for sale bastrop, tx cvs pharmacy ca & tx › d2 › z-27rbsrw3cwse8s9wtyqme1...for both...

FOR SALE

CVS PHARMACY CA & TXPROPERTIES SOLD INDIVIDUALLY OR AS A PORTFOLIO

BAKERSFIELD, CA

BURLESON, TX

BASTROP, TX

LEANDER, TX

http://www.kidder.com/

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Kidder Mathews and should not be made available to any other person or entity without the written consent of Kidder Mathews.

This Marketing Brochure 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. Kidder Mathews has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Kidder Mathews has not verified, and will not verify, any of the information contained herein, nor has Kidder Mathews 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.

This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Recipient of this report must verify the information and bears all risk for any inaccuracies.

KIDDER.COM

JORDAN UTTAL

[email protected] N° 01512755

EXCLUSIVELY LISTED BY

01EXECUTIVE SUMMARY

The OfferingInvestment HighlightsOffering Summary

02PROPERTY OVERVIEW

9628 Rosedale Hwy, Bakersfield, CA1421 SW Wilshire Blvd, Burleson, TX1671 State Hwy E, Bastrop, TX500 N Bagdad Rd, Leander, TX

03TENANT OVERVIEW

CVS Health

JASON GRIBIN


TERESA CORDOVA


TABLE OF CONTENTS

http://www.kidder.com


3CVS PORTFOLIO OFFERING MEMORANDUM KIDDER MATHEWS

THE OFFERING

Kidder Mathews is pleased to exclusively offer for sale a portfolio of four well located CVS Pharmacy stores across two states, California and Texas, totaling ±52,289 square feet of retail space. Each property is leased on an absolute triple net basis, with CVS responsible for all repairs and maintenance. These assets may be sold individually or as a portfolio.

EXECUTIVE SUMMARY

OFFERING SUMMARY

Address Price Cap

9628 Rosedale Hwy $9,756,995 6.15%

1421 SW Wilshire Blvd $5,513,775 6.34%

1671 State Hwy 71 E $4,400,705 6.58%

500 N Bagdad Rd $4,507,575 6.34%

Portfolio Summary $24,179,049 6.31%

9628 ROSEDALE HWY

1421 SW WILSHIRE BLVD

*PROPERTIES CAN BE SOLD INDIVIDUALLY OR AS A PORTFOLIO

INVESTMENT HIGHLIGHTS

Corporate Credit

CVS Health Corporation (S&P: BBB+, NYSE: CVS) together with its subsidiaries is one of the largest pharmacy health providers in the United States operating more than 9,700 retail drugstores in the United States, Puerto Rico and Brazil. CVS has the strongest credit profile amongst the three largest drug stores (S&P Ratings for Walgreens and Rite Aid are BBB and B respectively).

Absolute NNN

CVS pays for all operating expenses such as Taxes, Insurance, Maintenance, roof and structure. No Landlord responsibilities - Ideal for 1031 or out of state investors.

Prototype Store Format

All properties are prototype store format with a drive-thru and located on a signalized intersection.

Long Term Investment

There are approximately 16 years remaining on the initial 26-year original lease term. CVS has two 5 year options at 90% of prior rent, then eight 5 year options at FMV, along with a rent holiday for the last three years of the lease.

Free & Clear

Properties delivered free & clear, allowing investors to take advantage of attractive new financing options.

1671 STATE HWY 71 E

500 N BAGDAD RD CVS PORTFOLIO OFFERING MEMORANDUM KIDDER MATHEWS 4


02THE

PROPERTIES9628 ROSEDALE HWY, BAKERSFIELD, CA

1421 SW WILSHIRE BLVD, BURLESON, TX

1671 STATE HWY 71 E, BASTROP, TX

500 N BAGDAD RD, LEANDER, TX

KEY FACTS

Address 9628 Rosedale HwyBakersfield, CA 93311

Tenant CVS/Caremark

Lease Guarantor Corporate

Lease Type Absolute NNN

Lease Begin December 17, 2010

Initial Term Expiration January 31, 2036

Term Remaining ±16 years

NOI $600,430.44

Total SF 14,744 SF

Lot Size 1.28 AC

Year Built 2010

Options Two, 5-year at 90% of prior rentEight, 5-year at FMV

Rent Holiday Last 3 years of initial lease term

RENT SCHEDULE

Lease Term Monthly rent

Current - Jan 31, 2033 $50,035.87

Feb 1, 2033 - Jan 31, 2036 Rent holiday

9628 ROSEDALE HWY

$9,756,995

PRICE

6.15%

CAP RATE

ACTUAL PROPERTY PHOTOS CVS PORTFOLIO OFFERING MEMORANDUM KIDDER MATHEWS 6


BAKERSFIELD, CA

Bakersfield is a growing, vibrant community that is home to approximately 380,000 residents and making it the 52nd-most populous city in the United States of America and the 9th-most populous city in California.

The property is situated on the corner of Rosedale Hwy and Calloway Drive near national/credit tenants such as: Target, Michaels, Kohl’s, Krispy Kreme, Dollar Tree, Smart & Final, Chilli’s, Tractor Supply Co., The Shops at the Promenade, and more.

Bakersfield is a city near the southern end of the San Joaquin Valley in Kern County, California. It is roughly equidistant between Fresno and Los Angeles, 110 mi (180 km) to the north and south respectively. The city’s population was 347,483 at the 2010 census, making it the 9th largest city in California and the 51st largest city in the United States. Bakersfield’s historic and primary industries have related to Kern County’s two main industries, oil and agriculture. Kern County in 2013 was the most oil productive county in the US. Kern County is a part of the highly productive San Joaquin Valley, and ranks in the top five most productive agricultural counties in the nation. The city serves as the home for both corporate and regional headquarters of companies engaged in these industries. The population in 2016 was already up over 8% from the census data taken in 2010. Based on the past growth of this city, the population is only expected to continue to grow and will soon hit the next milestone of 400,000 residents.

2,146# OF BUILDINGS

23.6M SFTOTAL INVENTORY

93K SFYTD NET ABSORPTION

1.1M SFNET DELIVERIES (2014–2018)

6.1%TOTAL VACANCY

RETAIL MARKET STATISTICS

1-mile 3-mile 5-milePopulation

2019 Estimate 8,999 85,838 208,471

2024 Projections 9,317 89,177 217,302

Growth 2019–2024 0.70% 0.80% 0.80%

Households

2019 Estimate 3,306 30,636 76,773

2019 Avg HH Income $107,588 $120,917 $102,027

Avg Daytime Demos 8,779 57,688 153,456

DEMOGRAPHICS

SUBJECT PROPERTY

ROSEDALE HWY

MEACHAM RD

EL

TO

RO

VIE

JO

RD

CO

FF

EE

RD

CA

LLO

WA

Y D

R

CL

AY

PA

TR

ICK

FAR

R W

AY

27,084 AADT

32,906 AADT

CVS PORTFOLIO OFFERING MEMORANDUM KIDDER MATHEWS 8


KEY FACTS

Address 1421 SW Wilshire BlvdBurleson, TX 76028

Tenant CVS/Caremark






NOI $349,488.48

Total SF 12,324 SF

Lot Size 1.62 AC

Year Built 2010



RENT SCHEDULE


Current - Jan 31, 2033 $29,124.04


1421 SW WILSHIRE BLVD

$5,513,775

PRICE

6.34%

CAP RATE

SUBJECT PROPERTY


BURLESON, TX

BURLESON, TX

This is an excellent investment opportunity to purchase an investment grade tenant with a corporate guaranteed lease in a tax-free state. It is situated on the corner of SW Wilshire Blvd. and SE John Jones Dr. that is near major retail tenants such as: Target, Chick-fil-A, Starbucks, Office Depot, Wendy’s, Panda Express, and more. Burleson is a city in Johnson and Tarrant counties in the U.S. state of Texas. It is a suburb of Fort Worth. As of the 2010 census it had a population of 36,690, and in 2017, it had an estimated population of 46,145.Burleson has seen the job market increased by 2.6% over the last year. Future job growth over the next ten years is predicted to be 43.0%, which is higher than the US average of 33.5%.

DALLAS-FORT WORTH-ARLINGTON MSA

The Dallas–Fort Worth Metroplex's population is 7,539,711 according to the U.S. Census Bureau’s 2018 population estimates, making it the most populous metropolitan area in both Texas and the South, the fourth-largest in the U.S., and the tenth-largest in the Americas. In 2016, Dallas–Fort Worth ascended to the number one spot in the nation in year-over-year population growth. The region’s economy is primarily based on banking, commerce, telecommunications, technology, energy, healthcare and medical research, and transportation and logistics. In 2019, Dallas–Fort Worth is home to 25 Fortune 500 companies, the third-largest concentration of Fortune 500 companies in the United States behind New York City and Chicago. In 2016, the metropolitan economy surpassed Houston to become the fourth-largest in the nation. Currently the region boasts a GDP of just over $613.4 billion in 2019. As such, the metropolitan area’s economy is ranked the 10th largest in the world.

401# OF BUILDINGS


-9.3K SFYTD NET ABSORPTION

522K SFNET DELIVERIES (2014–2018)

2.0%TOTAL VACANCY



2019 Estimate 5,922 41,269 87,932

2024 Projections 6,664 46,254 96,868

Growth 2019–2024 2.50% 2.40% 2.00%

Households

2019 Estimate 2,095 14,739 31,034

2019 Avg HH Income $87,954 $94,267 $93,957


DEMOGRAPHICS

ELK DR

SUBJECT PROPERTY

174

731

731174

22,908 AADT

SW W

ILSH

IRE B

LVD

9,779 AADT

SE

JO

HN

JO

NE

S D

R


KEY FACTS

Address 1671 State Hwy 71 EBastrop, TX 78602

Tenant CVS/Caremark






NOI $289,769.52

Total SF 12,010 SF

Lot Size 1.73 AC

Year Built 2015



RENT SCHEDULE


Current - Jan 31, 2033 $24,147.46


1671 STATE HWY 71 E

$4,400,705

PRICE

6.58%

CAP RATE



BASTROP, TX

BASTROP, TX

This is an excellent investment opportunity to purchase an investment grade tenant with a corporate guaranteed lease in a tax-free state. This property is located at the corner of a signalized intersection along State Highway 21 and State Highway 95 E (VPD: 31,222). Bastrop is a city and the county seat of Bastrop County, Texas, United States. It is located about 30 mi southeast of Austin, it is part of the Greater Austin metropolitan area. Bastrop, Texas's estimated population is 9,420 according to the most recent United States census estimates. Bastrop real estate appreciated 54.81% over the last ten years, which is an average annual home appreciation rate of 4.47%, putting Bastrop in the top 10% nationally for real estate appreciation.

AUSTIN-ROUND ROCK MSA

Greater Austin has a diverse economy heavily anchored by government activities and education. High-tech firms, particularly related to semiconductors and software, are also important economic pillars. The five-county MSA had a gross domestic product of $90.9 billion in 2011, making it the 35th largest metropolitan economy in the U.S. The metropolitan area is centered on the City of Austin the fourth-largest city in Texas and the 11th-largest city in the United States with a population of 950,715 people. Austin’s largest suburbs are Round Rock, Cedar Park, Georgetown, San Marcos and Pflugerville.

484# OF BUILDINGS


6.1K SFYTD NET ABSORPTION


3.4%TOTAL VACANCY



2019 Estimate 2,229 13,420 19,896

2024 Projections 2,488 15,043 22,307

Growth 2019–2024 2.30% 2.40% 2.40%

Households

2019 Estimate 795 4,818 6,827

2019 Avg HH Income $62,590 $66,758 $67,292


DEMOGRAPHICS

SUBJECT PROPERTY

CHESTNUT STCHESTNUT ST

FAY

ET

TE

ST

FARM ST

MA

IN ST

PE

CA

N S

T

JA

CK

SO

N S

T

BUSINESS PARK DR

TE

CH

NO

LOG

Y D

R

LOV

ER

S L

N

BASTROP COUNTY SHERIFF'S OFFICE

BASTROP YOUTH SOCCER FIELDS

BASTROP COUNTY COURT HOUSE

BASTROP COUNTY MUSEUM &

VISITOR CENTER

BASTROP OPERA HOUSE

BASTROP TAX ASSESSOR/COLLECTOR

Lost PinesLost PinesPaint & BodyPaint & Body

45,448 AADT

2,014 AADT


KEY FACTS

Address 500 N Bagdad RdLeander, TX 78641

Tenant CVS/Caremark






NOI $285,710.88

Total SF 13,211 SF

Lot Size 1.75 AC

Year Built 2010



RENT SCHEDULE


Current - Jan 31, 2033 $23,809.24


500 N BAGDAD RD

$4,507,575

PRICE

6.34%

CAP RATE



LEANDER, TX

LEANDER, TX

This is an excellent investment opportunity to purchase an investment grade tenant with a corporate guaranteed lease in a tax-free state. This property is located at the corner of a signalized intersection along State Highway 21 and State Highway 95 E (VPD: 31,222). Bastrop is a city and the county seat of Bastrop County, Texas, United States. It is located about 30 mi southeast of Austin, it is part of the Greater Austin metropolitan area. Bastrop, Texas's estimated population is 9,420 according to the most recent United States census estimates. Bastrop real estate appreciated 54.81% over the last ten years, which is an average annual home appreciation rate of 4.47%, putting Bastrop in the top 10% nationally for real estate appreciation.

AUSTIN-ROUND ROCK MSA

Greater Austin has a diverse economy heavily anchored by government activities and education. High-tech firms, particularly related to semiconductors and software, are also important economic pillars. The five-county MSA had a gross domestic product of $90.9 billion in 2011, making it the 35th largest metropolitan economy in the U.S. The metropolitan area is centered on the City of Austin the fourth-largest city in Texas and the 11th-largest city in the United States with a population of 950,715 people. Austin’s largest suburbs are Round Rock, Cedar Park, Georgetown, San Marcos and Pflugerville.

148# OF BUILDINGS


-13.9K SFYTD NET ABSORPTION


6.4%TOTAL VACANCY



2019 Estimate 17,117 54,837 95,291

2024 Projections 20,241 64,387 112,423

Growth 2019–2024 3.70% 3.50% 3.60%

Households

2019 Estimate 5,072 16,856 30,084

2019 Avg HH Income $68,410 $84,623 $90,744

Avg Daytime Demos 987 11,007 23,976

DEMOGRAPHICS

SUBJECT PROPERTY

HERO WAY W

SU

NN

Y B

RO

OK

DR

N CREEK BLVD

DE

ER

CR

EE

K LN

RIV

ER

WA

Y LN

WATERFALL AVE

N B

AG

DA

D R

D

BAGDAD ELEMENTARY SCHOOL

LITTLE HUGS CHILDCARE

5,177 AADT

7,737 AADT



03TENANT

OVERVIEWCVS HEALTH

CVS HEALTH

CVS Pharmacy is a publicly traded company on the New York Stock Exchange (Symbol: CVS) with a market capitalization in excess of $80 billion. CVS is an investment grade rated tenant with a Standard & Poor’s rating of BBB+. The company has launched assertive growth plans in recent quarters. CVS is currently the only integrated pharmacy healthcare company with the capability to have an influence on consumers, payors, and providers with innovative resolutions. They have a profound outlook of their diverse needs through their unique integrated model, and are bringing them innovative solutions that help increase access to quality care, deliver better health outcomes and lower overall health care costs.

TENANT OVERVIEW

MARKET LEADING TENANT

CVS Health Corporation is engaged in the retail drugstore business. The company operates 9,800+ locations in 49 states, the District of Columbia, Puerto Rico and Brazil. CVS Pharmacy is the nation’s drugstore chain and total prescription revenue. CVS is headquartered in Woonsocket, Rhode Island and was founded in 1963.

COMPANY OVERVIEW

CVS HEALTH COMPANYPARENT COMPANY

CVSNYSE

BBB+ / STABLECREDIT RATING (S&P)

$184.7BTOTAL REVENUE (2017)

203,000TOTAL EMPLOYEES

WOONSOCKET, RIHEADQUARTERS

VIEW WEBSITE

In December of 2017, CVS announced it would buy Aetna for more than $69 billion. This acquisition would combine CVS’ drugstores and pharmacy benefits manager platform with Aetna’s insurance business. This merger brings together two complementary businesses with unique capabilities, the goal being to reshape the consumer health care experience, putting people at the center of health care delivery to ensure they have access to high-quality, more affordable care.


https://www.cvs.com/

KIDDER.COM

EXCLUSIVELY REPRESENTED BY

JORDAN UTTAL


JASON GRIBIN


TERESA CORDOVA




for sale bastrop, tx cvs pharmacy ca & tx › d2 › z-27rbsrw3cwse8s9wtyqme1...for both...

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