single tenant net leased CVS

1. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
CVS Distribution Center
50 Fortin Drive
Woonsocket, RI 02895 (Providence MSA)

2. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
1) Confidentiality & Disclaimer
2) Executive Summary
3) Property Overview
4) Aerial
5) Maps
6) Tenant Profile
7) Demographic Comparison Report
8) Location Overview
9) Contact Information
TABLE OF CONTENTS
TABLE OF CONTENTS

3. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
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

4. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
The Boulder Group is pleased to exclusively market for sale a single tenant net leased CVS distribution center
located in Woonsocket, Rhode Island (Providence MSA). This is a proven location for CVS since 1985 and they are
committed to the area as evidenced by the execution of their first renewal option for an additional five years. The
subject property contains a prototype store inside the facility to test in-store concepts before they are “rolled out”.
This is an important location for CVS as it is located less than one-half mile from the CVS corporate headquarters.
The subject property is located along Cumberland Hill Road just north of State Route 99 ten miles north of
downtown Providence. Cumberland Hill Road is a primary thoroughfare and traffic volumes are in excess of 26,000
vehicles per day. In addition to the prototype store located within the facility, CVS distributes sales tags for all
domestic CVS locations from this location. The property is strategically located less than one half mile from the
CVS corporate headquarters, which is within Highland Industrial Park. Highland Industrial Park is a 250 acre office
and industrial park with over 30 tenants. Tenants in Highland Industrial Park include CVS, Johnson & Johnson,
Cintas Corporation, Hershey’s Chocolate, and Procter & Gamble along with numerous national pharmaceutical
vendors. The distribution center benefits from its central location in the Boston-Worcester-Providence triangle
and is easily accessible via Route 146, Interstate 295 and newly constructed Route 99. Downtown Providence is
located ten miles south of the property and downtown Boston can be reached in less than one hour.
The original twenty five year lease term commenced in 1985 and CVS exercised their first renewal option for an
additional five years through 2015. The lease features four additional 5-year renewal options. CVS is a publicly
traded company on the New York Stock Exchange (CVS), with a market capitalization of $73 billion. CVS is an
investment grade rated company with a Standard & Poor’s rating of BBB+.
INVESTMENT HIGHLIGHTS
• Located one-half mile from the CVS corporate headquarters
• Tenant is paying the same low rental rate since 1985
• Longstanding tenant since 1985 and exercised first renewal
option for an additional five years
• No landlord responsibilities
• Investment grade company with an S&P Rating of BBB+
• Central location in the Boston-Worcester-Providence triangle in
close proximity to downtown Providence and downtown Boston
• Low price per square foot
• Facility distributes sales tags for all domestic CVS stores and a prototype CVS store is located inside the facility
to test “in-store” concepts
EXECUTIVE SUMMARY
EXECUTIVE SUMMARY

5. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
Price: $1,975,235
Cap Rate: 8.50%
Net Operating Income: $167,895
Renewal Options: Four 5-Year
Lease Commencement Date: December 16, 1985
Lease Expiration Date: December 15, 2015
Tenant: CVS
Credit Rating: BBB+
Year Built: 1985
Lease Type: NNN
Rentable Square Feet: 47,950
Land Size: 5.10 acres
PROPERTY OVERVIEW
PROPERTY OVERVIEW

6. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
AERIAL
AERIAL
HIGHLANDCORPORATEDRIVE
HIGHLANDCORPORATEDRIVE
CUM
BERLAND
HILLS
ROAD
26,000
VPD
SUBJECT PROPERTY
DISTRIBUTIONCENTER
HEADQUARTERS

7. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
MAPS
MAPS

8. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
CVS is engaged in the retail drugstore business. As of September 2011, the Company operated 7,400 locations
in 41 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.
Website: www.cvs.com
Number of Locations: 7,400
Stock Symbol: CVS: NYSE
Standard & Poor’s Rating: BBB+
Market Capitalization: $73 billion
Employees: 80,000
TENANT PROFILE
TENANT PROFILE

9. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
Population 1-mi 3-mi 5-mi
Total Population 7,715 63,685 93,115
Total Households 3,014 26,044 37,295
Income
Median Household Income $46,230 $44,130 $52,618
Average Household Income $58,008 $58,914 $68,966
DEMOGRAPHIC COMPARISON REPORT
DEMOGRAPHIC COMPARISON REPORT

10. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
Woonsocket is a city in Providence County, Rhode Island and is part of the Providence MSA.
Woonsocket is centrally located in the Boston/Worcester/Providence Triangle, with direct interstate
connection to Route 146 and Interstate 295. Woonsocket is located 10 miles north of downtown
Providence and approximately 50 miles southwest of downtown Boston, Massachusetts. At the time
of the 2010 U.S. Census Woonsocket had a population of 41,186. The city is home to the corporate
headquarters of CVS, a fortune 500 company with over 1,500 employees in the corporate office.
Providence is the capital and most populous city in the state of Rhode Island. The population of the Providence MSA
is in excess of 1,600,000 people, exceeding that of Rhode Island by about 60%. The providence economy is one
of the largest centers for jewelry and silverware design and manufacturing in the country. Providence is home to
several Fortune 500 company headquarters including Textron and Citizens Bank. The top employer in Providence
is Rhode Island Hospital with over 6,900 employees.
www.ci.woonsocket.ri.us
LOCATION OVERVIEW
LOCATION OVERVIEW

11. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
666 Dundee Road, Suite 1801
Northbrook, IL 60062
Randy Blankstein
President
847.562.0003
rblank@bouldergroup.com
Jimmy Goodman
Partner
847.562.8500
jimmy@bouldergroup.com
CONTACT INFORMATION
CONTACT INFORMATION