DOCSLIB.ORG

CVS Distribution Center $22,875,000

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
CVS Distribution Center $22,875,000 The Kase Group CVS Distribution Center 43800 Gen Mar Novi, MI 48375 $22,875,000 22 Yr Absolute Bond Net Lease with 16+ Yrs Left Zero Landlord Responsibilities Investment Grade Credit Tenant S&P Rated BBB+ Credit - NYSE: CVS Presented By: Kase Abusharkh Brian Gordon 252 Abigail Circle Danville, CA 94506 (925)348-1844 The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness. Table of Contents 1 Financial Analysis Executive Summary Investment Information Rent Roll Summary 2 Tenant Overview 3 Additional Information Pictures The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness. 1 . Financial Analysis Executive Summary CVS Distribution Center 43800 Gen Mar Novi, MI 48375 List Price $22,875,000 Price per S.F. $52.09 CAP 6.15 % Building S.F. 439,150 Land Acres 22.32 CVS Distribution Center Cross Street Novi Drive Tax Parcel Number 22-22-276-008 Market Detroit MSA Sub Market Oakland County Year Built 1987 Year Renovated 1996 No. of Buildings 2 HVAC Yes Freeway Access Yes Rail Access Yes Airport Access Yes No. of Stories 1 Property Descriptions Area Novi, Michigan is located in southeastern Michigan in Oakland County, and just 25 minutes from downtown Detroit. Novi is one of the fastest-growing cities in Michigan. The construction of Twelve Oaks Mall in the 1970s made the city a major shopping destination in the Detroit metropolitan area and is often credited with ushering in an era of growth that continues to this day. This growth has led to substantial increases in the city's population, as well as commercial and industrial developments in the city. Novi is well-connected to highway, rail and air transportation. Major highways including I-96, 275, 696 and the newer M-5 are all accessible. Novi is a rail hub connecting Detroit to many mid-west destinations. Detroit's Metropolitan Airport and Oakland County International are both in close proximity. Construction There are 2 buildings, the first was built in 1987 and the second in 1996. Property This is an opportunity to purchase the fee simple interest in this 439,150+/- square-foot regional distribution center sitting on a 22+ acres site leased to CVS Corporation. The long-term bond net lease requires absolutely zero landlord responsibilities. There are successive lease renewal options. The property is being offered free and clear of existing debt. Parking There is abundant on-site parking on this 22+ acre site for both cars and semi trucks with in and out-bound shipments. The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness. Major Tenants CVS Corporation (NYSE: CVS) signed a Bond Net Lease with an initial term of 22 years commencing on September 20, 2001 and expiring on January 31, 2024. CVS has been in operation for over 40 years. There are about 6,200 stores in 43 states, 14 distribution centers (including the subject property), regional business offices, and a Store Support Center in Woonsocket, RI which is also the site of CVS corporate headquarters. The CVS Corporation is well positioned to continue that growth and introduce quality service to a diverse group of new customers in communities and neighborhoods across the country. The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness. Investment Information CVS Distribution Center 43800 Gen Mar Novi, MI 48375 Listing Price $22,875,000 Building S.F. 439,150 Actual CAP 6.15 % Land Acres 22.32 Price Per S.F. $52.09 Estimated Annualized Operating Data Actual Net Operating Income $1,406,571 Highlights 22 Yr Absolute Bond Net Lease with 16+ Yrs Left Zero Landlord Responsibilities Investment Grade Credit Tenant S&P Rated BBB+ Credit - NYSE: CVS The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness. www.svn.com Rent Roll Summary Tenant Name Start Date End Date Occupied Annual Occupied % of Escalations / Options / Comments S.F. Rent S.F. Rent Total CVS Corporation 9/20/2001 1/31/2024 439,150 $3.20 $1,406,571 100.0 % Lessee has a right of first refusal during the option periods only. Rent is flat through initial lease term. There are ten (5) year options to renew, except 2nd option which is 4 yrs and one month. Annual rent for first two option periods (2/1/2024-2/28/2033) is $1,265,913. Rent is flat through all of the option periods. The next eight renewal options have terms of five years each and fixed annual rent of $1,265,913 as long as building satisfies 80% economic life test and 20% fair market value test. Total 439,150 $1,406,571 100.0 % The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness. 2 . Tenant Overview FINANCIAL HIGHLIGHTS Fiscal Year WOONSOCKET, RI - March 22, 2007 CVS Fiscal Year Ends: 30-Dec Corporation and Caremark Rx, Inc. today Most Recent Quarter (mrq): 30-Dec-06 announced that they have formally closed their transformative merger of equals, creating the Profitability Profit Margin (ttm): 3.12% nation's premier integrated pharmacy services Operating Margin (ttm): 5.57% provider. The combined company, renamed CVS/Caremark Corporation (NYSE: CVS) Management Effectiveness Return on Assets (ttm): 8.76% unifies the nation's largest pharmacy chain with Return on Equity (ttm): 15.00% a leading pharmaceutical services company, Income Statement creating the opportunity to deliver unique Revenue (ttm): 43.81B products and services that will help manage Revenue Per Share (ttm): 53.392 costs for employers and improve access and choice for consumers. Qtrly Revenue Growth (yoy): 24.00% Gross Profit (ttm): 11.94B EBITDA (ttm): 3.24B The combined company will trade on the New Net Income Avl to Common (ttm): 1.36B York Stock Exchange under the symbol Diluted EPS (ttm): 1.6 "CVS." Qtrly Earnings Growth (yoy): 2.70% xxxxx CVS/Caremark is the nation's premier integrated pharmacy services provider, combining one of the nation's leading pharmaceutical services companies with the country's largest pharmacy chain. The company fills or manages more than one billion prescriptions per year, more than any other pharmacy services provider. CVS/Caremark drives value for pharmacy services customers by effectively managing pharmaceutical costs and improving healthcare outcomes through its 6,200 CVS/pharmacy stores; its pharmacy benefit management, mail order and specialty pharmacy division, Caremark Pharmacy Services; its retail-based health clinic subsidiary, MinuteClinic; and its online pharmacy, CVS.com. The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness. Company Growth Some highlights of the growth of CVS Corporation: 2006: CVS acquires 700 stand-alone Sav-On and Osco drugstores from Albertsons, making CVS/pharmacy #1 in fast-growing Southern California and enhancing its presence in key Midwest markets. 2005: CVS/pharmacy ends the year as the largest pharmacy retailer in America, with more than 5,400 locations in 34 states and Washington D.C. CVS/pharmacy serves more than 400 million customers. 2004: CVS completes its acquisition of 1,268 Eckerd Stores and Eckerd Health Services, Eckerd’s PBM/Mail-order pharmacy business, increasing its store count to more than 5,000 locations and becoming America’s leading pharmacy retailer. CVS/pharmacy announces entry into California. CVS ProCare becomes part of PharmaCare. 2003: CVS celebrates its 40th anniversary, and announces its planned entry into the Minneapolis / St. Paul, Minn. Market. The company’s Extra Care loyalty card program ends the year with more than 44 million cardholders. 2002: CVS continues to grow, announcing its plans to enter the Texas market with stores targeted for high-population-growth markets such as Dallas and Houston. Also in the plans — the company’s first locations in Phoenix and Las Vegas. 2001: CVS/pharmacy introduces the ExtraCare Card, becoming the first national pharmacy retailer to launch a loyalty card program. CVS records annual sales exceeding $22 billion, and continues to expand into diverse, high-growth markets in Central and South Florida. 2000: CVS announces plans to enter the Chicago market and continue expansion in Florida with stores slated for Fort Lauderdale and Orlando. The company acquires Stadtlander pharmacy, making CVS ProCare the largest specialty pharmacy in the U.S. at the time. 1999: Tom Ryan is named chairman of CVS Corporation, succeeding company co- founder Stanley Goldstein. The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness. The company announces its intentions to enter Florida, with stores initially planned for the Tampa market. CVS/pharmacy launches CVS.com, the first fully integrated online pharmacy in the U.S. 1998: CVS acquires 200 stores from Arbor Drugs of Michigan to bring its store total to 4,100 across 24 states. The transaction gives our company its first stores in Michigan and the instant lead in the highly competitive Detroit market. In addition, the deal gives CVS/pharmacy a 450,000-square-foot distribution center in Novi, Mich. 1997: CVS completes its acquisition of more than 2,500 stores from Revco — the largest acquisition in the history of the U.S. retail pharmacy industry. The acquisition of Revco gives CVS key drugstore locations primarily in the Midwest and Southeast. CVS ProCare is established as a specialty pharmacy subsidiary of CVS.
Load more

Recommended publications
  • Joint Proxy Statement of CVS Corporation and Caremark Rx, Inc
    MERGER PROPOSED YOUR VOTE IS VERY IMPORTANT The boards of directors of CVS Corporation and Caremark Rx, Inc. have each approved a merger agreement which provides for the combination of the two companies in a transaction structured as a merger of equals. The boards of directors of CVS and Caremark believe that the combination of the two companies will be able to create substantially more long-term stockholder value than either company could individually achieve. Following the completion of the merger, Caremark will be a wholly owned subsidiary of CVS and Caremark stockholders will own approximately 45.5% of the outstanding common stock of the combined company and CVS stockholders will own approximately 54.5% of the outstanding common stock of the combined company, in each case, on a fully diluted basis. CVS Corporation is referred to as CVS and Caremark Rx, Inc. is referred to as Caremark. The combined company will be named CVS/Caremark Corporation and the shares of the combined company will be traded on the New York Stock Exchange, or the NYSE, under the symbol CVS . If the merger is completed, Caremark s stockholders will receive 1.670 shares of common stock of CVS/Caremark, for each share of Caremark common stock that they own immediately before the effective time of the merger. Caremark stockholders will receive cash for any fractional shares which they would otherwise receive in the merger. Caremark stockholders will also receive a one-time special cash dividend in the amount of $2.00 per share of Caremark common stock held by each such holder on a record date to be set by the Caremark board of directors, which dividend will be conditioned on the completion of the merger and will be paid at or immediately following the effective time of the merger.
    [Show full text]
  • INDEX Rx IPSA LOQUITUR Case-Of-The-Month Vol. 1, No. 4
    INDEX Rx IPSA LOQUITUR Case-of-the-Month Vol. 1, No. 4 (12/74) Mahaffey v. Sandoz Duty to warn Vol. 2, No. 2 ( 2/75) Heling v. Carey Standard of care Vol. 2, No. 3 ( 3/75) Nelson v. Stadner Standard of care Vol. 2, No. 4 ( 4/75) Crocker v. Winthrop Manufacturer’s Liability Vol. 2, No. 6 ( 6/75) Tonneson v. Paul B. Elder Company Duty to warn Vol. 2, No. 10 (10/75) Shirley Terry v. California Board of Price advertising Pharmacy Vol. 2, No. 11 (11/75) Dobson v. Mulcare Expert testimony Vol. 2, No. 12 (12/75) Mississippi State Board of Price advertising Pharmacy v. Steele and Schub Vol. 3, No. 2 ( 2/76) State Board of Medical Examiners v. Chiropractors Olson Vol. 3, No. 4 ( 4/76) U.S. v. Moore Controlled Substances Vol. 3, No. 5 ( 5/76) Rutherford v. U.S. Laetrile Vol. 3, No. 6 ( 6/76) Davis v. Wyeth Labs Swine Flu Vaccine Vol. 3, No. 7 ( 7/76) Virginia State Board of Pharmacy v. Price advertising Virginia Citizens Consumer Council Vol. 3, No. 8 ( 8/76) Romanyk v. Longs Drug Stores Labeling Error Vol. 3, No. 9 ( 9/76) Anonymous Poison Prevention Packing Act Vol. 3, No. 11 (11/76) Texas State Board of Pharmacy v. Price advertising Gibson’s Discount Center Vol. 3, No. 12 (12/76) Davis v. Katz & Besthoff Contributory Negligence Vol. 4, No. 1 ( 1/77) Wilson v. City of Walla Walla and False arrest Payless Drug Stores Vol. 4, No. 2 ( 2/77) Population Services International v.
    [Show full text]
  • The Power Of
    A DSN SPECIAL REPORT n 2012, DSN presented an in-depth report on CVS Caremark’s integrated pharmacy business model — part big retail pharmacy chain, part big PBM, part big retail clinic operator — and the innova- tive products and solutions that were coming out of the organization, particularly where the three parts of Ithe business came together, its “integration sweet spots,” as company executives referred to them. It was clear at the time that the company had emerged as a “category of one,” which was the cover theme of that special issue. Now, a year later, as the company completes its 50th year in business and the country awaits a period of change in health care unlike anything seen in at least that time, CVS Caremark executives are quite confident that its unique hybrid structure and its ability to leverage the three core parts of its business — either individually or together, in varying combinations to serve a multitude of needs — aligns more effectively with the long-term trends in health care and puts the company in a unique position at a singular moment in history. In an exclusive interview with DSN, CVS Caremark president and CEO Larry Merlo talked about what that means, why it’s important to both public and private pay- ers of all sizes, health plans, patients and providers, as well as how the company is using behavioral economics and predictive analytics to more effectively engage clients and customers and how they are building new clinical capabilities to address the new models of care, new cus- tomers and new quality standards that will guide the new payment models that will emerge through health reform.
    [Show full text]
  • AAI Filed Tunney Act Comments
    December 17, 2018 Peter Mucchetti Chief, Healthcare and Consumer Products Section Antitrust Division Department of Justice 450 Fifth Street NW, Suite 4100 WashinGton, DC 20530 Re: United States v. CVS Health Corp., No. 1:18-cv-02340, Comments of the American Antitrust Institute Dear Mr. Mucchetti: The American Antitrust Institute (AAI) is an independent nonprofit organization devoted to promotinG competition that protects consumers, businesses, and society. It serves the public throuGh research, education, and advocacy on the benefits of competition and the use of antitrust enforcement as a vital component of national and international competition policy. See http://www.antitrustinstitute.org.1 AAI submits these comments pursuant to the Antitrust Procedures and Penalties Act, 15 U.S.C. § 16 (“APPA” or the “Tunney Act”), to object to the settlement in this case. AAI respectfully submits that the settlement does not resolve the competitive problems raised by the combination of CVS and Aetna because it does not address the vertical concerns raised by the transaction, which AAI set forth in a March 26, 2018 letter to the Antitrust Division (hereinafter “AAI Letter”). The AAI Letter is enclosed for further consideration by the Antitrust Division and consideration by the Court durinG the course of its Tunney Act review. AAI requests that the Antitrust Division withdraw and revise the consent aGreement to address the vertical concerns raised by the transaction. BarrinG withdrawal, AAI requests in the alternative that the Antitrust Division publicly explain the basis for its apparent conclusion that a vertical remedy is unnecessary to prevent the multiplicity of anticompetitive harms raised in the AAI Letter and to preserve competition in the market for the sale of individual Medicare Part D prescription druG plans (“individual PDPs”), which is the focus of the complaint.
    [Show full text]
  • Highlights from the 12Th CEO/Innovators Roundtable May 18-19, 2017 Boston, Massachusetts
    Highlights from the 12th CEO/Innovators Roundtable May 18-19, 2017 Boston, Massachusetts By David G Anderson, PhD, Barbara Anderman, MA, and Larry Vernaglia, JD, MPH Table of Contents Introduction .................................................................................................................................................................3 Leveraging Culture to Propel Innovation ....................................................................................................................4 Innovative Responses to Payment Reform ..................................................................................................................6 Designing Health Care for the Consumer ....................................................................................................................8 Artificial Intelligence. How is it Being Leveraged Within Health Care? ................................................................... 10 Case Studies in Transformation: Success Stories .......................................................................................................12 2 Introduction Designed to bring together the most dynamic minds in health care, consumer empowerment, clinical integration, and many care, the CEO/Innovators Roundtable serves as an open and other innovations are still very much “in process.” robust forum to debate the latest challenges and opportunities The two days of the roundtable were divided into five panels, facing the industry. Over two days, health system and health each
    [Show full text]
  • October/November 2014 Mergers and Acquisitions in U.S. Retail Pharmacy
    October/November 2014 Mergers and Acquisitions in U.S. Retail Pharmacy PengCheng Zhu, Ph.D., CFA Assistant Professor of Finance School of Business Administration University of San Diego Peter E. Hilsenrath, Ph.D. Joseph M. Long Chair in Healthcare Management and Professor of Economics Eberhardt School of Business Thomas J. Long School of Pharmacy & Health Sciences University of the Pacific Journal of Health Care Finance www.HealthFinanceJournal.com Mergers and Acquisitions in U.S. Retail Pharmacy Abstract The retail pharmacy industry is the primary source of prescription medication for Americans. It has transformed away from a cottage industry of independent pharmacies and consolidated toward chain drug stores and mail order. This trend, its causes and consequences, are not fully understood. We use secondary data to study a sample of 87 large acquisitions in the industry. Findings indicate that in spite of rapid growth, profitability eroded. Stock investors respond positively to merger and acquisition announcements for both acquiring and acquired firms and negatively for rival firms not party to such transactions. We also show that the concentration of the retail pharmacy industry is negatively correlated with producer prices and positively correlated with profitability. Our findings are consistent with a view that retail pharmacies are merging to create countervailing power for bargaining leverage with other parties in the supply chain. The capital market perceives these mergers positively and shareholders benefit from these transactions. 2 I. INTRODUCTION There has been considerable scholarly interest in the pharmaceutical industry with focus on relatively high prices and profit margins as well as mergers and acquisitions (M&A’s) (Berndt, 2002; Danzon et al., 2012).
    [Show full text]
  • CVS Aetna AAI Letter
    March 26, 2018 Mr. Makan Delrahim Assistant Attorney General Antitrust Division U.S. Department of Justice 950 Pennsylvania Ave. NW Washington, DC 20530 Re: Competitive and Consumer Concerns Raised by the CVS-Aetna Merger Dear Assistant Attorney General Delrahim: The American Antitrust Institute (AAI) has long advocated for competition and consumers in healthcare, including the pharmaceutical, hospital, health insurance, and intermediary (i.e., group purchasing organization and pharmacy benefit manager (PBM)) sectors.1 AAI writes to express concern that the proposed merger of the retail pharmacy chain/PBM CVS Health and health insurer Aetna will potentially harm competition and consumers. This letter adds to the concerns raised by other important voices, including the American Medical Association (AMA) and Consumers Union.2 We note that at the time of this writing, the parallel merger of the PBM Express Scripts and health insurer Cigna was recently announced. We provide some additional analysis of the competitive implications of both mergers and the resulting restructuring of key segments of the health care industry that they would bring about. I. Overview CVS-Aetna would pair up the largest retail pharmacy chain and one of the two largest PBMs with the 3rd largest health insurer in the U.S.3 The proposed merger raises a number of questions for 1 The AAI is an independent non-profit education, research and advocacy organization. Its mission is to advance the role of competition in the economy, protect consumers, and sustain the vitality of the antitrust laws. For more information, see www.antitrustinstitute.org. Many thanks to David Balto for help in reviewing an earlier draft, Bill Comanor for important insight, and to AAI research Fellow Mark Angland for valuable research assistance.
    [Show full text]
  • Schedule B 8 Employment Verification Fees
    Employer Name Alternate Name City State Fee 1St Tennessee And 1St Horizon Memphis TN 1998 $9.00 3Com $10.00 3M Corporation St. Paul MN $9.00 7-Up $10.00 711 $10.00 76 Products Unocal 1998 $9.00 A&W Yorkshire Global Restaurants $9.00 AAA Auto Blug Roup $9.00 AAFES $9.00 AAFIS $9.00 Abbott Laboratories $9.00 Abercroman Fitch $9.00 Abn Amro - North America Chicago IL 1996 $9.00 Acapulco Acquisition Corp $10.00 Accor $15.00 Accredo Health Service $9.00 Ace Cash Express $10.00 Acme Steel $9.00 Adecco "Tad Technical" San Francisco CA $9.00 Adecco Employment Services $9.00 Adecco -Olsten $9.00 ADM Milling Inc $9.00 Admiral Trucking Dow Chemical Co. 1991 $9.00 Adt Security Services, Inc. Aurora CO $9.00 Advance Auto Parts Roanoke VA $9.00 Advanced Micro Devices Sunnyvale CA 1998 $9.00 Advanced Pcs Inc $10.00 Advanced Sterilization Products Johnson & Johnson 1994 $9.00 Advanta Horsham PA 1998 $9.00 Advest, Inc. $10.00 Advocate Health Care Oakbrook IL 1991 $9.00 Advocate Medical Group Advocate Health Care 1991 $9.00 Aero Products Litton Aero Products 1991 $9.00 Aetna Hartford CT 1990 $9.00 Afc/ Churches EVS $15.00 Afsa Data Corporation FleetBoston 1994 $9.00 After Thoughts Foot Locker 1997 $9.00 Aga Gas $9.00 Agilent Tech $9.00 Agl Resources, Inc $9.00 Agouron Puerto Rico $9.00 Agricultural Marketing Service State of California $9.00 Ahold Financial Services Ahold $9.00 Aimco (Authorization Required For All Levels) $9.00 Air Force (Civilian Employees) $9.00 Airborne Express Seattle WA 1985 $9.00 Revised January 1, 2004 1 of 40 Employer Name Alternate Name City State Fee Ajilon $9.00 Ajs Supermarket Llc $9.00 Akn Ncs $9.00 Akron City Hospital Summa Health Systems 1996 $9.00 Akron General Medical Center Akron OH 1996 $9.00 Alabama Power $9.00 Albertsons $9.00 Alcoa, Inc.
    [Show full text]
  • CVS Pharmacy - Wikipedia, the Free Encyclopedia CVS Pharmacy from Wikipedia, the Free Encyclopedia
    4/2/2016 CVS Pharmacy - Wikipedia, the free encyclopedia CVS Pharmacy From Wikipedia, the free encyclopedia CVS Pharmacy (styled as CVS/pharmacy or simply CVS) is an American pharmacy retailer and currently CVS Pharmacy stands as the second largest pharmacy chain, after Walgreens, in the United States,[1] with more than 7,600 stores,[2] and is the second largest US pharmacy based on total prescription revenue.[3] As the retail pharmacy division of CVS Health, it ranks as the 12th largest company in the world according to Fortune 500 in 2014.[4] CVS Pharmacy's leading competitor Walgreens ranked 37th. CVS sells prescription drugs and a wide assortment of A newer CVS Pharmacy storefront in St. Louis, general merchandise, including over-the-counter drugs, Missouri beauty products and cosmetics, film and photo finishing services, seasonal merchandise, greeting cards, and Formerly Consumer Value Stores (1963- convenience foods through their CVS Pharmacy and called 1996) Longs Drugs retail stores and online through CVS.com. It Type Subsidiary also provides healthcare services through its more than Industry Retail 1,000 MinuteClinic medical clinics [5] as well as their Founded May 8, 1963 Diabetes Care Centers. Most of these clinics are located Lowell, Massachusetts, U.S. within CVS stores. Founders Stanley Goldstein CVS is incorporated in Delaware, and is based in Sidney Goldstein Ralph Hoagland Woonsocket, Rhode Island.[6] As of 2008, CVS Caremark Headquarters 1 CVS Drive, Woonsocket, Rhode was the largest for-profit employer in Rhode Island.[6] It Island, United States was founded on Merrimack Street in Lowell, Massachusetts, in 1963, under the name Consumer Value Number of 7,600 stores (2014 estimate) locations Store.[7] It was founded by Sid Goldstein, Stanley Area served Nationwide Goldstein, and Ralph Hoagland, as a discount health and beauty aid store.
    [Show full text]
  • Latest Developments on Merger Enforcement
    Latest Developments on Merger Enforcement Presented by Ronan P. Harty, Davis Polk Howard Shelanski, Davis Polk Jesse Solomon, Davis Polk Mary T. Coleman, Compass Lexecon December 13, 2018 Davis Polk & Wardwell LLP CLE CREDIT AVAILABLE Agenda 1. Recent Trends in Antitrust M&A in the U.S. 2. Vertical Merger Enforcement & The Planned Guidelines 3. Recent Developments Regarding Merger Remedies 4. FTC Hearings on Competition and Consumer Protection & The Rise of Populist Antitrust 5. Implications of Change of Control in U.S. House on Antitrust M&A 6. International Developments 1 Presented by Ronan P. Harty Howard Shelanski Jesse Solomon Mary T. Coleman 2 Recent Trends in Antitrust M&A in the U.S. Antitrust Merger Enforcement in the Trump Administration 4 Antitrust Merger Enforcement Transactions reported 1,450 1,429 1,326 1,663 1,801 1,832 2,052 under the HSR Act (FY) In FY 2018, 2,110 transactions were reported under the HSR Act. The number of Second Requests issued during the year has not yet been publicly reported. 5 Antitrust Merger Enforcement (cont.) Total Outcomes 28 28 22 28 37 33 27 13 6 Recent Trends . Aggressive enforcement and willingness to challenge deals under the Trump Administration . E.g., Walgreens/RiteAid, DraftKings/FanDuel, AT&T/Time Warner . Including consummated mergers . E.g., Otto Bock/FIH, TransDigm/Takata . Parker-Hannifin/CLARCOR: parties cleared HSR but DOJ subsequently opened an investigation in response to customer complaints and required a divestiture . Focus on innovation competition at both agencies, even before the Trump Administration . FTC: e.g., Nielsen/Arbitron; Verisk Analytics/EagleView; Steris/Synergy .
    [Show full text]
  • American Antitrust Institute
    AMERICAN ANTITRUST INSTITUTE D ecember 17, 2018 Peter Mucchetti Chief, Healthcare and Consumer Products Section Antitrnst Division D epartment of Justice 450 Fifth Street NW, Suite 4100 Washington, D C 20530 Re: United States v. CVS H ealth Corp., N o. 1:18-cv-02340, Comments of the American Antitrust Institute D ear Mr. Mucchetti: The American Antitrust Institute (AAI) is an independent nonprofit organization devoted to promoting competition that protects consumers, businesses, and society. It serves the public through research., education, and advocacy on the benefits of competition and the use of antitrust enforcement as a vital component of national and international competition policy. See http:/ / www.antitrustinstitute.org.1 AAI submits these comments pursuant to the Antitrust Procedures and Penalties Act, 15 .S.C. § 16 ("APPA" or the ''Tunney Act''), to object to the settlement in this case. AAI respectfully submits that the settlement does not resolve the competitive problems raised by the combination of CVS and Aetna because it does not address the vertical concerns raised by the transaction, which AAI set forth in a March 26, 2018 letter to the Antitrust Division (hereinafter "AAI Letter"). The AAI Letter is enclosed for further consideration by the Antitrust Division and consideration by the Court during the course of its Tunney Act review. AAI requests that the Antitrust Division withdraw and revise the consent agreement to address the vertical concerns raised by the transaction. Barring withdrawal, AAI requests in the alternative that the Antitrust Division publicly explain the basis for its apparent conclusion that a vertical remedy is unnecessary to prevent the multiplicity of anticompetitive harms raised in the AAI Letter and to preserve competition in the market for the sale of individual Medicare Part D prescription drug plans ("individual PD Ps"), which is the focus of the complaint.
    [Show full text]
  • CVS Distribution Center 500 Lansdowne Road Fredericksburg, VA 22408
    www.TheKaseGroup.com CVS Distribution Center 500 Lansdowne Road Fredericksburg, VA 22408 $25,800,000 Long Term Absolute Bond Net Lease Zero Landlord Responsibilities Investment Grade Credit | S&P Rating of BBB+ Washington D.C. Metropolitan Area Presented By: Kase Abusharkh 252 Abigail Circle Danville, CA 94506 (925)348-1844 The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness. Table of Contents 1 Financial Analysis 2 Tenant Corporate Stock Information 3 Tenant Corporate Growth Summary 4 Area Demographics Summary 5 Additional Site Information 6 Property Photos The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness. 1 . Financial Analysis Executive Summary CVS Distribution Center 500 Lansdowne Road Fredericksburg, VA 22408 List Price $25,800,000 Price per S.F. $52.88 CAP 6.01 % Building S.F. 487,897 No. of Dock High Doors 65 Land Acres 39.40 CVS Distribution Center Cross Street Shannon Drive Tax Parcel Number 024-A-00-102A Market Washington D.C. MSA Sub Market Spotsylvania County Year Built 1985 Year Renovated 1995 Roof Type Standing Seam Roof Zoning Type Commercial No. of Buildings 1 Percent Office Space 3.00 % Mezzanine Yes HVAC Yes Freeway Access Yes Rail Access Yes Airport Access Yes No. of Stories 1 Clear Height 39 Feet Sprinkler Type Wet Pipe ESFR Property Descriptions Area The property is located immediately south of the City of Fredericksburg in Spotsylvania County. Spotsylvania is one of Virginia's fastest-growing counties, largely because of its location along Interstate 95, midway between the United States capital of Washington D.C.
    [Show full text]