cvs pharmacy - capital pacificcp.capitalpacific.com/properties/cvs-pharmacy-sandiegoca.pdf · cvs...
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CVS PharmacySan Diego, CA
hard corner locationinfill location, excellent demographics14589 Camino del Norte, San Diego, CA (map)
Rentable SF . . . . . . . . . . . . . 16,972 SF
PRice PeR SF . . . . . . . . . . . . . $569.85
land aRea . . . . . . . . . . . . . 2.59 Acres
ReMOdeled . . . . . . . . . . . . . 2006
annual Rent/Ft . . . . . . . . $27.07
leaSe exPiRatiOn . . . . . . . 1/31/2032
PRICE: $9,671,497CAP: 4.75%
cvs PROperty Summary14589 Camino del Norte, San Diego, CA (map)
Listing TeamContact Info
zEB [email protected] | (415) 274-2702CA BRE# 01002010
Chris [email protected] | (415) 274-2701CA BRE# 00869657
Chris [email protected] | (720) 529-2889
peter [email protected] | (720) 529-2984
Chris [email protected] | (415) 274-2703 CA BRE# 01339983
CvS - SAn diEgo | 2
THIS HIGH VISIBILITY CVS IS LOCATED ON A HARD CORNER IN A DENSE AND AFFLUENT SAN DIEGO MARKET.
Household incomes exceed $110,000 within a one mile radius
core characteristics
inVeStMent HiGHliGHtS This absolute nnn lease is corporately guaranteed and has over 16 years remaining on the primary term. There are ten, five year renewal options, and rent adjusts to Fair Market value in options 2-10, providing the probability of significant upside and inflation protection in the future
HiGH ViSibilitY cORneR lOcatiOn This CvS is located at the hard corner signalized intersection of Camino del norte and Paseo Lucido, a major twelve lane intersection with dedicated turn lanes, where traffic counts exceed 71,000 vPd. The large, attractively landscaped lot sits above street level, providing excellent visibility and curb appeal. The site features a single lane drive-thru and is easily accessible from the sidewalk, as well as both Camino del norte and Paseo Lucido
dYnaMic lOcatiOn, PROxiMitY tO HOSPitalS, OFFiceS, GOlF cOuRSeSThe subject property also benefits from its proximity to two hospitals: Aurora Behavioral Health Care and Carmel Mountain Rehabilitation & Health Care Center, located diagonally across the street on Camino del norte. Additionally, the site is across the street from the World Trade drive office complex, which brings a significant day-time population to the area and less than a mile from the Carmel Mountain Ranch Country Club, one of San diego’s most prestigious golf and country clubs, as well as the doubleTree golf Resort.
denSe, inFill MaRKetThere are over 90,000 residents with average household incomes exceeding $118,000 within a three mile radius. in addition to excellent residential density, the site benefits from proximity to numerous retailers, which draw non-resident consumers to the sub-market.
neaR PReMieR POweR centeRCarmel Mountain Plaza, one of San diego’s premier power centers, is less than a half mile from the subject property and features Sprouts Farmers Market, Reading Cinemas 12-plex, nordstrom Rack, Saks Fifth Avenue oFF 5TH, Sports Authority, Marshalls, Ross, Sears outlet, Barnes & noble, Michaels, and Pier 1.
SuRROunded bY HiGH PROFile Retail cOncePtSother retailers in the immediate area include The Home depot, Costco Wholesale, Jared Jewelers, and Trader Joes. in addition there are numerous restaurants nearby, including Claim Jumper, olive garden, in-n-out Burger, and Chick-fil-A, and hotels such as Staybridge Suites and The Residence inn.
CvS - SAn diEgo | 3
san diegophotos
exceptional location in affluent, dynamic san diego market
CvS - SAn diEgo | 4
HiGH ViSibilitY HaRd cORneR lOcatiOn, tRaFFic exceedS 71,000 VPd
zoomed-in aerial
camino del norte
Paseo lucido
san diego city center15
29,360 daily
42,210 daily
CvS - SAn diEgo | 5
excellent Retail lOcatiOn, eaSilY acceSSible bY VeHicleS and PedeStRianSzoomed-out aerial
Ranc
ho c
arm
el d
rive
Highland Ranch Road
carm
el M
ount
ain R
oad
Pom
erad
o Ro
ad
Pase
o lu
cido
camino del norte
camino del norte
15
carmel mountain rancH
country cluB
Highland Ranch
elementary
bernardo Heights Middle School
abraxas continuation High School
Rancho bernardo High School
country Montessori
School
Oak Knoll Montessori
School
caRMel MOuntain RancH tOwn centeR
golf resort
caRMel MOuntain PlaZa
tHe cOuRtYaRd
san diego city center15
29,3
60 d
ail
y
42,210 daily
CvS - SAn diEgo | 6
PRICE $9,671,497
Capitalization Rate: 4.75%
Rent Holiday Credit* ($583,800)
EFFECTIVE PRICE $9,087,697
Price Per Square Foot: $569.85
Capitalization Rate: 5.06%
Total Rentable Area (SF): 16,972
Lot Size (AC): 2.59
STABILIZED INCOME Per Square Foot
Scheduled Rent $27.07 $459,396
Effective gross income $27.07 $459,396
LESS Per Square Foot
Taxes nnn $0.00
insurance nnn $0.00
Total operating Expenses nnn $0.00
EQUALS NET OPERATING INCOME $459,396
*Credit based on the PV of the annual rents forgone during the rent holiday using a discount rate of 6.0%
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
income & expense
CvS - SAn diEgo | 7
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
rent roll
tenant inFO leaSe teRMS Rent SuMMaRY
Tenant Name Sq. Ft. Term Current Rent
Monthly Rent
Yearly Rent
Monthly Rent/FT
Yearly Rent/FT
CvS 16,972 11/10/06 12/31/28 $459,396 $38,283 $459,396 $2.26 $27.07
Rent Holiday 01/01/29 01/31/32 Pv Credit - See Page 7
option 1 02/01/32 01/31/37 $34,455 $413,457 $2.03 $24.36
option 2 02/01/37 01/31/42 Fair Market value
option 3 02/01/42 01/31/47 Fair Market value
option 4 02/01/47 01/31/52 Fair Market value
option 5 02/01/52 01/31/57 Fair Market value
option 6 02/01/57 01/31/62 Fair Market value
option 7 02/01/62 01/31/67 Fair Market value
option 8 02/01/67 01/31/72 Fair Market value
option 9 02/01/72 01/31/77 Fair Market value
option 10 02/01/77 01/31/82 Fair Market value
Totals: 16,972 $459,396 $38,283 $459,396 $2.26 $27.07
CvS - SAn diEgo | 8
Site Plan KeY
PARCEL ouTLinE:
LAnd AREA: 2.59 AC
BuiLding AREA: 16,972 SF
ingRESS/EgRESS:
site plan
camino del norte
Pase
o lu
cido
MOnuMent SiGn
42,210 daily
29,3
60 d
ail
y
CvS - SAn diEgo | 9
tenant overview
www.cvs.com
cVS HealtH cORP (nYSe: cVS)CvS Health Corp. (formerly CvS Caremark), is the nation’s #2 drugstore chain and a leading pharmacy benefits manager with nearly 65 million plan members. With more than 7,800 retail and specialty drugstores under the CvS, navarro, and Longs drug banners. CvS Health made its debut in the Top 10 of the Fortune 500 in 2015.
in addition to its pharmacy operations, the company sells retail items, and runs a prescription management company, Caremark Pharmacy Services. The company also offers walk-in health services through its retail network of MinuteClinics that are located in more than 900 CvS stores.
cVS HealtH cORPORatiOn StatS & RanKinGS
CVS Health - Investment Grade Rated – BBB+
2014 Revenues - $139.4 Billion
#10 in FORTUNE 500 (June 2015)
#59 in FT Global 500 (June 2015)CvS - SAn diEgo | 10
SAn diEgo
54,395 daily
population
2015 HouseHold incomes
1-Mile 3-Mile 5-Mile
2010 11,289 89,278 192,2962015 11,440 91,660 201,6452020 11,785 95,576 212,645
1-Mile 3-Mile 5-Mile
Average $110,647 $118,033 $130,587Median $91,189 $89,199 $101,503
demographics & maps
Outstanding
demographics
LoS AngELES
2 HR 22 Min120 MiLES
CvS - SAn diEgo | 11
San diego is a major California metro, located120 miles south of Los Angeles and immediately adjacent to the border to Mexico. it is the eighth largest city in the u.S. and second largest in California with an estimated population of 1,381,069 in 2014.
San diego is known for its mild year-round climate, natural deep-water harbor, extensive beaches, long association with the u.S. navy, and recent emergence as a healthcare and biotechnology development center due to the presence of the university of California, San diego and other research institutions.
The city is the seat of San diego County and is the economic center of the region as well as the San diego-Tijuana metropolitan area. The main economic engines are military and defense-related activities, tourism, international trade, and manufacturing. in 2014, San diego was designated by a Forbes columnist as the best city in the country to launch a small business or startup company.
trophy location in dynamic socal city
location
Employer # of Employees*united States navy 30,588university of California, San diego 28,672Sharp Healthcare 16,446San diego County 16,215*Approximate
top employers in san diego
about San Diego
CvS - SAn diEgo | 12
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[ Copyright © 2015 Capital Pacific ]
Chris [email protected] | (720) 529-2889
peter [email protected] | (720) 529-2984
zEB [email protected] | (415) 274-2702CA BRE# 01002010
Chris [email protected] | (415) 274-2701CA BRE# 00869657
Chris [email protected] | (415) 274-2703 CA BRE# 01339983