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CVS/PHARMACY ZERO CASH FLOW INVESTMENT Effort, PA

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CVS/PHARMACY ZERO CASH FLOW INVESTMENT Effort, PA INVESTMENT OPPORTUNITY CVS/PHARMACY ZERO CASH FLOW INVESTMENT Effort, PA OFFERED AT: $6,267,195 REQUIRED EQUITY: $956,012 (18% Over the Debt) * Actual Property EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW TABLE OF CONTENTS EXECUTIVE SUMMARY 4 Offering Summary 5 Investment Highlights 6 Lease Information & Loan Summary 7 Zero Cash Flow Explained 8 Lease Abstract PROPERTY INFORMATION 10 Location Maps 11 Site Plan 12 Property Photos 13 Aerials TENANT OVERVIEW 19 About CVS Health AREA OVERVIEW 21 Effort & Monroe County Overview 22 Demographics Confidentiality Agreement & Disclosures EXCLUSIVELY REPRESENTED BY RYAN BARR RYAN BENNETT Principal Principal 760.448.2446 760.448.2449 [email protected] [email protected] Lic#01338994 Lic#01826517 Color Scheme RGB R:145 / G:0 / B:40 CMYK C:0 / M:100 / Y:65 / K:47 RGB R:119 / G:120 / B:123 CMYK C:0 / M:0 / Y:0 / K65 Fonts GOTHAM/ BLACK GOTHAM/ MEDIUM GOTHAM/ LIGHT Listed in conjuntion with Lee & Associates of Eastern Pennsylvania, LLC for out of state licensing purposes. CVS | Effort, PA | 2 EXECUTIVE SUMMARY CVS ZERO CASH FLOW INVESTMENT | EFFORT, PA EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW • Offering Summary • Investment Highlights Lease Information & Loan Summary Zero Cash Flow Explained Lease Abstract -- OFFERING SUMMARY -- INVESTMENT HIGHLIGHTS PROPERTY OVERVIEW Offering Price: $6,267,195 Address: 3192 PA Route 115 Percentage Over Debt: 18% Effort, PA 18330 (Monroe County) Debt Amount: $5,311,183 Store: #3062 (As of January 2018) Property Size: Approx 13,225 Sq. Ft. Equity Requirement: $956,012 Land Size: 2.45 Acres Price/SF: $473 Ownership: Fee Simple Year Built: 2011 Lee & Associates is pleased to exclusively offer for sale to qualified investors the opportunity to purchase a CVS standalone single tenant zero cash flow retail investment property located at 3192 State Route 115, in Effort, Pennsylvania, in Monroe County (the “Property”). Built in 2011, the property consists of a 13,225-square foot building that sits on an approximately 2.45 acre parcel. The property is leased to CVS on a long-term triple-net (NNN) lease. CVS has nearly 20 years remaining on their initial 25-year lease term which also features ten (10) 5-year renewal option periods. The bondable absolute triple-net (NNN) lease offers the Landlord zero management responsibilities. Together with its subsidiaries, CVS Health Corp. has an investment grade credit rating of BBB+/Stable by Standard & Poor’s. CVS is currently the largest pharmacy chain in the United States with over 9,700 locations and a reported revenue of $177.5 billion. The subject property is located on the signalized hard corner intersection of PA State Route 115 & State Rd, offering excellent visibility and signage with multiple access points into the property. There is an adjacent pad site that features national tenants Dunkin’ Donuts and Domino’s Pizza. Surrounding retailers also include Sonoco, Exxon, Dollar General, Subway, and Wayne Bank. The subject property is located across from Mt. Effort Plaza, a multi-tenant strip center and the future home to the Martz Bus Trailways Park & Ride, where hundreds of daily commuters headed to NYC will park their vehicles. Mt Effort Plaza has been approved for a 15-acre, 110,000 square foot redevelopment which will be developed over two phases. The project will be anchored by a 45,000-square foot Gerrity’s grocery store as well as additional retail buildings including a standalone restaurant, a daycare center, the Martz Bus park and ride location, and a Monroe County Transit Authority bus shelter. The subject property is located in the town of Effort, which is located in Monroe County in eastern Pennsylvania. Situated 90 miles north of Philadelphia, 75 miles west of New York City and 116 miles east of Harrisburg, Monroe County is one of the fastest-growing counties in the state of Pennsylvania. Not only has the population increased by over 70% since 1990, but the commercial and retail sectors have also grown significantly. Effort, Pennsylvania is located in the growing Pocono Mountain resort area of Northeastern Pennsylvania. The Pocono Mountains are a popular recreational destination for local and regional visitors. The Pocono Mountains Visitors Bureau reports that this four season resort region receives more than 25 million visitors each year, representing more than $3 billion of commerce and supporting over 35% of the region’s workforce. CVS | Effort, PA | 4 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW Offering Summary • Investment Highlights • Lease Information & Loan Summary Zero Cash Flow Explained Lease Abstract -- INVESTMENT HIGHLIGHTS -- INVESTMENT GRADE CREDIT TENANT: CVS HEALTH CORP (S&P: BBB+/Stable; NYSE: CVS) • CORPORATE LEASE GUARANTY • LARGEST PHARMACY CHAIN IN THE U.S. The property is leased to CVS, which is part of the CVS Health Corporation which, together with its subsidiaries, has an investment grade credit rating of BBB+/Stable by Standard & Poor’s. CVS is currently the largest pharmacy chain in the United States with over 9,700 locations and a reported revenue of $177.5 billion. LONG TERM BONDABLE ABSOLUTE TRIPLE-NET (NNN) LEASE • ZERO LANDLORD RESPONSIBILITIES CVS has nearly 20 years remaining on their initial 25-year lease term and features ten (10) 5-year renewal option periods. The bondable absolute triple-net (NNN) lease offers the Landlord zero management responsibilities. ZERO-CASH FLOW LOAN STRUCTURE • DESIRABLE PAYDOWN/RE-ADVANCE FEATURE • PASSIVE LOSS ALLOWS INVESTOR TO OFFSET INCOME Zero-cash flow structure with readily assumable, non-recourse loan currently in place. This structure is ideal for tax deferred 1031/1033 exchange buyers or traditional investors seeking passive losses that might be used to offset income from other real estate investments. The paydown/re-advance feature is available in the current assumable loan allowing a 1031 investor to easily match their debt & equity requirement with an option to extract additional equity through re-finance. LOCATED ON HARD CORNER SIGNALIZED INTERSECTION • ACROSS FROM FUTURE MARTZ BUS TRAILWAYS PARK & RIDE WHERE HUNDREDS OF COMMUTERS WILL PARK The subject property is located on the signalized hard corner intersection of PA State Route 115 & State Rd, offering excellent visibility and signage with multiple access points into the property. There is an adjacent pad site featuring Dunkin’ Donuts and Domino’s Pizza. Surrounding retailers also include Sonoco, Exxon, Dollar General, Subway, and Wayne Bank. The CVS property ideally sits across from the future Martz Bus Trailways Park & Ride, where hundreds of daily commuters heading to NYC will park their vehicles. FUTURE TOWN CENTER LOCATION • ACROSS FROM MOUNT EFFORT PLAZA: PLANNED 15-ACRE, 110,000 SQUARE FOOT RETAIL/COMMERCIAL REDEVELOPMENT PROJECT The subject property is located across from Mount Effort Plaza, a multi-tenant strip center. Mount Effort Plaza has been approved for a 15- acre, 110,000 square foot redevelopment which will be developed over two phases. The project will be anchored by a 45,000-square foot Gerrity’s grocery store as well as additional commercial and retail buildings including a standalone restaurant, a daycare center, a Martz Bus park and ride location, and a Monroe County Transit Authority bus shelter. GATEWAY TO POCONO MOUNTAINS (“POCONOS”) • MAJOR TOURISM DESTINATION • 25 MILLION ANNUAL VISITORS PER YEAR • $3 BILLION TOURIST INDUSTRY Effort, Pennsylvania is located in the growing Pocono Mountain resort area of Northeastern Pennsylvania. The Pocono Mountains are a popular recreational destination for local and regional visitors. The Pocono Mountains Visitors Bureau reports that this four-season resort region receives more than 25 million visitors each year, representing more than $3 billion of commerce and supporting over 35% of the region’s workforce. The Poconos have been a tourist draw for more than a century and now feature numerous resorts, camping, casinos, horse racing, auto racing at Pocono Raceway, snow skiing, and fishing in the lakes that dot the area. CVS | Effort, PA | 5 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW Offering Summary Investment Highlights • Lease Information & Loan Summary • Zero Cash Flow Explained Lease Abstract -- LEASE SUMMARY -- LEASE INFORMATION LOAN SUMMARY TENANT: CVS Caremark Corp. ORIGINAL LOAN BALANCE: $5,679,340.05 BUILDING SIZE: 13,225 Sq. Ft. LOAN COMMENCEMENT: January 10, 2012 LOT SIZE: 2.45 Acres LENDER: Wells Fargo RENT COMMENCEMENT: January 10, 2012 CURRENT LOAN BALANCE: $5,311,183 (As of January 2018; including Section 467 loan) LEASE EXPIRATION: January 31, 2037 INTEREST RATE: 5.926% BASE LEASE TERM: 25 Years ANNUAL PAYMENT: $462,554 BASE TERM REMAINING: 19+ Years LOAN MATURITY DATE: January 10, 2034 LEASE TYPE: Absolute NNN RECOURSE: Financing is non-recourse to the Borrower Borrower has the ability to utilize the paydown/re-advance feature LANDLORD RESPONSIBILITIES: None PAYDOWN RE-ADVANCE: as provided in the existing debt. (10) 5-Year Options - RENEWAL OPTIONS: (2) Options at Fixed Rate; (8) Options @ FMV ANNUAL RENT: $462,554 -- RENT OVERVIEW -- PRIMARY TERM START DATE END DATE NOI/YR NOI/MO NOI/SF/YR Years 1 - 22 1/10/2012 1/31/2034 $462,554.00 $38,546.16 $34.97 Years 23 - 25 2/1/2034 1/31/2037 $0.00 Rent Holiday OPTION PERIODS - (5) 5-YEAR OPTIONS Options 1 & 2 2/1/2037 1/31/2042 $416,298.00 $34,691.54 $31.48 Options 3 - 10 3/1/2027 2/28/2032 FAIR MARKET VALUE CVS | Effort, PA | 6 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW Offering Summary Investment Highlights Lease Information & Loan Summary • Zero Cash Flow Explained • Lease Abstract -- ZERO CASH FLOW EXPLAINED -- Definition A highly leveraged property backed by a long-term, bond quality lease that is guaranteed by an investment grade tenant (S&P BBB or better) whereas the property’s rental stream (net operating income) goes to service the underlying loan and thus, provides the investor with “zero” cash flow.
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