The Boulder Group is pleased to exclusively market for sale a single tenant CVS ground lease property located in Lexington, Kentucky.

1. NET LEASED INVESTMENT OFFERING
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CVS (Ground Lease)
118 East New Circle Road
Lexington, KY 40505

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1) Executive Summary
2) Investment Highlights
3) Property Overview
4) Aerial
5) Site Plan
6) Maps
7) Tenant Profile
8) Demographic Comparison Report
9) Location Overview
10) Contact Information
TABLE OF CONTENTS
TABLE OF CONTENTS

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The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to
be reviewed only by the party receiving it from The Boulder Group and should not be made available to any other person
or entity without the written consent of The Boulder Group. This Offering Memorandum 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. The
Boulder Group has not made any investigation, and makes no warranty or representation. The information contained
in this Offering Memorandum has been obtained from sources we believe to be reliable; however, The Boulder Group
has not verified, and will not verify, any of the information contained herein, nor has The Boulder Group 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.
CONFIDENTIALITY & DISCLAIMER
CONFIDENTITALITY & DISCLAIMER

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The Boulder Group is pleased to exclusively market for sale a single tenant CVS ground lease property located in Lexington,
Kentucky. The CVS is well located along Lexington’s highway loop which encompasses the city. The building was recently
developed in 2009 at a signalized intersection. There are over 20 years remaining on the CVS ground lease that expires
in January 2035 and features rental escalations in each renewal option period. CVS is a publicly traded company (NYSE:
CVS) with a market capitalization in excess of $89 billion and is an investment grade rated tenant (S&P: BBB+).
The 1.86 acre CVS property is ideally located at the heavily trafficked signalized intersection of East New Circle Road and
North Limestone Road. This intersection experiences traffic volumes in excess of 45,000 vehicles per day. New Circle
Road is Lexington’s highway loop that rounds the city. The property is located approximately two miles east of downtown
Lexington and three miles east of the University of Kentucky (30,000 students). The CVS is located less than 1.5 miles
from access to Interstate 75/64. The corporate headquarters of Lexmark International, a global provider of printing and
imaging products, is located less than two miles from the CVS and employs over 2,600 people. Further contributing to the
strength of this CVS location is that it is located down the street from an aging mid-block Walgreens with limited access.
The CVS property is benefitted by its proximity to Whitaker Bank Ballpark, home of the Lexington Legends minor league
baseball team. The area is densely populated with approximately 80,000 people living within a three mile radius. Retailers
located in the immediate vicinity of the property include Walmart, Kroger, Staples, PNC Bank, Fifth-Third Bank, and many
others.
CVS has over 20 years remaining on their ground lease that expires January 31, 2035. The lease features six 5-year re-
newal options with 5% rental escalations in each. CVS is an investment grade tenant with a Standard and Poor’s rating of
BBB+. CVS is publicly traded on the New York Stock Exchange (CVS) with a market capitalization in excess of $89 billion.
INVESTMENT HIGHLIGHTS
• Located in the city of Lexington
• Long term ground lease with over 20 years remaining
• Investment grade tenant (S&P: BBB+)
• Premiere location along Lexington’s highway loop (New Circle Road)
• Rental escalations in each renewal option
• Located at a heavily trafficked signalized intersection (45,000 VPD)
• Close proximity to the world headquarters of Lexmark International
(2,600+ employees)
• Recently constructed (2009)
• No landlord responsibilities
EXECUTIVE SUMMARY
EXECUTIVE SUMMARY

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PROPERTY OVERVIEW
PROPERTY OVERVIEW
Price: $3,950,000
Cap Rate: 4.81%
Rent Schedule: NOI Escalation Date
$190,000
$199,500 2/1/35 (Option 1)
$209,475 2/1/40 (Option 2)
$219,949 2/1/45 (Option 3)
$230,946 2/1/50 (Option 4)
$242,494 2/1/55 (Option 5)
$254,618 2/1/60 (Option 6)
Lease Commencement Date: October 2, 2009
Lease Expiration Date: January 31, 2035
Tenant: CVS
Credit Rating: BBB+
Rental Escalations: 5% in Each Option
Renewal Options: Six 5-Year
Year Built: 2009
Lease Type: Ground Lease
Building Size: 13,225 SF
Land Size: 1.86 acres

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AERIAL
AERIAL
38,000VPD
E.NEW
CIRCLEROAD
87,000 VPD
TO INTERSTATE 75/64
7,000
VPD
N. LIMESTONE STREET
WORLD HEADQUARTERS
N

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SITE PLAN
SITE PLAN
N
NORTH LIMESTONE
EASTNEWCIRCLEROAD

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MAPS
MAPS
New Circle Road
New
Circle
Road
New Circle Road
NewCircleRoad
New
Circle Road
NewCircleRoad

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CVS is engaged in the retail drugstore business. The Company operates 7,600 locations in 45 states and Puerto
Rico. CVS is the nation’s second-largest drugstore chain and the third-largest pharmacy benefits manager.
As a retail division of CVS Caremark, CVS retail locations sell prescription drugs and a wide variety of general
merchandise including over-the-counter medication, beauty products and cosmetics, film and photo finishing
services, seasonal merchandise and convenience foods. CVS also offers healthcare services through their
MinuteClinic locations, most of which are located within their stores. CVS is headquartered in Woonsocket,
Rhode Island and was founded in 1963.
CVS is a publicly traded company on the New York Stock Exchange, CVS, with a market capitalization in excess
of $89.5 billion. CVS is an investment grade rated tenant with a Standard & Poor’s rating of BBB+.
Website: www.cvs.com
Number of Locations: 7,600
Stock Symbol: CVS: NYSE
Standard & Poor’s Rating: BBB+
Market Capitalization: $89 billion
Number of Employees: 130,000
TENANT PROFILE
TENANT PROFILE

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Population 1-mi 3-mi 5-mi
Total Population 10,946 77,333 166,180
Total Households 4,538 32,733 70,591
Income
Average Household Income $49,366 $48,871 $57,668
DEMOGRAPHIC COMPARISON REPORT
DEMOGRAPHIC COMPARISON REPORT

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Lexington is the second-largest city in Kentucky and the 61st largest city in the United States. Known
as the “Horse Capital of the World”, it is located in the heart of Kentucky’s Bluegrass Region. Lexington
had a 2013 US Census estimated population of 308,428 people and a combined statistical area
population in excess of 705,000 people. With its abundance of government and technology jobs,
Lexington has one of the nation’s most stable economies. Lexington has been described as having “a
fortified economy, strong in manufacturing, technology and entrepreneurial support, benefiting from
a diverse, balanced business base”. Lexington is the home of the University of Kentucky, which has
an enrollment of approximately 30,000 students and employs over 14,000 people. Other significant
employers include Lexmark, Xerox, Kroger, Amazon.com, Lockheed Martin, KentuckyOne Health, and the Fayette County
Public Schools.
The northeast border of Lexington has direct access to Interstate 64 and Interstate 75, however freeways do not run through
downtown. Instead, Lexington has two beltways; New Circle Road (inner) and Man o’ War Boulevard (outer), and numerous
arterial highways/U.S. routes radiate from downtown to the surrounding suburbs and small towns.
www.lexingtonky.gov
LOCATION OVERVIEW
LOCATION OVERVIEW

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CONTACT INFORMATION
CONTACT INFORMATION
666 Dundee Road, Suite 1801
Northbrook, IL 60062
Randy Blankstein
President
847.562.0003
randy@bouldergroup.com
Jimmy Goodman
Partner
847.562.8500
jimmy@bouldergroup.com