900 North J.K. Powell Boulevard Whiteville, NC 28472
OFFERING MEMORANDUM
OFFERING MEMORANDUM CVS PHARMACY 2
INVESTMENT SUMMARY
GUARANTOR CVS Corporation
LEASE TYPE NN
LEASE EXPIRATION 1/31/2027
BUILDING SIZE 10,055 SF
BUILDING SIZE 10,055 SF
LOT SIZE 1.68 AC
TENANT OVERVIEW
Size matters to CVS Health Corp. (formerly CVS Caremark), 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, it trails rival Walgreen (8,300) in store count. In addition to its pharmacy operations, the company sells retail items, and runs a prescription management company, Caremark Pharmacy Services. The growing company also offers walk-in health services through its retail network of MinuteClinics that are located in more than 900 CVS stores. In mid-2015, it acquired Omnicare in a $12.7 billion mega deal.
CVS Health operates through two main segments: Pharmacy Services and Retail Pharmacy.
Pharmacy Services, which accounts for nearly 60% of sales, is the company’s prescription benefits management (PBM) division. It dispenses drugs through nearly 30 retail specialty pharmacy stores, more than 10 specialty mail or-
der pharmacies, and four mail order dispensing pharmacies. It also operated more than 85 medical branches, most of which are ambulatory infusion sites, but also include specialist infusion and enteral service facilities. Its other of- ferings include plan design and administration, formulary management, dis- counted drug purchase arrangements, and a slew of other services. All told, the division fills more than 930 million prescriptions per year.
CVS’s better-known Retail Pharmacy segment generates more than 40% of sales, and operates a network of more than 7,800 retail drugstores, more than 970 MinuteClinic locations, and online operations (CVS.com and Na- varro.com). The pharmacy accounts for more than two-thirds of sales in this segment, but the company also sells other “front store” retail merchandise. Additionally, CVS’ fast-growing MinuteClinics, which are primarily located in CVS stores, are staffed by nurse practitioners and physician assistants who treat minor conditions, perform health screenings, and deliver vaccinations; some locations also treat chronic conditions.
*Representative image of CVS location
CVS Pharmacy
LOCATION MAP
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SURROUNDING RETAILSURROUNDING RETAIL
Whiteville High School
Columbus County Courthouse
PROPERTY SURVEY
DEMOGRAPHIC PROFILE
1 MILE RADIUS 3 MILE RADIUS 5 MILE RADIUS 7 MILE RADIUS
2015 Estimated Population 3,489 7,822 13,181 19,827
2020 Projected Population 3,503 7,906 13,315 20,021
2010 Census Population 3,535 7,871 13,268 19,978
2000 Census Population 3,392 7,331 12,127 19,112
Percent Pop. Change: 2010-2015 -1.3% -0.6% -0.7% -0.8%
Percent Pop. Change: 2015-2020 0.4% 1.1% 1.0% 1.0%
2015 Est. Median Age 42.0 41.9 41.3 41.2
2015 Est. Average Age 42.0 41.6 41.1 40.9
P O
P U
LA TI
O N
1 MILE RADIUS 3 MILE RADIUS 5 MILE RADIUS 7 MILE RADIUS
2015 Estimated Households 1,408 3,324 5,213 7,971
2020 Projected Households 1,430 3,392 5,315 8,119
2010 Census Households 1,409 3,309 5,191 7,944
2000 Census Households 1,382 3,094 4,869 7,535
Percent HH Change: 2010-2015 0.0% 0.5% 0.4% 0.3%
Percent HH Change: 2015-2020 1.5% 2.0% 2.0% 1.9%
2015 Est. Average HH Size 2.2 2.3 2.3 2.4
H O
U S
E H
O LD
S
1 MILE RADIUS 3 MILE RADIUS 5 MILE RADIUS 7 MILE RADIUS
2015 Est. Average HH Income $44,330 $44,512 $44,812 $45,951
2020 Proj. Average HH Income $44,938 $45,195 $45,488 $47,172
2000 Census Avg. HH Income $45,932 $45,304 $40,978 $38,934
2015 Est. Median HH Income $29,907 $30,606 $31,513 $32,591
2015 Per Capita Income $17,895 $18,916 $17,723 $18,474
IN C
O M
919.831.8196 joe.graham@cbre-raleigh.com
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© 2015 CB Richard Ellis-Raleigh, LLC, a Delaware limited liability company. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
*Representative image of CVS location
OFFERING MEMORANDUM
900 North J.K. Powell Boulevard Whiteville, NC 28472