NET LEASE INVESTMENT OFFERING

CVS PHARMACY (–Fort Lauderdale–West Palm Beach MSA) 245 S West Palm Beach, TABLE OF CONTENTS

TABLE OF CONTENTS

I. Executive Profile II. Location Overview III. Market & Tenant Overview Executive Summary Photographs Demographic Report Investment Highlights Aerial Market Overview Property Overview Site Plan Tenant Overview Map

NET LEASE INVESTMENT OFFERING DISCLAIMER STATEMENT

DISCLAIMER The information contained in the following Offering Memorandum is proprietary and strictly confidential. STATEMENT: 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.

NET LEASE INVESTMENT OFFERING EXECUTIVE SUMMARY

EXECUTIVE The Boulder Group is pleased to exclusively market for sale a single tenant net leased CVS Pharmacy located within SUMMARY: the Miami–Fort Lauderdale–West Palm Beach MSA in West Palm Beach, Florida. There are 8 years remaining on the lease and five 5-year renewal options with rental escalations in each option. The lease is absolute triple net and features zero landlord responsibilities.

The 12,739 square foot building is well located at the corner of a signalized intersection along South Military Trail (42,473 VPD) and is immediately off of Highway 98 (64,780 VPD). The CVS property is located in a dominant retail corridor with , Walmart Supercenter, Chase, TD Bank and 7-Eleven. The property is located just west of (218,465 VPD) and south of Palm Beach International Airport. The CVS is also in close proximity to the Trump International Golf Club West Palm Beach. The property is in a dense in-fill location with over 320,000 people living within five miles of the property.

CVS Pharmacy has eight remaining on their lease, which expires July 23, 2027, and features five 5-year renewal option periods. CVS Pharmacy is the nation’s drugstore chain and total prescription revenue and operates 9,800+ locations in 49 states, the District of Columbia, Puerto Rico and Brazil. CVS Pharmacy is an investment grade rated company (S&P: BBB+) and publicly traded on the New York Stock Exchange using symbol “CVS”.

NET LEASE INVESTMENT OFFERING INVESTMENT HIGHLIGHTS

INVESTMENT • Located within the Miami–Fort Lauderdale–West Palm Beach MSA HIGHLIGHTS: • Absolute NNN • Investment grade rated tenant (S&P: BBB+) • Located at the corner of a signalized intersection along South Military Trail (42,473 VPD) and is immediately off of Highway 98 (64,780 VPD) • Positioned in a dominant retail corridor with Publix, Walmart Supercenter, Chase, TD Bank and 7-Eleven • Just west of Interstate 95 (218,465 VPD) and south of Palm Beach International Airport • Located in close proximity to the Trump International Golf Club West Palm Beach • Drive-thru pharmacy • Dense in-fill location • Over 320,000 people living within five miles of the property

NET LEASE INVESTMENT OFFERING PROPERTY OVERVIEW

PROPERTY Price: $5,191,567 OVERVIEW: Cap Rate: 6.00%

Net Operating Income: $311,494

Lease Expiration Date: July 23, 2027

Renewal Options: Five 5-Year

Rental Escalations: 5% in each option

Guaranty: CVS Health Corporation

Credit Rating: BBB+ (Standard & Poor’s)

Year Built: 2002

Lease Type: Absolute NNN

Rentable Square Feet 12,739 SF

Lot Size: 1.76 AC

NET LEASE INVESTMENT OFFERING PHOTOGRAPHS

NET LEASE INVESTMENT OFFERING AERIAL

NET LEASE INVESTMENT OFFERING SITE PLAN

NET LEASE INVESTMENT OFFERING MAP

Lake Michigan DEMOGRAPHIC REPORT

DEMOGRAPHIC Population 1-Mile 3-Mile 5-Mile REPORT: Total Population 13,259 128,393 321,552 Total Households 4,461 44,710 123,505

Income 1-Mile 3-Mile 5-Mile

Average Household Income $52,445 $55,201 $62,363

NET LEASE INVESTMENT OFFERING MARKET OVERVIEW

MARKET West Palm Beach, FL OVERVIEW: West Palm Beach is a city in and the seat of Palm Beach County, Florida, . It is located immediately to the west of the adjacent Palm Beach, which is situated on a barrier island across the Lake Worth Lagoon. The population was 99,919 at the 2010 census. West Palm Beach is a of the , which was home to an estimated 6,158,824 people in 2017. West Palm Beach is located approximately 68 miles north of Downtown Miami.

Miami–Fort Lauderdale–West Palm Beach MSA The Miami metropolitan area, also known as the Greater Miami Area or , is the 73rd largest metropolitan area in the world and the seventh-largest metropolitan area in the United States. Located in southern Florida with 6,198,782 inhabitants as of 2018, the Miami metropolitan area is the most populous in Florida and second largest in the southeastern United States. It extends about 120 miles from north to south.

The metropolitan area is defined by the Office of Management and Budget as the Miami–Fort Lauderdale–West Palm Beach, FL (MSA), consisting of Miami-Dade, Broward, and Palm Beach counties, a metropolitan statistical area used for statistical purposes by the United States Census Bureau and other agencies. Its land area is 6,137 sq. mi.

Miami-Dade, Broward, and Palm Beach counties are the first, second, and third most populous counties in Florida, and Miami-Dade, with 2,751,796 people in 2017, is the seventh most populous county in the United States. The three counties together have principal cities including Miami, Fort Lauderdale, Pompano Beach, West Palm Beach, and Boca Raton. Besides its association with the South Florida region, is also partially synonymous with an area known collectively as the “”.

NET LEASE INVESTMENT OFFERING TENANT OVERVIEW

TENANT CVS Pharmacy OVERVIEW: CVS Pharmacy is engaged in the retail drugstore business. The Company operates 9,800+ locations in 49 states, the District of Columbia, Puerto Rico and Brazil. CVS Pharmacy is the nation’s drugstore chain and total prescription revenue. As a retail division of CVS Caremark, CVS Pharmacy 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 Pharmacy 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.

CVS Pharmacy is a publicly traded company on the New York Stock Exchange (Symbol: CVS) with a market capitalization in excess of $69 billion. CVS is an investment grade rated tenant with a Standard & Poor’s rating of BBB+.

Website: www.cvs.com Founded: 1963 Number of Locations: 9,800+ Number of Employees: 240,000+ Stock Symbol: CVS (New York Stock Exchange) Standard & Poor’s Rating: Investment Grade: BBB+ Headquarters: Woonsocket, Rhode Island

NET LEASE INVESTMENT OFFERING Jimmy Goodman Partner 847.562.8500 [email protected]

Brad Van Hull Van Hull Commercial 970.690.0454 [email protected]

3520 Lake Avenue, Suite 203 Wilmette, IL 60091

www.bouldergroup.com