40% of the “zero cash flow” period has already lapsed and there are fifteen years (15) until the properties are projected to produce full cash flow unencumbered by debt.
Long-term “bond style” Investment – this structure fits well for 1031 exchange needs and estate planning goals – ideal asset with which to form a trust.
Benefits of Tax Deductions – the ZCF structure enables qualified investors to take deductions for depreciation and interest and offset other income using a relatively small amount of equity.
Low Purchase Price PSF and High Cap Rate – this offering includes a purchase price per square foot that is significantly lower than most of the recently sold CVS and Walgreens stores built during this timeframe. Furthermore, the overall cap rate is approximately 2.0%+ higher than market free and clear CVS stores providing a hedge against future market cap rate increases.
Superior Credit Tenant – Originated in 1963, CVS is the second largest U.S. Pharmacy and presently has over 7300 drugstores in the United States and Puerto Rico. Currently, CVS has a BBB+ Investment grade rating from Standard & Poor’s with a market capitalization value of approximately $61BB.
CVS Investment Portfolio 7
OFFERING SUMMARY
LOCATION LEASE START DATE
LEASE END DATE
CURRENT NOI
CURRENT LOAN
BALANCE (12/10/2013)
CURRENT 467 LOAN BALANCE
(12/1/2013)
TOTAL DEBT PURCHASE PRICE
EQUITY REQUIREMENT EQUITY %
CVS - Houston, TX 9/10/2003 1/31/2029 $257,533 $2,165,396 $372,037 $2,537,433 $2,994,170 $456,737 15.30%CVS - Las Vegas, NV 9/10/2003 1/31/2029 $346,466 $2,913,171 $478,227 $3,391,398 $4,001,849 $610,000 15.30%CVS - Blanchester, 9/10/2003 1/31/2029 $160,693 $1,353,411 $255,873 $1,609,284 $1,898,955 $289,671 15.30%CVS - Mesa, AZ 9/10/2003 1/31/2029 $315,996 $2,656,973 $444,077 $3,101,050 $3,659,239 $558,189 15.30%CVS - Dunedin, FL 9/10/2003 1/31/2029 $378,777 $3,184,841 $560,318 $3,745,159 $4,419,287 $674,128 15.30%CVS - Riverview, FL 9/10/2003 1/31/2029 $293,698 $2,469,479 $411,871 $2,881,350 $3,399,993 $518,643 15.30%
TOTAL $17,265,674 $20,373,493 $3,107,368 15.30%
INVESTMENT PROFILE
TOTAL OFFERING PRICE: $20,373,493
TOTAL EQUITY REQUIREMENT: $3,107,368 (15.30%)
TOTAL NOI: $1,753,163
CAP RATE: 8.60%
INITIAL TERM LEASE EXP. DATE: 1/31/2029
DEBT STRUCTURE: Assumable/Non-Recourse
LOAN MATURITY: 10/10/2025
CVS RENT HOLIDAY: Yes, 11/1/2025-12/31/2028
BALLOON PAYMENT: NONE (Self-Amortizing Loans)
CVS Investment Portfolio 8
TENANT OVERVIEW
CVS – www.cvs.com
CVS Caremark Corporation (NYSE: CVS) operates as a pharmacy services company in the United States. Founded in1967, it is the nation’s second largest Pharmacy company. The company’s Pharmacy Services segment provides a range of pharmacy benefit management services, including mail order pharmacy services, specialty pharmacy services, plan design and administration, formulary management, and claims processing; and drug benefits to eligible beneficiaries under the Federal Government’s Medicare Part D program. This segment primarily serves employers, insurance companies, unions, government employee groups, managed care organizations and other sponsors of health benefit plans, and individuals. As of December 31, 2012, CVS had over 7,525 retail locations and operated 44 retail specialty pharmacy stores, 13 specialty mail order pharmacies, and 4 mail service pharmacies located in 45 states, Puerto Rico, Brazil, and the District of Columbia. This segment operates business under the CVS Caremark Pharmacy Services, Caremark, CVS Caremark, CarePlus CVS/pharmacy, CarePlus, RxAmerica, Accordant, and TheraCom names. For the fiscal year ended December 31, 2012, CVS Caremark Corporation reported revenue of over $123 billion with net income of $3.884 billion.
Caremark Corporation Common (NYSE: CVS) S&P Rating: BBB+Headquarters: Woonsocket, Rhode Island USAStore Locations: 7,525Year Founded: 1963Employees: 201,0002012 Revenue: $123Bwww.info.cvscaremark.com
LEASE TYPE: NNN
LEASE EXPIRATION: 1/31/2029
TOTAL SF (PORTFOLIO): 69,826
TOTAL ACERAGE 8.89 (PORTFOLIO):
CVS Investment Portfolio
Property Photo Lease Abstract Loan Abstract Area Map Demographics Aerial
02
LEASE ABSTRACT
Tenant: CVS/Caremark Corporation
Lease Structure: Absolute NNN
Ownership Type: Fee Simple
Building: 12,125 SF
Land Area: 1.49 Acres
Year Built: 2003
Rent Commencement: 9/10/2003
Lease Expiration: 1/31/2029
Annual Rent: $257,533
Rent Holiday: Yes, 3 years
Renewal Options: Ten (10) x Five (5) year
LOAN ABSTRACT
Current Loan Balance (12/10/2013): $2,165,396
Current 467 Loan Balance (12/1/2013): $372,037
Total Loan Balance: $2,537,433
Interest Rate: 6.20%
Loan Start Date: 9/12/2003
Loan End Date: 10/10/2025
Amortization: 22 years
Annual Debt Service: $257,533
Recourse: Non-Recourse
Balloon Payment: None, self-amortizing
CVS Investment Portfolio 10
19715 TOMBALL PARKWAY, HOUSTON, TX 77070
Offering Price: $2,994,170
Equity Requirement: $456,737
In-Place Cap Rate: 8.60%
Houston
Beaumont Hwy
Hard
y Toll Rd
W Mt Ho uston Rd
Westpark Tollway
69
69
10
610
45
69
290
10
90
45
249
N
William P.Hobby Airport
8
8
6
6
35
225
146
George Bush Intercontinental
Airport
146
288
36
99 99
CVS PHARMACY19715 TOMBALL PARKWAYHOUSTON, TEXAS 77070
CVS Investment Portfolio 11
AREA MAP - 19715 TOMBALL PARKWAY, HOUSTON, TX 77070
CVS Investment Portfolio 12
DEMOGRAPHICS - 19715 TOMBALL PARKWAY, HOUSTON, TX 77070
Source: Claritas, Market + Main, Inc., U.S. Census Bureau
DETAILED DEMOGRAPHICS 1 MILE 3 MILES 5 MILES2013 Estimated Population 8,525 98,399 261,9982018 Projected Population 9,707 108,195 286,3532010 Census Population 7,783 92,706 248,0282000 Census Population 5,057 68,425 183,142Growth 2010 - 2013 9.53% 6.14% 5.63%Growth 2013 - 2018 13.87% 9.95% 9.30%2013 Estimated Median Age 35.7 36.8 36.12013 Estimated Households 3,845 38,355 94,5232018 Projected Households 4,398 42,118 102,9242010 Census Households 3,499 36,236 90,0952000 Census Households 1,961 25,112 64,7982013 Estimated Average Household Size 2.20 2.56 2.772013 Estimated Median Household Income $68,020 $67,975 $69,3442013 Estimated Average Household Income $85,128 $92,454 $92,6632013 Estimated Housing Units 4,300 41,505 101,3732013 Estimated Owner Occupied Units 1,631 23,393 64,866
Tomball Pkwy
Cypresswood Dr
140,000 VEHICLES PER DAY
19,267 VEHICLES
PER DAY
CVS Investment Portfolio 13
AERIAL - 19715 TOMBALL PARKWAY, HOUSTON, TX 77070
CVS PHARMACY19715 TOMBALL PARKWAYHOUSTON, TEXAS 77070
LEASE ABSTRACT
Tenant: CVS/Caremark Corporation
Lease Structure: Absolute NNN
Ownership Type: Fee Simple
Building: 10,890 SF
Land Area: 1.47 Acres
Year Built: 2002
Rent Commencement: 9/10/2003
Lease Expiration: 1/31/2029
Annual Rent: $346,466
Rent Holiday: Yes, 3 years
Renewal Options: Ten (10) x Five (5) year
LOAN ABSTRACT
Current Loan Balance (12/10/2013): $2,913,171
Current 467 Loan Balance (12/1/2013): $478,227
Total Loan Balance: $3,391,398
Interest Rate: 6.20%
Loan Start Date: 9/12/2003
Loan End Date: 10/10/2025
Amortization: 22 years
Annual Debt Service: $346,466
Recourse: Non-Recourse
Balloon Payment: None, self-amortizing
CVS Investment Portfolio 14
3270 SOUTH BUFFALO DRIVE, LAS VEGAS, NV 89147
Offering Price: $4,001,849
Equity Requirement: $610,000
In-Place Cap Rate: 8.70%
Las Vegas
Nor
thsh
ore
Rd
N S
imm
ons
St
N
Com
mer
ce St
Las V
egas
S
trip
573
N Rancho Dr
W Craig Rd
15
15
15
215
515
95
95
95
93
93
N
159
159
160 146
595
596
596
599 147
612
582 564
604
S N
ellis
Blv
d
Lake Mead Blvd
St Rose
Pkwy
S D
ecat
ur B
lvd
Bruce Woodbury Bel
tway
592
MaCarran International
Airport
CVS PHARMACY3270 SOUTH BUFFALO DRIVELAS VEGAS, NV 89147
CVS Investment Portfolio 15
AREA MAP - 3270 SOUTH BUFFALO DRIVE, LAS VEGAS, NV 89147
CVS Investment Portfolio 16
DEMOGRAPHICS - 3270 SOUTH BUFFALO DRIVE, LAS VEGAS, NV 89147
Source: Claritas, Market + Main, Inc., U.S. Census Bureau
DETAILED DEMOGRAPHICS 1 MILE 3 MILES 5 MILES2013 Estimated Population 16,580 170,299 403,3552018 Projected Population 16,779 167,802 406,4142010 Census Population 16,515 172,675 402,0482000 Census Population 11,923 152,189 324,505Growth 2010 - 2012 2.20% 0.70% 1.50%Growth 2012 - 2017 4.80% 2.70% 4.00%2013 Estimated Median Age 41.9 40.1 38.32013 Estimated Households 6,459 68,594 160,1412018 Projected Households 6,494 67,978 162,0142010 Census Households 6,490 69,196 158,9822000 Census Households 4,693 60,693 129,0992013 Estimated Average Household Size 2.56 2.47 2.512013 Estimated Median Household Income $47,406 $44,846 $44,6572013 Estimated Average Household Income $60,678 $60,095 $60,2472013 Estimated Housing Units 7,344 77,844 208,3982013 Estimated Owner Occupied Units 3,922 36,215 80,268
29,301 VEH
ICLES PER D
AY
26,000 VEHICLES PER DAY
CVS Investment Portfolio 17
AERIAL - 3270 SOUTH BUFFALO DRIVE, LAS VEGAS, NV 89147
S B
uffa
lo D
r
CVS PHARMACY3270 SOUTH BUFFALO DRIVELAS VEGAS, NEVADA 89147
W Desert Inn Dr
LEASE ABSTRACT
Tenant: CVS/Caremark Corporation
Lease Structure: Absolute NNN
Ownership Type: Fee Simple
Building: 10,050 SF
Land Area: 1.02
Year Built: 2003
Rent Commencement: 9/10/2003
Lease Expiration: 1/31/2029
Annual Rent: $160,693
Rent Holiday: Yes, 3 years
Renewal Options: Ten (10) x Five (5) year
LOAN ABSTRACT
Current Loan Balance (12/10/2013): $1,353,411
Current 467 Loan Balance (12/1/2013): $255,873
Total Loan Balance: $1,609,284
Interest Rate: 6.20%
Loan Start Date: 9/12/2003
Loan End Date: 10/10/2025
Amortization: 22 years
Annual Debt Service: $160,693
Recourse: Non-Recourse
Balloon Payment: None, self-amortizing
CVS Investment Portfolio 18
610 CHERRY STREET, BLANCHESTER, OH 45107
Offering Price: $1,898,955
Equity Requirement: $289,671
In-Place Cap Rate: 8.50%
Cincinnati
Cherry StP
leas
ant A
ve
Reading R
d
Montgomery Rd
Kellogg Rd
River Rd
52
127
275
275
275
75
75
71
71
75
129
74
52
50
42
22
27
126 52
74
126
27
50
50
68
68
N
32
131
3
9
18
338
28
48
GreaterCincinnati
Airport
CVS PHARMACY610 CHERRY STREETBLANCHESTER, OH 45107
CVS Investment Portfolio 19
AREA MAP - 610 CHERRY STREET, BLANCHESTER, OH 45107
CVS Investment Portfolio 20
DEMOGRAPHICS - 610 CHERRY STREET, BLANCHESTER, OH 45107
Source: Claritas, Market + Main, Inc., U.S. Census Bureau
DETAILED DEMOGRAPHICS 1 MILE 3 MILES 5 MILES2013 Estimated Population 3,795 5,893 10,1952018 Projected Population 3,736 5,829 10,1132010 Census Population 3,833 5,933 10,2392000 Census Population 3,921 5,796 9,357Growth 2010 - 2012 1.01% 1.20% 0.90%Growth 2012 - 2017 0.30% 0.70% 0.70%2013 Estimated Median Age 38.9 39.3 39.72013 Estimated Households 1,470 2,250 3,7742018 Projected Households 1,458 2,238 3,7462010 Census Households 1,475 2,254 3,7892000 Census Households 1,493 2,186 3,4512013 Estimated Average Household Size 2.53 2.57 2.672013 Estimated Median Household Income $37,492 $39,933 $44,7672013 Estimated Average Household Income $45,082 $47,817 $53,0702013 Estimated Housing Units 1,651 2,505 4,1642013 Estimated Owner Occupied Units 987 1,585 2,885
7,509 VEHICLES
PER DAY
Cherry St
CVS Investment Portfolio 21
AERIAL - 610 CHERRY STREET, BLANCHESTER, OH 45107
CVS PHARMACY610 CHERRY STREETBLANCHESTER, OH 45107
LEASE ABSTRACT
Tenant: CVS/Caremark Corporation
Lease Structure: Absolute NNN
Ownership Type: Fee Simple
Building: 14,000 SF
Land Area: 1.39
Year Built: 2003
Rent Commencement: 9/10/2003
Lease Expiration: 1/31/2029
Annual Rent: $315,996
Rent Holiday: Yes, 3 years
Renewal Options: Ten (10) x Five (5) year
LOAN ABSTRACT
Current Loan Balance (12/10/2013): $2,656,973
Current 467 Loan Balance (12/1/2013): $444,077
Total Loan Balance: $3,101,050
Interest Rate: 6.20%
Loan Start Date: 9/12/2003
Loan End Date: 10/10/2025
Amortization: 22 years
Annual Debt Service: $315,996
Recourse: Non-Recourse
Balloon Payment: None, self-amortizing
CVS Investment Portfolio 22
6015 EAST BROWN ROAD, MESA, AZ 85205
Offering Price: $3,659,239
Equity Requirement: $558,189
In-Place Cap Rate: 8.60%
W Bell Rd
W Carefree Hwy
N Scottsdale Rd
S Ellsworth Rd
N Pow
er Rd
N
17
10
10
101 87
202
202
303
51 60
60
87
88
74
Phoenix-MesaGateway
Airport
Phoenix Sky Harbor International
Airport
Tonto National Forest
McDowell Mountain
Regional Park
Scottsdale
PhoenixMesa
CVS PHARMACY6015 EAST BROWN ROADMESA, ARIZONA 85205
CVS Investment Portfolio 23
AREA MAP - 6015 EAST BROWN ROAD, MESA, AZ 85205
CVS Investment Portfolio 24
DEMOGRAPHICS - 6015 EAST BROWN ROAD, MESA, AZ 85205
Source: Claritas, Market + Main, Inc., U.S. Census Bureau
DETAILED DEMOGRAPHICS 1 MILE 3 MILES 5 MILES2013 Estimated Population 13,877 86,685 220,5842018 Projected Population 13,997 88,905 227,7242010 Census Population 13,894 85,789 217,3032000 Census Population 14,638 80,112 196,742Growth 2010 - 2013 -0.12% 1.04% 1.51%Growth 2013 - 2018 0.87% 2.56% 3.24%2013 Estimated Median Age 46.9 49.7 43.62013 Estimated Households 5,953 38,536 90,5662018 Projected Households 6,074 39,711 93,6972010 Census Households 5,895 37,967 89,0022000 Census Households 5,679 33,871 77,0262013 Estimated Average Household Size 2.31 2.22 2.422013 Estimated Median Household Income $46,037 $39,938 $43,3962013 Estimated Average Household Income $56,748 $51,947 $58,2622013 Estimated Housing Units 6,885 50,103 115,0392013 Estimated Owner Occupied Units 4,622 27,978 66,721
N R
ecke
r Rd
E Brown Rd
CVS Investment Portfolio 25
AERIAL - 6015 EAST BROWN ROAD, MESA, AZ 85205
CVS PHARMACY6015 EAST BROWN ROADMESA, ARIZONA 85205
21,292 VEHICLES PER DAY
12,3
52 V
EHIC
LES
PER
DA
Y
LEASE ABSTRACT
Tenant: CVS/Caremark Corporation
Lease Structure: Absolute NNN
Ownership Type: Fee Simple
Building: 11,707 SF
Land Area: 1.52
Year Built: 2003
Rent Commencement: 9/1/2003
Lease Expiration: 1/1/2029
Annual Rent: $378,777
Rent Holiday: Yes, 3 years
Renewal Options: Ten (10) x Five (5) year
LOAN ABSTRACT
Current Loan Balance (12/10/2013): $3,184,841
Current 467 Loan Balance (12/1/2013): $560,318
Total Loan Balance: $3,745,159
Interest Rate: 6.20%
Loan Start Date: 9/12/2003
Loan End Date: 10/10/2025
Amortization: 22 years
Annual Debt Service: $378,777
Recourse: Non-Recourse
Balloon Payment: None, self-amortizing
CVS Investment Portfolio 26
2175 MAIN STREET, DUNEDIN, FL 34698
Offering Price: $4,419,287
Equity Requirement: $674,128
In-Place Cap Rate: 8.60%
Tampa Rd
4th St N
N
275
275
4
75
75
600
60
589
92
584
19
19A
19
688
597
St. Petersburg
Tampa
19A
275
Tampa International
Airport
41 301
CVS PHARMACY2175 MAIN STREET, DUNEDIN, FLORIDA 34698
CVS Investment Portfolio 27
AREA MAP - 2175 MAIN STREET, DUNEDIN, FL 34698
CVS Investment Portfolio 28
DEMOGRAPHICS - 2175 MAIN STREET, DUNEDIN, FL 34698
Source: Claritas, Market + Main, Inc., U.S. Census Bureau
DETAILED DEMOGRAPHICS 1 MILE 3 MILES 5 MILES2013 Estimated Population 11,556 102,661 224,5492018 Projected Population 11,742 104,495 229,6412010 Census Population 11,513 102,212 222,8042000 Census Population 11,386 104,420 224,464Growth 2010 - 2013 0.38% 0.44% 0.78%Growth 2013 - 2018 1.61% 1.79% 2.27%2013 Estimated Median Age 51.6 50.1 47.82013 Estimated Households 5,838 48,612 102,3672018 Projected Households 5,928 49,582 104,8862010 Census Households 5,822 48,356 101,5142000 Census Households 5,714 48,477 100,0072013 Estimated Average Household Size 1.97 2.09 2.152013 Estimated Median Household Income $37,424 $43,275 $42,9572013 Estimated Average Household Income $50,592 $57,982 $58,4652013 Estimated Housing Units 6,555 56,313 119,2292013 Estimated Owner Occupied Units 3,920 35,357 70,141
N B
elch
er R
d
Main St
21,0
00 V
EHIC
LES
PER
DA
Y
CVS Investment Portfolio 29
AERIAL - 2175 MAIN STREET, DUNEDIN, FL 34698
CVS PHARMACY2175 MAIN STREETDUNEDIN, FLORIDA 34698
42,000 VEHICLES PER DAY
LEASE ABSTRACT
Tenant: CVS/Caremark Corporation
Lease Structure: Absolute NNN
Ownership Type: Fee Simple
Building: 11,054 SF
Land Area: 2
Year Built: 2003
Rent Commencement: 9/10/2003
Lease Expiration: 1/31/2029
Annual Rent: $293,698
Rent Holiday: Yes, 3 years
Renewal Options: Ten (10) x Five (5) year
LOAN ABSTRACT
Current Loan Balance (12/10/2013): $2,469,479
Current 467 Loan Balance (12/1/2013): $411,871
Total Loan Balance: $2,881,350
Interest Rate: 6.20%
Loan Start Date: 9/12/2003
Loan End Date: 10/10/2025
Amortization: 22 years
Annual Debt Service: $293,698
Recourse: Non-Recourse
Balloon Payment: None, self-amortizing
CVS Investment Portfolio 30
10013 MCMULLEN ROAD, RIVERVIEW, FL 33569
Offering Price: $3,399,993
Equity Requirement: $518,643
In-Place Cap Rate: 8.60%
4th St N
N
275
275
4
75
75
600
60
589
92
584
19
19A
19
688
597
St. Petersburg
Tampa
19A
275
301 41
600
41B
301
Tampa International
Airport
CVS PHARMACY10013 MCMULLEN ROAD RIVERVIEW, FLORIDA 33569
CVS Investment Portfolio 31
AREA MAP - 10013 MCMULLEN ROAD, RIVERVIEW, FL 33569
CVS Investment Portfolio 32
DEMOGRAPHICS - 10013 MCMULLEN ROAD, RIVERVIEW, FL 33569
Source: Claritas, Market + Main, Inc., U.S. Census Bureau
DETAILED DEMOGRAPHICS 1 MILE 3 MILES 5 MILES2013 Estimated Population 6,367 53,429 164,9282018 Projected Population 7,026 58,788 183,3742010 Census Population 5,927 49,838 152,4072000 Census Population 3,960 33,769 91,090Growth 2010 - 2013 7.42% 7.21% 8.22%Growth 2013 - 2018 10.34% 10.03% 11.18%2013 Estimated Median Age 41.7 37.7 35.52013 Estimated Households 2,211 19,065 58,9732018 Projected Households 2,408 20,804 64,9012010 Census Households 2,083 17,950 55,2642000 Census Households 1,319 12,116 32,5212013 Estimated Average Household Size 2.88 2.80 2.792013 Estimated Median Household Income $73,739 $60,115 $58,1022013 Estimated Average Household Income $84,189 $72,603 $70,9622013 Estimated Housing Units 2,364 21,176 65,1502013 Estimated Owner Occupied Units 1,936 14,912 42,019
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CVS Investment Portfolio 33
AERIAL - 10013 MCMULLEN ROAD, RIVERVIEW, FL 33569
CVS PHARMACY10013 MCMULLEN ROADRIVERVIEW, FLORIDA 33569
25,000 VEHICLES PER DAY
© 2013 Ackerman & Co. All rights reserved.
FOR MORE INFORMATION, PLEASE CONTACT:
JASON POWELL, CCIM Vice President, Investment Sales 770.913.3952 [email protected]