CVS Pharmacy Offering Memorandum - Rockledge, Florida - Stan Johnson Company
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Representative Photo Offering Memorandum CVS Pharmacy Rockledge, Florida
Confidentiality and Restricted Use Agreement
This Confidential Offering Memorandum (“COM”) is provided by Stan Johnson Company (“SJC”), solely for your
consideration of the opportunity to acquire the commercial property described herein (the “Property”). This
COM may be used only as stated herein and shall not be used for any other purpose, or in any other manner,
without prior written authorization and consent of SJC.
This COM does not constitute or pertain to an offer of a security or an offer of any investment contract. This
COM contains descriptive materials, financial information and other data compiled by SJC for the convenience
of parties who may be interested in the Property. Such information is not all inclusive and is not represented to
include all information that may be material to an evaluation of the acquisition opportunity presented. SJC has
not independently verified any of the information contained herein and makes no representations or warranties
of any kind concerning the accuracy or completeness thereof. All summaries and discussions of documentation Offered Exclusively by
and/or financial information contained herein are qualified in their entirety by reference to the actual documents
and/or financial statements, which upon request may be made available. An interested party must conduct its
own independent investigation and verification of any information the party deems material to consideration of
the opportunity, or otherwise appropriate, without reliance upon SJC. David Clary
The Property may be financed or withdrawn from the market without notice, and its owner(s) reserve(s) the
Senior Director
right to negotiate with any number of interested parties at any time. The Property is offered and sold by its dclary@stanjohnsonco.com
owner(s) as is, where is, and with all faults, without representation or warranty of any kind except for any P: +1 918.494.2690
customary warranties of title.
BY ACCEPTING THIS COM, YOU AGREE THAT: (1) all information contained herein, and all other information Zach Harris
you have received or may hereafter receive from SJC relating to the Property, whether oral, written or in any Associate Director
other form (collectively, the “Information”), is strictly confidential; (2) you will not copy or reproduce, and zharris@stanjohnsonco.com
claim as your own without attribution to SJC, all or any part of this COM or the Information; (3) upon request
P: +1 918.494.2690
by SJC at any time, you will return and/or certify your complete destruction of all copies of this COM and the
Information; (4) for yourself and all your affiliates, officers, employees, representatives, agents and principals,
you hereby release and agree to indemnify and hold harmless SJC all of its affiliates, officers, employees,
representatives, agents and principals, from and with respect to any and all claims and liabilities arising from or
related to the receipt or use of this COM and/or any other Information concerning the Property; (5) you will not
provide this COM or any of the Information to any other party unless you first obtain such party’s acceptance In Association With:
and approval of all terms, conditions, limitations and agreements set forth herein, as being applicable to such Jason Long
party as well as to you; and (6) monetary damages alone will not be an adequate remedy for a violation of FL Lic #BK3302956
these terms and that SJC shall be entitled to equitable relief, including, but not limited to, injunctive relief
and specific performance, in connection with such a violation and shall not be required to post a bond when
obtaining such relief. Stan Johnson Company
6120 S Yale Ave
Suite 300
Tulsa, Oklahoma 74136
www.stanjohnsonco.com
Purchase Price: $3,500,000
Cap Rate: 6.06%
The Offering Investment Highlights
Stan Johnson Company is pleased to offer for sale to qualified investors a Corporate Guaranty
CVS Pharmacy located in Rockledge, Florida. The subject property is fully Lease is guaranteed by CVS Health Corporation (NYSE: CVS), an
leased to and guaranteed by CVS Health Corporation (NYSE: CVS). The investment-grade tenant with a net worth in excess of $34 billion and
lease features a 25-year base term with 13 years remaining and 10 renewal an S&P rating of BBB+/Stable.
options at 5 years each.
Absolute Net Structure
100% passive investment with no Landlord responsibilities.
For the twelve month period ended June 30, 2016, CVS Health Corporation
reported total revenue of $166.7 billion, net income of $4.8 billion and a net Long Term Lease
worth in excess of $34.7 billion. CVS currently holds a Standard & Poor’s 13 years remaining on primary lease term with 10 renewal options at 5
credit rating of BBB+/Stable. years each.
Significant Renewal Rent Upside
The lease provides for a 33.4% increase in renewal rent over rent paid
during the primary term. This increase results in a far superior investor
return compared to other offerings.
Excellent Location
The property sits at a signalized intersection with combined VPD of
more than 45,800. Surrounding retailers include Walgreens, Family
Dollar, Subway, Burger King, Bealls and more, with numerous medical
facilities, schools and parks within the surrounding two-mile radius.
Property delivered Free and Clear. There is a loan currently on the asset and seller
will cover costs associated with removal of the loan.
Representative Photo
CVS Pharmacy - Rockledge, FL 3
Lease Abstract
1696 FISKE BOULEVARD, ROCKLEDGE, FL
Guarantor: CVS Health Corp. (NYSE: CVS)
Building Size: +/- 10,878 SF
Base Lease Term: 25 years
Lease Commencement: December 2004
Lease Expiration: January 2030
Current Annual Rent: $212,058
Renewal Options: 10 options at 5 years each
Renewal Rent: $282,973 (33.4% increase)
Lease Type: NNN - Absolute Net Lease
Credit for Rental Holiday: This location has 3 years of free rent (rent
holiday) at the end of the primary lease term. Seller will provide an NPV
Rent Credit to Purchaser as compensation for the free rental period.
CVS Pharmacy - Rockledge, FL 4Tenant Overview
CVS Health Corporation (NYSE: CVS), headquartered in Woonsocket, Rhode CVS Health Corporation
Island, is the largest pharmacy healthcare provider in the United States with
integrated offerings across the entire spectrum of pharmacy care. Through No. of Locations: 9,600
their unique suite of assets, the company is reinventing pharmacy to offer
innovative solutions that help people on their path to better health. CVS is Credit Rating: BBB+/Stable (S&P)
focused on enhancing access to care, lowering overall healthcare costs for
Stock Symbol: NYSE: CVS
plan members and payors, and improving health outcomes.
Total Revenue: $166.7 billion*
Through the company’s more than 9,600 retail pharmacies; its leading
pharmacy benefit manager serving more than 80 million plan members; and Net Worth: $34.7 billion*
its retail health clinic system, the largest in the nation with more than 1,100
Tenant Business: Retail/Pharmacy
MinuteClinic locations; it is a market leader in mail order, retail and specialty
pharmacy, retail clinics, and Medicare Part D Prescription Drug Plans. Headquarters: Woonsocket, RI
In December 2015, CVS Health completed a $1.9 billion agreement to take Website: www.cvshealth.com
over Target’s (NYSE: TGT) pharmacy and clinic businesses. The deal brought
1,672 new pharmacies into CVS Health, which expanded its retail footprint *As of 6/30/2016
by more than 20%. They will be operated through a store-within-a-store
format, branded as CVS Pharmacy.
For the twelve month period ended June 30, 2016, CVS Health Corporation
reported total revenue of $166.7 billion, net income of $4.8 billion and a net
worth in excess of $34.7 billion. CVS currently holds a Standard & Poor’s
credit rating of BBB+/Stable.
9,600 CVS Pharmacy Stores 27M+ MinuteClinic Visits 80M ExtraCare Members
CVS Pharmacy has over 9,600 retail stores, CVS MinuteClinic nurse practitioners have seen Their loyalty card program, ExtraCare, is the
including pharmacies in Target, and is currently more than 27 million patients to date, with a 95% largest retail savings and rewards program with
located in 98 of the top 100 drugstore markets. customer satisfaction rating. more than 80 million active member households.
243,000 Colleagues 24,000 Pharmacists 1.9B Prescriptions
CVS Health employs over 243,000 colleagues in CVS Health employs more than 24,000 CVS Health fills or manages 1.9 billion
49 states, the District of Columbia, Puerto Rico pharmacists across the company. prescriptions each year and has captured 39% of
and Brazil. total U.S. prescription growth since 2011.
CVS Pharmacy - Rockledge, FL 5Location Overview
Rockledge is the oldest city in Brevard County, Florida and has a population Drawing more than 2.5 million tourists annually and boasting 72 miles of
of 25,624, a 27% increase since 2000. The city is part of the Palm Bay- pristine beaches, Florida’s Space Coast is a great place to work and live.
Melbourne-Titusville Metropolitan Statistical Area. Local businesses Offering symphonies, one of the nation’s top-rated zoos, museums and art
tend to focus on technology and aerospace, especially those related to galleries and a thriving retail and restaurant scene, there is plenty to do away
nearby Kennedy Space Center and Cape Canaveral. According to the U.S. from the office. The area is also home to several colleges and universities,
Department of Labor, just under one-third of all aerospace employees in including the renowned Florida Institute of Technology.
Florida work in Brevard County.
Located just 1.5 miles from the subject property is the main hospital in
Rockledge is part of what is known as the Space Coast, a region of Florida’s Rockledge, Wuesthoff Medical Center, a 298-bed acute care facility. The
coast surrounding Kennedy Space Center and Cape Canaveral Air Force flagship hospital has received numerous awards for its commitment to
Station. The Space Coast boasts an attractive tax and wage climate, top providing quality patient care and continues to be recognized locally and
quality of life and a tech-ready workforce. Florida’s Space Coast is home to nationally for clinical excellence. Services provided include cancer treatment,
Bertram Yacht, Boeing, DRS, Embraer Executive Jets, General Electric, L3, emergency medicine, neurodiagnostics, orthopedics, pediatrics, senior
Lockheed Martin, Northrop Grumman, Raytheon, Rockwell Collins, and the health, pain management, immunology, robotic surgery, women's health and
world headquarters of Harris Corporation. surgical services.N BREVARD
ENT
INDIAN
RIVER
ROCKLEDGE
HIGH SCHOOL
JUDD
COMMUNITY
PARK
BREVARD SKIN
& CANCER
CENTERS
GOLFVIEW
ELEMENTARY
SCHOOL
ROCKLEDGE
ROCKLEDGE
PARK
COUNTRY CLUB
WUESTHOFF
MEDICAL CENTER
MCCLARTY
PARK
ROCKLEDGE
FIRE DEPT
BARTON BLVD (18,011 VPD)
RO
ROCKLEDGE
HEALTH &
CK
REHAB
LED
GE
BL
FISKE BLVD (27,827 VPD)
VD
(4
3,
45
4
INDUSTRIAL
VP
& OFFICE ROCKLEDGE
D)
POLICE DEPT
MCCLARTY
KENNEDY HUNTINGTON STADIUM
MIDDLE NURSING HOME SPACE COAST
SCHOOL HARVIN HOSPITAL
PROFESSIONAL
CENTER
SERVICES
WUESTHOFF
HEALTH
SYSTEMDemographics
1696 S Fiske Blvd, Rockledge, FL 32955 0 - 1 mi. 0 - 3 mi. 0 - 5 mi.
Population
2016 Population 8,322 40,217 87,412
2021 Population 8,643 41,967 91,271
2000-2010 Annual Rate 0.46% 0.88% 1.39%
2010-2016 Annual Rate 0.54% 0.64% 0.53%
2016-2021 Annual Rate 0.76% 0.86% 0.87%
Households
2016 Total Households 3,376 16,170 35,866
2021 Total Households 3,501 16,816 37,275
2000-2010 Annual Rate 0.81% 1.11% 1.48%
2010-2016 Annual Rate 0.55% 0.54% 0.43%
2016-2021 Annual Rate 0.73% 0.79% 0.77%
2016 Average Household Income $64,506 $63,331 $67,022
2016-2021 Annual Rate 2.31% 2.18% 2.01%
2016 Median Household Income $47,739 $46,579 $48,352
2016-2021 Annual Rate 2.65% 2.95% 2.55%
CVS Pharmacy - Rockledge, FL 8going beyond
David Clary
Senior Director
dclary@stanjohnsonco.com
Zach Harris
Associate Director
zharris@stanjohnsonco.com
In Association With:
Jason Long, FL Lic #BK3302956
Stan Johnson Company
6120 South Yale Avenue | Suite 300
Tulsa, Oklahoma 74136
P: 918.494.2690
www.stanjohnsonco.com
The information contained herein was obtained from sources believed reliable, however,
Stan Johnson Company makes no guaranties, warranties or representations as to the
completeness thereof. The presentation of this property for sale, rent or exchange is
submitted subject to errors, omissions, change of priceCVS Pharmacy or
or conditions, - Rockledge,
withdrawal FL 9
without notices.You can also read
