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EXCLUSIVELY LISTED BY:
Brandon Hanna | Managing Partner 248.702.0290 | [email protected] Deno Bistolarides | Managing Partner 248.702.0288 | [email protected] Michael Gaggo | Senior Associate
248.702.0287 | [email protected]
Subject Property
MARKETING PACKAGE
2103 Tw Alexander Dr., Morrisville, NC 27560
Click Here for Drone Footage
2103 Tw Alexander Dr., Morrisville, NC 27560
Lease Type Absolute Net Taxes / Insurance / CAM Tenant Roof / Structure Tenant Term Remaining 14+ Years Original Lease Term 25 Years Commencement Date 11/15/2006 Current Term Expiration 01/31/2032 Options Ten (10), Five-Year Options Guarantor Corporate Guarantee
List Price: $4,700,000 Current NOI $312,646 Proposed Cap Rate 6.65% Land Size: 1.83 Acres +/- Building Size: 13,066 sq ft +/- Price / Sq Ft $359.71 Base Rent: $23.92 Year Built: 2006
• Absolute Net Lease | Zero Landlord Responsibilities • Double Drive-Thru Available on Site | Excellent Ingress and Egress • Ten (10), Five-Year Options to Renew • Investment Grade Tenant - Standard & Poor’s Credit Rating - “BBB+” • Population Within a 5-Mile Radius Exceeds 89,802 People | Projected
Growth Rate of 11.21% within a 1-Mile Radius by 2022 • Vibrant Location | 1-Mile Household Income Exceeds $97,376 | 3-Mile
Household Income Exceeds $95,728 • Combined Traffic Counts of Over 39,214 VPD +/- at Intersection • Within Close Proximity to Raleigh-Durham International Airport • Outparcel to Food Lion Shopping Center | Located 11 Miles Away From
Duke University and 5 Miles Away from Research Triangle Park • National Tenants Surrounding Investment Property: Food Lion, Anytime
Fitness, Subway, FedEx Ground, GE Aviation, and more
INVESTMENT SUMMARY
LEASE SUMMARY
INVESTMENT / LOCATION HIGHLIGHTS
ANNUALIZED OPERATING DATA
RENT INCREASES ANNUAL RENT MONTHLY RENT
Current Rent - Dec/2028 $312,646.08 $26,053.84 Jan/2029 - Jan/2032 $0.00 $0.00 Option 1 & 2 $281,381.52 $23,448.46 Options 3 - 10 FMV FMV
Base Rent ($23.92/SF) $312,646 Net Operating Income $312,646 Total Return 6.65%/$312,646
**Rent Holiday: 01/2029 - 01/2032
Drone Footage: CLICK HERE Google Maps: CLICK HERE Google Streetview: CLICK HERE
DRONE/MAPS/STREETVIEW
2103 Tw Alexander Dr., Morrisville, NC 27560
TENANT SUMMARY
CVS Pharmacy (styled as CVS/pharmacy or simply CVS) is an Ameri-
can pharmacy retailer and currently stands as the second largest
pharmacy chain, after Walgreens, in the United States, with more
than 7,600 stores, and is the second largest US pharmacy based on
total prescription revenue. As the retail pharmacy division of CVS
Health, it ranks as the 12th largest company in the world according to
Fortune 500 in 2014. CVS Pharmacy's leading competitor Walgreens
ranked 37th.
CVS sells prescription drugs and a wide assortment of general mer-
chandise, including over-the-counter drugs, beauty products and cos-
metics, Film and photo finishing services, seasonal merchandise,
greeting cards, and convenience foods through their CVS Pharmacy
and Longs Drugs retail stores and online through CVS.com. It also
provides healthcare services through its more than 1000 Minute Clin-
ic medical clinics as well as their Diabetes Care Centers. Most of these
clinics are located within CVS stores.
CVS is incorporated in Delaware, and is based in Woonsocket, Rhode
Island. As of 2008, CVS Caremark was the largest for-profit employer
in Rhode Island. It was founded on Merrimack Street in Lowell,
Massachusetts, in 1963, under the name Consumer Value Store. It
was founded by Sid Gold-stein, Stanley Goldstein, and Ralph Hoa-
gland, as a discount health and beauty aid store.
NYSE Ticker Symbol: CVS Stock Information: Click HERE 2015 Revenue: $153.3 Billion Number of Locations: 9600+ S&P Credit Rating: BBB+ Company Website: Click HERE
TENANT HIGHLIGHTS
2103 Tw Alexander Dr., Morrisville, NC 27560
LOCATION SUMMARY
Morrisville is a town located in both Wake and Durham counties
of the U.S. state of North Carolina. The population was 18,576 at
the 2010 census. The U.S. Census Bureau estimates the town's
population to be 21,932 as of July 1, 2013. Morrisville is part of
the Research Triangle metropolitan region. The regional name
originated after the 1959 creation of the Research Triangle Park,
located midway between the cities of Raleigh and Durham. The
Research Triangle region encompasses the U.S. Census Bureau's
Combined Statistical Area (CSA) of Raleigh-Durham-Cary. The
estimated population of the Raleigh-Durham-Cary CSA was
1,565,223 as of July 1, 2006, with the Raleigh-Cary Metropolitan
Statistical Area (MSA) portion estimated at 994,551 residents.
The U.S. headquarters of Chinese multinational Lenovo are locat-
ed in the municipal limits.
Raleigh, Durham, & Chapel Hill make up the three primary cities of the Research
Triangle metropolitan region, even though today Cary is the 3rd largest munici-
pality in the area. The nickname, “The Triangle”, originated after the 1959 crea-
tion of the Research Triangle Park, primarily located in Durham County, four
miles from Downtown Durham. The park is bordered on three sides by Durham,
and is roughly midway between the cities of Raleigh & Chapel Hill, and the three
major research Universities of NC State University, Duke University, & UNC-
Chapel Hill. Other secondary academic institutions within the triangle include
Campbell University, Louisburg College, Meredith College, Shaw University, St.
Augustine College, William Peace University, as well as a handful of large com-
munity college campuses.
With the significant number of universities and colleges in the area, and the rel-
ative absence of major league professional sports, NCAA sports are very popu-
lar, most notably being basketball, with the North Carolina Tar Heels & Duke
Blue Devils leading the pack. Strong rivalries between these schools fueled by
their close proximity bring excitement to annual competitions in every major
sport. The four ACC schools in the state, Duke, North Carolina, NC-State, & Wake
Forest all consistently produce high-caliber teams & each of the triangle based
universities has won at least two NCAA national basketball championships.
The plethora of universities in the area drive leading technology, medical, and
government firms to invest, and the economy has performed exceptionally well.
Significant increases in employment, earnings, personal income, and retail sales
are projected over the next 15 years. The region’s high growing technology
community includes IBM, SAS Institute, Cisco Systems, Red Hat, & Credit Suisse.
In addition to high tech, the region is ranked consistently in the top three in the
US with concentration in life-science companies, including Biogen, Glax-
oSmithKline, BASF, Merck & Co., Pfizer, & many more. Other major employers
in the region include American Airlines, Bayer, Burt’s Bees, DuPont, Fidelity In-
vestments, General Electric, LabCorp, Lenovo, NetApp, PNC, Qualcomm, Sony,
Toyota, Verizon Wireless, and other large corporations.
“THE RESEARCH TRIANGLE”
2103 Tw Alexander Dr., Morrisville, NC 27560
PROPERTY PHOTOS
Subject Property
2103 Tw Alexander Dr., Morrisville, NC 27560
PROPERTY PHOTOS
Subject Property
2103 Tw Alexander Dr., Morrisville, NC 27560
PROPERTY PHOTOS
Subject Property
2103 Tw Alexander Dr., Morrisville, NC 27560
PROPERTY PHOTOS
2103 Tw Alexander Dr., Morrisville, NC 27560
AERIAL
2103 Tw Alexander Dr., Morrisville, NC 27560
AERIAL
2103 Tw Alexander Dr., Morrisville, NC 27560
LOCAL AND REGIONAL MAPS
Local Map
Reginal Map
2103 Tw Alexander Dr., Morrisville, NC 27560
DEMOGRAPHICS
Population: 1 Mile 3 Mile 5 Mile
2022 Projection 8,128 35,216 89,802
2017 Estimate 7,305 31,109 80,500
2010 Census 5,911 21,883 63,861
Growth 2017-2022 11.27% 13.20% 11.56%
Growth 2010-2017 23.58% 42.16% 26.06%
2017 Population Hispanic Origin 564 2,517 7,842
2017 Population by Race:
White 4,127 18,939 46,063
Black 2,171 8,329 25,433
Am. Indian & Alaskan 52 241 624
Asian 748 2,756 6,292
Hawaiian & Pacific Island 12 26 52
Other 195 817 2,036
U.S. Armed Forces: 8 21 110
Households:
2022 Projection 3,814 16,192 37,724
2017 Estimate 3,427 14,304 33,764
2010 Census 2,797 10,201 26,751
Growth 2017 - 2022 11.29% 13.20% 11.73%
Growth 2010 - 2017 22.52% 40.22% 26.22%
Owner Occupied 1,404 6,730 19,831
Renter Occupied 2,022 7,575 13,932
2017 Avg Household Income $97,376 $95,728 $91,337
2017 Med Household Income $67,653 $72,461 $73,917
2017 Households by Household Inc:
<$25,000 358 1,346 3,589
$25,000 - $50,000 638 2,774 6,741
$50,000 - $75,000 979 3,343 6,817
$75,000 - $100,000 402 2,402 6,086
$100,000 - $125,000 372 1,401 3,493
$125,000 - $150,000 110 896 2,512
$150,000 - $200,000 196 909 2,387
$200,000+ 370 1,235 2,137
Population 1 Mile 3 Mile 5 Mile
2017 Total Population: 7,305 31,109 80,500
2022 Population: 8,128 35,216 89,802
Pop Growth 2017-2022: 11.27% 13.20% 11.56%
Average Age: 34.70 35.20 35.20
Households
2017 Total Households: 3,427 14,304 33,764
HH Growth 2017-2022: 11.29% 13.20% 11.73%
Median Household Inc: $67,653 $72,461 $73,917
Avg Household Size: 2.10 2.20 2.40
2017 Avg HH Vehicles: 2.00 2.00 2.00
Housing
Median Home Value: $235,900 $245,512 $221,990
Median Year Built: 2004 2005 2002
RELATIONSHIP DRIVEN • RESULTS ORIENTED Encore Real Estate Investment Services is dedicated to assisting clients in the acquisition and disposition of net leased and multi-tenant retail properties across the United States. We
provide advisory and brokerage expertise with the highest level of commitment and attention to detail, which ensures a higher assurance of closing and a faster turnaround time as
each client is assisted and advised on strategic exit and entrance strategies aimed at achieving their investment goals.
Led by Principals Brandon Hanna and Deno Bistolarides, our team of distinguished brokers has evaluated, listed, sold and marketed over $5 Billion dollars’ worth of investment real
estate nationally, totaling over 700 transactions. We have a combined track record of investment real estate sales experience spanning 50 years. Through this experience, we continue
to execute transactions on behalf of some of the most prominent developers, institutions, and private investors in the industry. As such, we continue to build long-term relationships
with the leaders in the investment community and grow our global database of investors and developers, which enables us to provide our clients with real estate investment services
that are unmatched in the industry. We are results oriented – our advisors all have a shared vision of excellence and a commitment to ensuring we are meeting our client’s needs above
all else.
The information contained herein is proprietary and strictly confidential It is intended to be reviewed only by the party receiving it from Encore Investment Real Estate Services, LLC and should not be made available to any other person or
entity without the written consent of Encore Investment Real Estate Services, LLC . The information has been prepared to provide summary, unverified information, and to establish only a preliminary level of understanding of market
conditions. The information contained herein is not a substitute for a thorough due diligence investigation. Encore Investment Real Estate Services, LLC has not made any investigation, and makes no warranty or representation, with respect
to the information contained herein. This information has been obtained from sources we believe to be reliable; however, Encore Investment Real Estate Services, LLC has not verified, and will not verify, any of the information contained
herein, nor has Encore Investment Real Estate Services, LLC conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided.
www.encorereis.com
Sheren Zakaria Marketing Coordinator D: 248.702.0294
Tracey Sensing Operations Manager D: 248.702.0283
EXECUTIVE TEAM
Brandon Hanna Managing Partner D: 248.702.0290
C: 248.939.0717
Deno Bistolarides Managing Partner D: 248.702.0288
C: 734. 255.6820
Dante Hargis Senior Advisor D: 248.702.0289
C: 586.610.9848
Brandon Kassab Senior Advisor D: 248.702.0292
C: 248.520.2321
Danny Samona Senior Advisor D: 248.702.0286
C: 734.945.5967
Matthew Weber Senior Advisor D: 248.702.0285
C: 734.320.6141
Michael Gaggo Senior Advisor D: 248.702.0287
C: 248.866.4977
Derek Kello Associate Advisor D: 248.702.0295
C: 248.860.2650
David Wilson Associate Advisor D: 248.702.0947
C: 248.330.0771
Ryan Vinco Managing Partner D: 248.702.0299
C: 313.516.6873
Kaleb Rupp Associate Advisor D: 248.702.0297
C: 419.344.3989
James Roberts Associate Advisor D: 248.702.0948
C: 419.508.5307
Evan Lyons Senior Advisor D: 248.702.0298
C: 248.535.0354
Mo Alashkar Associate Advisor D: 248.702.0946
C: 313.610.8818
Mark Meram Associate Advisor D: 248.702.0296
C: 248.227.2444
Brent Hanna Associate Advisor D: 248.702.0293
C: 248.762.0788
Marlon Gaggo Associate Advisor D: 248.702.0291
C: 248.388.0591
30500 Northwestern Hwy, Ste 400
Farmington Hills, MI 48334
