Representative Photo. offering memorandum CVS 106 VIRGIL LANE LAFOLLETTE, TN

Transcription

1 Representative Photo offering memorandum CVS 106 VIRGIL LANE LAFOLLETTE, TN

2 Representative Photo CONTENTS EXECUTIVE SUMMARY FINANCIAL OVERVIEW PROPERTY OVERVIEW AREA OVERVIEW LISTED BY BILL PEDERSEN SENIOR ASSOCIATE DIR MOB LIC # (CA) BROKER OF RECORD KYLE MATTHEWS BROKER OF RECORD LIC # (TN)

3 3 EXECUTIVE OVERVIEW Bill Pedersen of Matthews Real Estate Investment Services is pleased to offer, to qualified investors, a long-term CVS in LaFollette, TN (Knoxville MSA). CVS is paying low rent making the location a secure long-term investment. The CVS is strategically located in the center of LaFollette with excellent visibility and accessibility. Extremely Low Rent: CVS is only paying $13.36/SF annually in rent making this location incredibly attractive to the tenant NNN Lease: Minimal landlord responsibilities PROPERTY DETAILS Recently Extended Lease: Over 11 years remaining on the current lease term with four, five-year options Prototype Store Format: Prototype CVS building with a drive-thru pharmacy Proximity to Medical Service Providers: Close proximity to major medical facilities, including University Medical Plaza and University of Tennessee Medical Center Home Care Services LOCATION Excellent Real Estate Fundamentals: Only CVS within a 22-mile radius. LaFollette is a component of the Knoxville statistical area, situated in the Powell Valley at the base of the Appalachian Ridge. Excellent Retail Synergy: Retail corridor includes: Walmart, Lowe s, McDonald s, Applebee s, AutoZone, Sav-A-Lot, Ford, Woodson s Mall, Wendy s, Burger King, Krystal, Hardee s, KFC, Family Dollar, Taco Bell, Tractor Supply and several more TENANT Investment Grade Credit Tenant: CVS Health has investment grade credit (S&P Rated BBB+, Moody s Baa1). CVS is the second largest retail pharmacy in the US with over 9,600 locations, is the largest retailer of prescription drugs, and the second-largest pharmacy benefits manager in the U.S. CVS Health is a Fortune 500 company - Ranked #7 in 2016.

4 FINANCIAL OVERVIEW FINANCIAL HIGHLIGHTS EXECUTIVE SUMMARY Property Address 106 Virgil Ln LaFollette, TN LIST PRICE $2,500,000 CAP RATE 6.22% SQUARE FEET ± 10,125 GLA (SF) ± 10,125 Lot (Acres) ± 1.49 Year Built 1997 APN 103C-D Parking Spaces 51 Parking Ratio 5.04 : 1,000 TENANT SUMMARY ANNUALIZED OPERATING DATA Monthly Rent Annual Rent Rent PSF Cap Rate Current (to 1/31/19) $14, $172, $ % Extension (2/1/19 to 1/31/29) $12, $155, $ % Option 1 $13, $163, $ % Option 2 $14, $171, $ % Option 3 $15, $180, $ % Option 4 $15, $189, $ % Tenant CVS Type of Ownership Fee Simple Lease Gurantor Corporate Lease Type NNN Roof and Structure Landlord Responsible Original Lease Term 20 Lease Commencement Date December 16, 1997 Rent Commencement Date October 4, 1998 Lease Expiration Date January 31, 2029 Term Remaining ± 11 Years Increases In Options Options Four, 5-Year Options 4 Representative Photo

5 Tenant overview CVS OWNERSHIP PUBLIC CVS Health Corporation, together with its subsidiaries, provides integrated pharmacy health care services. It operates through Pharmacy Services and Retail/LTC segments. The Pharmacy Services segment offers pharmacy benefit management solutions, such as plan design and administration, formulary management, Medicare Part D services, mail order, and specialty pharmacy services, retail pharmacy network management services, prescription management systems, clinical services, disease management programs, and medical pharmacy management services. The Retail/LTC segment sells prescription drugs, over-the-counter drugs, beauty products and cosmetics, personal care products, convenience foods, seasonal merchandise, and greeting cards, as well as provides photo finishing services. GEOGRAPHIC REACH CVS drugstores span across 49 U.S. states, the District of Columbia, Brazil, and Puerto Rico. The company also operates Longs Drugs banner in California, Hawaii, Nevada, and Arizona. Around 1,000 store locations throughout 31 states and in Washington D.C. also have Minute Clinics. PARENT COMPANY TRADE NAME CVS HEALTH CORPORATION (NYSE: CVS) WEBSITE ANNUAL SALES $177.53B HEADQUARTERED WOONSOCKET, RHODE ISLAND YEAR FOUNDED

6 PROPERTY OVERVIEW PARCEL MAP the offering JACKSBORO PIKE ±27,000 ADT Property Name Property Address Site Description Number of Stories CVS 106 Virgil Lane LaFollette, TN One Year Built 1997 GLA ± 10,125 SF Lot Size ± 1.49 Type of Ownership APN Fee Simple 103C-D Parking Spaces 51 Parking Ratio 5.04 : 1,000 Oceanside Blvd ± 31,792 College Blvd ± 40,116 6

7 surrounding tenants 7

8 AREA OVERVIEW LAFOLLETTE, TN LaFollette is located in Campbell county which is part of the Knoxville Metropolitan statistical area. LaFollette is located just 40 minutes outside of Knoxville. Today the City of LaFollette is a thriving community that combines growth with small-town charm. The City of LaFollette offers such modern conveniences as a recently refurbished hospital, a new post office, new elementary school, and an extensive upgrade in city recreation. LaFollette is conveniently located close to the mountains and the lake. DEMOGRAPHICS POPULATION 3 Mile 5 Mile 7 Mile 2023 Projection 8,775 14,656 20, Estimate 8,830 14,684 20,276 HOUSEHOLDS 3 Mile 5 Mile 7 Mile 2023 Projection 3,562 5,935 8, Estimate 3,584 5,943 8,172 INCOME 3 Mile 5 Mile 7 Mile 2018 Est. Average Household Income $42,660 $43,686 $46,

9 9 KNOXVILLE, TN Nestled in the foothills of the Great Smoky Mountains National Park, Knoxville is a progressive, friendly and rapidly growing city accessible from an international waterway that is often described as a hidden gem. Three interstates run through the city providing accessibility to Nashville, Chattanooga, and Lexington. It is the largest city in eastern Tennessee, serving as a gateway to the tourist and recreation destinations of the Great Smoky Mountains National Park. Knoxville retains the charm of a small southern town while providing the amenities of a big city. It is home to the main campus of the University of Tennessee, which has been classified by the Carnegie Commission as a university with very high research activity. The 400-acre university campus is located along the waterfront just to the southwest of the downtown area, adding a notable college-town element. A short walk from the university campus, downtown Knoxville has emerged as a thriving hub for socializing. Downton s Market Square is a hotspot for happy hour, dinner and Sunday brunch, offering a number of shops and restaurants. Next to Market Square, Gay Street features the Tennessee and Bijou Theaters, both of which offer well-known musical acts, stage productions and the Knoxville Symphony. Knoxville s rich arts community is supplemented with a number of quality museums and many festivals held throughout the year. Top 10 "America Favorite Cities" Travel + Leisure one of the 100 Best Places to Live U.S. News Source 2016 s Most Fun Cities in America WalletHub

10 CONFIDENTIALITY & DISCLAIMER STATEMENT This Offering Memorandum contains select information pertaining to the business and affairs of CVS located at 106 Virgil Lane, LaFollette, TN ( Property ). It has been prepared by Matthews Real Estate Investment Services. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Real Estate Investment Services. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence. By acknowledging your receipt of this Offering Memorandum for the Property, you agree: 1. The Offering Memorandum and its contents are confidential; 2. You will hold it and treat it in the strictest of confidence; and 3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller. Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered. If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum. A prospective purchaser s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property. This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.

11 offering memorandum CVS 106 VIRGIL LANE LAFOLLETTE, TN exclusively listed by BILL PEDERSEN SENIOR ASSOCIATE DIR MOB LIC # (CA) BROKER OF RECORD KYLE MATTHEWS BROKER OF RECORD LIC # (TN) Representative Photo