CVS (Ground Lease) 401 SE Main Street, Simpsonville, SC 29681 (Greenville MSA) - NET LEASE INVESTMENT OFFERING
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NET LEASE INVESTMENT OFFERING CVS (Ground Lease) 401 SE Main Street, Simpsonville, SC 29681 (Greenville MSA)
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
Maps
NET LEASE INVESTMENT OFFERING
DISCLAIMER STATEMENT
DISCLAIMER The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended
STATEMENT: 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 CVS ground lease property located in the
SUMMARY: Greenville MSA. The CVS is well located along Main Street at a signalized intersection. There are approximately 18 years
remaining on the CVS ground lease that expires in January 2033 and features 10% rental escalations in each renewal
option period. CVS is a publicly traded company (NYSE: CVS) with a market capitalization in excess of $114 billion and is
an investment grade rated tenant (S&P: BBB+).
The 1.89 acre CVS property is strategically located at a signalized intersection along Main Street. Main Street experiences
traffic volume of 16,700 vehicles per day and feeds into Interstate 385 (57,400 VPD) which is located less than one mile from
the property. The surrounding trade area features many national retailers including Walmart, Target, Lowe’s, Home Depot,
Kohl’s, Publix, Bi-Lo, T.J. Maxx and Regal Cinemas. The Hillcrest Memorial Hospital (90,000 patients annually) is located
less than one mile south of the CVS property. Additionally, Hillcrest High School and Bryson Middle School are located
nearby.
CVS has approximately 18 years remaining on their ground lease that expires January 31, 2033. The lease features five
5-year renewal options with 10% rental escalations in each. CVS is an investment grade tenant with a Standard and Poor’s
rating of BBB+. CVS is publicly traded on the New York Stock Exchange (CVS) with a market capitalization in excess of
$114 billion
NET LEASE INVESTMENT OFFERING
INVESTMENT HIGHLIGHTS
INVESTMENT • Located in the Greenville MSA
HIGHLIGHTS:
• Long term ground lease with approximately 18 years remaining
• Investment grade tenant (S&P: BBB+)
• 10% rental escalations in each renewal option
• Positioned at a signalized intersection
• No landlord responsibilities
• Hillcrest Memorial Hospital which has over 90,000 patients annually is located less than one mile from the property
• Notable retailers located in the immediate vicinity include Walmart, Target, Lowe’s, Home Depot, Kohl’s, Publix,
Bi-Lo, T.J. Maxx and Regal Cinemas
• Over 89,000 people living within five miles of the property
• Average annual household incomes in excess of $77,000 annually within a three mile radius
• Less than one miles from Interstate 385 (57,400 VPD)
NET LEASE INVESTMENT OFFERING
PROPERTY OVERVIEW
PROPERTY
Price: $3,000,000
OVERVIEW:
Cap Rate: 5.00%
Net Operating Income: $150,000
Lease Commencement Date: July 15, 2006
Lease Expiration Date: January 31, 2033
Tenant: CVS
Credit Rating: BBB+
Rental Escalations: 10% in Each Option
Renewal Options: Five 5-Year
Year Built: 2006
Lease Type: Ground Lease
Building Size: 12,900 SF
Land Size: 1.90 Acres
NET LEASE INVESTMENT OFFERING
PHOTOGRAPHS NET LEASE INVESTMENT OFFERING
AERIAL
Hillcrest High School
MAIN
STRE
ET (1
6,7 00 V
PD)
D)
0 VP
,40
(57
NET LEASE INVESTMENT OFFERING
SITE PLAN
SE MAIN ST
W F
ER
NWO
OD
DR
NET LEASE INVESTMENT OFFERING
MAPS NET LEASE INVESTMENT OFFERING
MAPS
LAKE
MICHIGAN
NET LEASE INVESTMENT OFFERINGDEMOGRAPHIC REPORT
DEMOGRAPHIC
Population 3-Mile 5-Mile 7-Mile
REPORT:
Total Population 36,896 89,636 139,759
Total Households 13,804 33,532 51,811
Income 3-Mile 5-Mile 7-Mile
Median Household Income $63,200 $63,214 $64,351
Average Household Income $74,672 $77,699 $82,160
NET LEASE INVESTMENT OFFERINGMARKET OVERVIEW
Simpsonville is a city located in Greenville County, South Carolina. Simpsonville is part of the
MARKET Greenville Metropolitan Statistical Area and is part of the “Golden Strip”, which is noted for having low
OVERVIEW: unemployment due to a diversity of industries including Para-Chem, Kemet, and Milliken.
Greenville is the largest city in the Greenville MSA. The MSA had a population of 850,965 in 2013, making it
the largest in South Carolina. Additionally, Greenville is the largest city in the Greenville-Spartanburg-Anderson
Combined Statistical Area. According to GSA Business Market Facts, the CSA had a population of 1,438,550
as of 2013. Greenville is located approximately halfway between Atlanta, Georgia and Charlotte, North Carolina
along Interstate 85, and its metropolitan area also includes Interstates 185 and 385.
Greenville has gained recognition in various national publications such as CNN Money, which ranked Greenville as one of the
“Top 10 Fastest Growing Cities in the U.S.” Bloomberg named Greenville the 3rd Strongest Job Market, 2010; and Forbes named
Greenville the 13th Best City for Young Professionals. Additionally, the state of South Carolina has been ranked within the top 10
fastest-growing states and economies by the U.S. Commerce Department. Greenville is the North American headquarters for
Hubbell Lighting, PerceptIS, and Michelin, and has offices for BMW.
NET LEASE INVESTMENT OFFERINGTENANT OVERVIEW
TENANT CVS is engaged in the retail drugstore business. The Company operates 7,600 locations in 45 states and Puerto
OVERVIEW: Rico. CVS is the nation’s second-largest drugstore chain and the third-largest pharmacy benefits manager. As a retail
division of CVS Caremark, CVS 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 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 is a publicly traded company on the New York Stock Exchange, CVS, with a market capitalization in excess of
$114 billion. CVS is an investment grade rated tenant with a Standard & Poor’s rating of BBB+.
Website: www.cvs.com
Number of Locations: 7,600
Stock Symbol: CVS : NYSE
Standard & Poor’s Rating: BBB+
Market Capitalization: $114 billion
Employees: 130,000
NET LEASE INVESTMENT OFFERINGRandy Blankstein
President
847.562.0003
randy@bouldergroup.com
Jimmy Goodman
Partner
847.562.8500
jimmy@bouldergroup.com
666 Dundee Road, Suite 1801
Northbrook, IL 60062
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