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1 CVS Pharmacy 425 E Memorial Drive Muncie, IN 47302

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Page 1: CVS Pharmacy - s2k2t5d8.stackpathcdn.com

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CVS Pharmacy425 E Memor ia l Dr ive

Munc ie , IN 47302

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MARKETED BY: C V S P H A R M A C Y

LATITUDE COMMERCIAL REALTY, INC.IN Lic. # RC50900583

2342 Cline AvenueSchererville, IN 46375

I N C O O P E R A T I O N W I T H

MICHAEL SMITHLic. # 305786

704.315.5044 | [email protected]

AMAR GOLILic. # 310575

980.729.5626 | [email protected]

JUSTIN ABNEYLic. # 308045

980.231.2215 | [email protected]

AARON MCDERMOTTLic. # RB14031217

219.864.0200 | [email protected]

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Investment SummaryInvestment Highlights

INVESTMENT OVERVIEW

04 06 07 12LEASE ABSTRACT PROPERTY OVERVIEW AREA OVERVIEW TENANT OVERVIEW

City OverviewDemographics

Tenant ProfileLease SummaryRent Roll

Property ImagesLocation, Aerial & Retail Maps

14

TABLE OF CONTENTSC V S P H A R M A C Y

© 2 0 2 0 L a t i t u d e C o m m e r c i a l R e a l t y , I n c . ( L C R ) i n a s s o c i a t i o n w i t h S a n d s I n v e s t m e n t G r o u p ( S I G ) . T h e i n f o r m a t i o n c o n t a i n e d i n t h i s ‘ O f f e r i n g M e m o r a n d u m ’ , h a s b e e n o b t a i n e df r o m s o u r c e s b e l i e v e d t o b e r e l i a b l e . L C R & S I G d o e s n o t d o u b t i t s a c c u r a c y ; h o w e v e r , L C R & S I G m a k e s n o g u a r a n t e e , r e p r e s e n t a t i o n o r w a r r a n t y a b o u t t h e a c c u r a c yc o n t a i n e d h e r e i n . I t i s t h e r e s p o n s i b i l i t y o f e a c h i n d i v i d u a l t o c o n d u c t t h o r o u g h d u e d i l i g e n c e o n a n y a n d a l l i n f o r m a t i o n t h a t i s p a s s e d o n a b o u t t h e p r o p e r t y t o d e t e r m i n e i t sa c c u r a c y a n d c o m p l e t e n e s s . A n y a n d a l l p r o j e c t i o n s , m a r k e t a s s u m p t i o n s a n d c a s h f l o w a n a l y s i s a r e u s e d t o h e l p d e t e r m i n e a p o t e n t i a l o v e r v i e w o n t h e p r o p e r t y , h o w e v e rt h e r e i s n o g u a r a n t e e o r a s s u r a n c e t h e s e p r o j e c t i o n s , m a r k e t a s s u m p t i o n s a n d c a s h f l o w a n a l y s i s a r e s u b j e c t t o c h a n g e w i t h p r o p e r t y a n d m a r k e t c o n d i t i o n s . L C R & S I Ge n c o u r a g e s a l l p o t e n t i a l i n t e r e s t e d b u y e r s t o s e e k a d v i c e f r o m y o u r t a x , f i n a n c i a l a n d l e g a l a d v i s o r s b e f o r e m a k i n g a n y r e a l e s t a t e p u r c h a s e a n d t r a n s a c t i o n .

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4INVESTMENT SUMMARY

We A re P le a se d to O f fe r F o r Sa l e the 10 ,722 SF CV S P ha rm a cy

L oca te d a t 425 E M e m or i a l D r i ve i n M unc i e , I N . T h i s D e a l

I nc lude s 13 Ye a r s Re m a i n i ng on the L e a se , Wi th a Re ce ss i on

P roo f , I nve s tm e nt G ra de T e na n t . CV S i s P a y i ng a B e low M a rk e t

Re n t Wi th A t t r a c t i ve 5% Re nta l I nc re a se s a t the O p t i on

P e r i ods , P rov i d i ng F o r a Se cu re I nve s tm e nt .

OFFERING SUMMARY

P RI CE $1 ,700 ,000

CA P 5 . 88%

NO I $100 ,000

P R I CE P ER SF $158 . 55

G U A RA NT O R CV S Ca re m a rk Co rp o ra t i on

A D D RESS 425 E M e m or i a l D r i ve

M unc i e , I N 47302

CO U NT Y D e la wa re

B U I L D I NG A REA 10 ,722 SF

L A ND A REA 1 . 066 A C

B U I L T 1996

PROPERTY SUMMARY

A C T U A L P R O P E R T Y I M A G E

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5HIGHLIGHTSINVESTMENT-GRADE, NET LEASE OPPORTUNITY§ CVS (NYSE: CVS) is One of the Three Largest Drugstore Chains in the

U.S. ; The Industry Leading Retai ler Has a Current S&P Credit Ratingof BBB+/Stable

MINIMAL LANDLORD RESPONSIBILITIES§ Landlord is Only Responsible For Roof, Structure and Maintaining the

Parking Lot; This Property Has Been Meticulously Maintained By theLandlord and the Tenant, With the Landlord Maintaining the RoofTwice a Year

LONG-TERM OPERATING HISTORY§ CVS Has Been Operating at This Location Since 1996 and Recently

Signed a Brand New 15 Year Lease Extension DemonstratingCommitment to the Site

ATTRACTIVE RENTAL STRUCTURE§ CVS is Paying Well Below Market Rent at This Location, Making the

Income Easi ly Replaceable

§ Property Features Rare Rental Increases During the Option Periods atThis Location

COLLEGE TOWN WITH PROXIMITY TO MAJOR EMPLOYERS§ Ball State University, Home to Over 22,000 Students and 3,000

Employees, is Located in Muncie, IN

§ General ly, University Towns Generate Higher Front-End Sales atDrugstores Than Average For Simi lar Sized Municipal i t ies

§ IU Health Ball Memorial Hospital (350 Beds & 2,930 Employees) ,Located in Muncie and Affi l iated With Indiana University Medical , isthe Largest Medical Complex in a 40-Mile Radius

§ Major Employers in Area Include: Maxon Corporation (250 Employees)is Less Than 1-Mile From the Property; Progress Rai l Services (500Employees) , DIY Group, Inc. (295 Employees) ; Ivy Tech CommunityCollege (4,000 Students & 482 Employees) ; and Magna Powertrain(585 Employees) Are All Approximately 3-Miles From the Property

RETAIL DESTINATION FOR EAST CENTRAL INDIANA§ Located Approximately 60-Miles North of Indianapolis, Muncie Serves

as a Regional Business, Educational, Medical , Financial and Retai l Hub,With a Trade Area Encompassing 9 Counties and Approximately429,000 People

§ Property is Situated on a Hard Corner at the Busy SignalizedIntersection of Madison St and E Memorial Drive (Combined Traff icCounts of Over 28,600 VPD)

§ Strategical ly Posit ioned Directly Across the Street From Walgreensand Adjacent to Advance Auto Parts

§ Nearby Tenants Include: Family Dollar , AutoZone, Taco Bell , Arby’s,KFC and Wendy’s

EXCELLENT DAYTIME EMPLOYMENT COUNTS§ Over 30,600-43,000 Employees Work Within the 3-Mile and 5-Mile

Radius of the Site, Respectively

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6LEASE SUMMARYTENANT CVS Caremark Corporation

PREMISES A Building of Approximately 10,772 SF

LEASE COMMENCEMENT September 1, 1995

LEASE EXPIRATION June 20, 2033

LEASE TERM 13 Years Remaining

RENEWAL OPTIONS 4 x 5 Years

RENT INCREASESFlat in Primary Term &

5% in Each Option Period

LEASE TYPE Double Net (NN)

PERMITTED USE Drug Store/Pharmacy

PROPERTY TAXES Tenant’s Responsibil ity

INSURANCE Tenant’s Responsibil ity

PARKING LOT Landlord’s Responsibil ity

ROOF & STRUCTURE Landlord’s Responsibil ity

REPAIRS & MAINTENANCE Tenant’s Responsibil ity

HVAC Tenant’s Responsibil ity

UTILITIES Tenant’s Responsibil ity

SQUAREFOOTAGE

ANNUALBASE RENT

RENT PER SF

10 ,772 SF $100 ,000 $9 .28A C T U A L P R O P E R T Y I M A G E

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A C T U A L P R O P E R T Y I M A G E S

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W Memorial Ave

S Madison St

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W Memorial Ave

S Madison St

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E Michigan Ave

W Memorial Ave

S Madison St

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M U N C I E | D E L A W A R E C O U N T Y | I N D I A N A

Muncie is an incorporated city and the seat of Delaware County in the stateof Indiana. The city’s 2018 estimate population was about 68,529 residents. It is theprincipal city of the Muncie metropolitan statistical area, which has a population of117,671 people. It is located in East Central Indiana, about 50 miles northeastof Indianapolis. Indianapolis is the capital and most populous city of the U.S. state ofIndiana. The city is located in the East North Central region of the Midwestern UnitedStates. With an estimated population of 867,125 people in 2019, Indianapolis is thethird most populous city in the Midwest and 15th in the U.S.

Muncie’s economy revolves around Ball State University which is a public researchuniversity with about 22,000 students. Due to the city's close proximity, Indianapolis’economy affects Muncie’s. Anchoring the 25th largest economic region in thecountry, Indianapolis has a gross domestic product of $134 billion. As of 2019, threeFortune 500 companies and three Fortune 1000 companies are based in Indianapolis.Biotechnology, life sciences and health care are major sectors of Indianapolis'seconomy. As of 2016, Eli Lilly and Company was the largest private employer in thecity with more than 11,000 workers. As home to the second largest FedEx Expresshub in the world, Indianapolis International Airport ranks as the sixth busiest U.S.airport in terms of air cargo transport, handling over 1 million tons and employing6,600 people.

Muncie is about an hour’s drive from the capital of the state, Indianapolis, making itthe perfect day trip. Indianapolis is home to two major sports clubs, the IndianaPacers of the National Basketball Association and the Indianapolis Colts of theNational Football League. The city's philanthropic community has been instrumentalin the development of its cultural institutions and collections, including the world'slargest children's museum, nation's largest privately funded zoo, historic buildings andsites, and public art. Indianapolis is headquarters for the American Legion, and hometo a significant collection of monuments dedicated to veterans and war dead, themost in the U.S. outside of Washington, D.C.

B ALL S TATE U NI VE R S I TY I ND I ANAP O LI S , I NI ND I ANAP O LI S Z O O

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3 M I L E S 5 M I L E S 1 0 M I L E S

P O P U L A T I O N 5 7 , 7 0 6 8 1 , 7 4 5 1 0 8 , 9 3 0

A V E R A G E H H I N C O M E $ 3 9 , 8 0 7 $ 4 8 , 9 0 5 $ 5 6 , 2 3 8

W Memorial Ave (14,529 VPD)

S Madison St

(14,129 VPD

)

(9,052 VPD) (22,226 VPD

)

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TENANT PROFILEC V S P H A R M A C Y

CVS Pharmacy is the second largest pharmacy chain in the United States withmore than 9,900 locat ions in 49 states including the Distr ict of Columbia andPuerto Rico. The company was founded in Lowel l , Massachusetts and original lynamed the Consumer Value Store. CVS Pharmacy is current ly the largestpharmacy chain in the United States by number of locat ions and totalprescr ipt ion revenue. As the retai l pharmacy divis ion of CVS Health, i t ranks asthe 12th largest company in the world serving 5 mi l l ion customers each day.

CVS sel ls prescr ipt ion drugs and a wide assortment of general merchandiseincluding over-the-counter drugs , beauty products and cosmetics , f i lm andphoto f inishing services , seasonal merchandise, greet ing cards , and conveniencefoods through their CVS Pharmacy and Longs Drugs retai l stores . I t alsoprovides heal thcare services to more than 1,100 MinuteCl inic medical c l inics in33 states including the Distr ict of Columbia. As a pharmacy innovat ioncompany, CVS focuses on char i table giving in ways that wi l l help people ontheir path to better heal th by improving heal th outcomes and bui lding heal thiercommunit ies . Their in-store fundrais ing campaigns , in-k ind donat ions andcorporate grants provide support for nat ional nonprof i t partners that arefocused on helping people on their path to better heal th.

HEADQUARTERSWoonsocket, RI

COMPANY TYPENYSE: CVS

FOUNDED1963

# OF LOCATIONS9,900+

WEBSITEcvs.com

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CONFIDENTIALITY AGREEMENT

C V S P H A R M A C Y

A C T U A L P R O P E R T Y I M A G E

T h e i n f o r m a t i o n c o n t a i n e d i n t h e f o l l o w i n g O f f e r i n g M e m o r a n d u m i s p r o p r i e t a r y a n ds t r i c t l y c o n f i d e n t i a l . I t i s i n t e n d e d t o b e r e v i e w e d o n l y b y t h e p a r t y r e c e i v i n g i t f r o mL a t i t u d e C o m m e r c i a l R e a l t y , I n c . ( L C R ) i n a s s o c i a t i o n w i t h S a n d s I n v e s t m e n t G r o u p ( S I G )a n d s h o u l d n o t b e m a d e a v a i l a b l e t o a n y o t h e r p e r s o n o r e n t i t y w i t h o u t t h e w r i t t e nc o n s e n t o f L C R & S I G .

T h i s O f f e r i n g M e m o r a n d u m h a s b e e n p r e p a r e d t o p r o v i d e s u m m a r y , u n v e r i f i e d i n f o r m a t i o nt o p r o s p e c t i v e p u r c h a s e r s , a n d t o e s t a b l i s h o n l y a p r e l i m i n a r y l e v e l o f i n t e r e s t i n t h es u b j e c t p r o p e r t y .

T h e i n f o r m a t i o n c o n t a i n e d h e r e i n i s n o t a s u b s t i t u t e f o r a t h o r o u g h d u e d i l i g e n c ei n v e s t i g a t i o n , a n d m a k e s n o w a r r a n t y o r r e p r e s e n t a t i o n , w i t h r e s p e c t t o t h e i n c o m e o re x p e n s e s f o r t h e s u b j e c t p r o p e r t y , t h e f u t u r e p r o j e c t e d f i n a n c i a l p e r f o r m a n c e o f t h ep r o p e r t y , t h e s i z e a n d s q u a r e f o o t a g e o f t h e p r o p e r t y a n d i m p r o v e m e n t s , t h e p r e s e n c e o ra b s e n c e o f c o n t a m i n a t i n g s u b s t a n c e s , P C B ’ s o r a s b e s t o s , t h e c o m p l i a n c e w i t h S t a t e a n dF e d e r a l r e g u l a t i o n s , t h e p h y s i c a l c o n d i t i o n o f t h e i m p r o v e m e n t s t h e r e o n , o r t h e f i n a n c i a lc o n d i t i o n o r b u s i n e s s p r o s p e c t s o f a n y t e n a n t , o r a n y t e n a n t ’ s p l a n s o r i n t e n t i o n s t oc o n t i n u e i t s o c c u p a n c y o f t h e s u b j e c t p r o p e r t y .

T h e i n f o r m a t i o n c o n t a i n e d i n t h i s O f f e r i n g M e m o r a n d u m h a s b e e n o b t a i n e d f r o m s o u r c e sw e b e l i e v e t o b e r e l i a b l e ; h o w e v e r , L C R & S I G h a s n o t v e r i f i e d , a n d w i l l n o t v e r i f y , a n y o ft h e i n f o r m a t i o n c o n t a i n e d h e r e i n , n o r h a s L C R & S I G c o n d u c t e d a n y i n v e s t i g a t i o nr e g a r d i n g t h e s e m a t t e r s a n d m a k e s n o w a r r a n t y o r r e p r e s e n t a t i o n w h a t s o e v e r r e g a r d i n gt h e a c c u r a c y o r c o m p l e t e n e s s o f t h e i n f o r m a t i o n p r o v i d e d . A l l p o t e n t i a l b u y e r s m u s t t a k ea p p r o p r i a t e m e a s u r e s t o v e r i f y a l l o f t h e i n f o r m a t i o n s e t f o r t h h e r e i n .

B y r e c e i p t o f t h i s M e m o r a n d u m , y o u a g r e e t h a t t h i s M e m o r a n d u m a n d i t s c o n t e n t s a r e o fc o n f i d e n t i a l n a t u r e , t h a t y o u w i l l h o l d a n d t r e a t i t i n t h e s t r i c t e s t c o n f i d e n c e a n d t h a ty o u w i l l n o t d i s c l o s e i t s c o n t e n t s i n a n y m a n n e r d e t r i m e n t a l t o t h e i n t e r e s t o f t h e O w n e r .Y o u a l s o a g r e e t h a t b y a c c e p t i n g t h i s M e m o r a n d u m y o u a g r e e t o r e l e a s e L C R & S I G a n dh o l d i t h a r m l e s s f r o m a n y k i n d o f c l a i m , c o s t , e x p e n s e , o r l i a b i l i t y a r i s i n g o u t o f y o u ri n v e s t i g a t i o n a n d / o r p u r c h a s e o f t h i s p r o p e r t y .

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16M A R K E T E D B Y :

CVS Pharmacy425 E Memor ia l Dr ive

Munc ie , IN 47302

MICHAEL SMITHLic. # 305786

704.315.5044 | [email protected]

AMAR GOLILic. # 310575

980.729.5626 | [email protected]

JUSTIN ABNEYLic. # 308045

980.231.2215 | [email protected]

AARON MCDERMOTTLic. # RB14031217

219.864.0200 | [email protected]

LATITUDE COMMERCIAL REALTY, INC.

IN Lic. # RC509005832342 Cline Avenue

Schererville, IN 46375