NET LEASE INVESTMENT OFFERING CVS PHARMACY Mobile, Alabama 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 SUMMARY: in Mobile, Alabama. The property is positioned at the signalized intersection of a three-way juncture along the primary thoroughfare in the area. The CVS Pharmacy features a drive-thru and has excellent visibility. CVS Pharmacy has successfully operated at this location since 2000 and has three years remaining on their primary lease term. The absolute triple net lease features ten 5-year renewal option periods. CVS Pharmacy is an investment grade rated company (S&P: BBB+) and publicly traded on the New York Stock Exchange using symbol “CVS”. The 10,195 square foot building is located on the three-way signalized intersection with traffic counts in excess of 31,800 vehicles per day. Retailers in the immediate area include McDonald’s, Piggly Wiggly, PNC Bank, Advance Auto Parts, Dollar General and Family Dollar. The property is also located within close proximity to multiple residential communities, local businesses and schools. LeFlore Magnet High School, a historic performing arts high school enrolling over 950 students, is located one-quarter mile from the property. There are over 57,000 people living within a three mile radius of the property. CVS Pharmacy has three years remaining on their lease which expires January 31, 2023 and features ten 5- year renewal option periods. CVS Pharmacy is the nation’s second-largest drugstore chain operating more than 9,700 locations in 49 states, the District of Columbia, Puerto Rico and Brazil. NET LEASE INVESTMENT OFFERING INVESTMENT HIGHLIGHTS INVESTMENT • Investment grade rated tenant (S&P: BBB+) HIGHLIGHTS: • Triple net lease with no landlord responsibilities • Ten 5-year renewal options • Long operating history at this location (Since 2000) • Drive-thru pharmacy • Excellent visibility and convenient access • Positioned at the corner of a three-way signalized intersection (31,800 VPD) • Retailers in the immediate area include McDonald’s, Piggly Wiggly, PNC Bank and Advance Auto Parts • Over 57,000 people living within a three mile radius of the property NET LEASE INVESTMENT OFFERING PROPERTY OVERVIEW PROPERTY Price: $4,177,833 OVERVIEW: Cap Rate: 7.20% Net Operating Income: $300,804 Renewal Options: Ten 5-Year at $270,732 Lease Commencement Date: December 22, 2000 Lease Expiration Date: January 31, 2023 Guaranty: CVS Health Corporation (Corporate) Credit Rating: BBB+ (Standard & Poor’s) Year Built: 2000 Lease Type: Absolute Triple Net – No Landlord Responsibility Parking: 68 Spaces Rentable Square Feet 10,195 SF Lot Size: 2.17 Acres Property Address: 2280 Dr. Martin L King Jr. Avenue, Mobile, AL 36617 NET LEASE INVESTMENT OFFERING PHOTOGRAPHS NET LEASE INVESTMENT OFFERING AERIAL NET LEASE INVESTMENT OFFERING SITE PLAN NET LEASE INVESTMENT OFFERING MAP Mobile Downtown Airport NET LEASE INVESTMENT OFFERING DEMOGRAPHIC REPORT DEMOGRAPHIC Population 3-Mile 5-Mile 7-Mile REPORT: Total Population 57,076 117,386 174,880 Total Households 23,239 46,394 68,961 Income 3-Mile 5-Mile 7-Mile Average Household Income $45,316 $49,250 $53,713 NET LEASE INVESTMENT OFFERING MARKET OVERVIEW MARKET Mobile, Alabama OVERVIEW: Mobile is the county seat of Mobile County, Alabama with a population of over 195,000 people. It is the third most populous city in Alabama, the most populous in Mobile County and the largest municipality on the Gulf Coast between New Orleans, Louisiana and St. Petersburg, Florida. Alabama’s only saltwater port, Mobile is located at the head of the Mobile Bay and the north-central Gulf Coast. The Port of Mobile has always played a key role in the economic health of the city beginning as a key trading center between the French and Native Americans to its current role as the 12th-largest port in the United States. Mobile is the principal municipality of the Mobile metropolitan area. This region of over 413,000 residents is composed solely of Mobile County; it is the third-largest metropolitan statistical area in the state. Mobile is the largest city in the Mobile-Daphne-Fairhope CSA, with a total population of over 605,000, the second largest in the state. Mobile began as the first capital of colonial French Louisiana in 1702. During its first 100 years, Mobile was a colony of France, then Britain, and lastly Spain. Mobile first became a part of the United States of America in 1813, with the annexation of West Florida under President James Madison. In 1861, Alabama joined the Confederate States of America, surrendering in 1865 to join the United States. Mobile serves the central Gulf Coast as a regional center for medicine, with over 850 physicians and 175 dentists. There are four major medical centers within the city limits. Aerospace, steel, ship building, retail, services, construction, medicine and manufacturing are Mobile’s major industries. As one of the Gulf Coast’s cultural centers, Mobile has several art museums, a symphony orchestra, a professional opera, a professional ballet company and a large concentration of historic architecture. Mobile is known for having the oldest organized Carnival or Mardi Gras celebrations in the United States. Its French Catholic colonial settlers celebrated this from the first decade of the 18th century. Beginning in 1830, Mobile was host to the first formally organized Carnival Mystic Society, known elsewhere as a krewe, to celebrate with a parade in the United States. www.cityofmobile.org | www.mobile.org NET LEASE INVESTMENT OFFERING TENANT OVERVIEW TENANT CVS Pharmacy OVERVIEW: CVS Pharmacy is engaged in the retail drugstore business. The Company operates 9,700 locations in 49 states, the District of Columbia, Puerto Rico and Brazil. CVS Pharmacy is the nation’s second-largest drugstore chain and the third-largest pharmacy benefits manager. 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 $75 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: 9,700+ Number of Employees: 130,000+ Stock Symbol: CVS (New York Stock Exchange) Standard & Poor’s Rating: Investment Grade: BBB+ Headquarters: Woonsocket, Rhode Island NET LEASE INVESTMENT OFFERING Randy Blankstein President 847.562.0003 [email protected] Jimmy Goodman Partner 847.562.8500 [email protected] 666 Dundee Road, Suite 1801 Northbrook, IL 60062 www.bouldergroup.com.