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OFFERING MEMORANDUM
1 0 1 6 S W L E E B LV D | L AW T O N , O K
™
1 0 1 6 S W L E E B LV D | L AW T O N , O K
08TENANT PROFILE
09AREA OVERVIEW
04FINANCIAL OVERVIEW
03INVESTMENT HIGHLIGHTS
EXCLUSIVELY LISTED BY:
GRANT KORNASSOCIATE
DIRECT (310) 844-9168MOBILE (310) 927-6117
[email protected] # 02109645 (CA)
KYLE MATTHEWSBROKER OF RECORD
LIC # 180759 (OK)
MAXX BAUMANMARKET LEADER
DIRECT (310) 919-5765MOBILE (310) 994-0262
[email protected] # 01996741 (CA)
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LOCATION HIGHLIGHTS
• Located on a hard-Signalized Corner With high Visibility – Approximately 30,000 VPD
• Strong Demographics: 5-mile population is 84,565
• 1 mile away from Central Mall of Lawton
• Located near Fort Sill Military base and Cameron University
• The subject property benefits from the surrounding retail: Dollar General, McDonald’s, Burger King, Advance Auto Parts and more
LEASE & PROPERTY DETAILS
• 9 years plus two, 5-year Options remaining on an absolute NNN lease
• Replaceable Rent with potential future upside
• Rent increases every 5 years during option periods
• Tenant pays all taxes and insurance expenses
ABOUT CVS
• Corporate Guarantee From CVS Health Corporate (NYSE: CVS), S&P Investment Grade Credit Rating of “BBB”
• CVS Has Over 9,800 Locations Across the U.S.
INVESTMENT HIGHLIGHTS
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FINANCIAL SUMMARY
LEASE TYPE NNN
TYPE OF OWNERSHIP Fee Simple
LEASE GUARANTOR Corporate
ROOF AND STRUCTURE RESPONSIBLE Tenant Responsible
ORIGINAL LEASE TERM 20 Years
LEASE COMMENCEMENT DATE 5/21/1999
RENT COMMENCEMENT DATE 4/1/2018
LEASE EXPIRATION DATE 11/11/2029
LEASE TERM REMAINING (YEARS) 9 years
INCREASES 5% each option
OPTIONS Two, 5 year options remaining
TENANT CVS
PROPERTY ADDRESS 1016 SW Lee Blvd
LOCATION Lawton, OK 73501
GLA ± 12,000 SF
EXECUTIVE OVERVIEW
$157,097 NOI
$2,699,000 LIST PRICE
5.82%CAP RATE
±12,000 SFGLA
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TERM LEASE YEARS ANNUAL RENT MONTHLY RENT RENT PSF CAP RATE
4/1/2018 - 11/11/2029 (Current) 9 Years $157,097 $13,091.42 $14.40 4.75%
11/12/2029 - 11/11/2034 5 Years $164,952 $13,746.00 $15.12 7.69%
11/12/2034 - 11/11/2039 5 Years $173,200 $14,433.33 $15.88
ANNUALIZED OPERATING DATA
Please contact a Barrington Capital agent for financing options:
KEVIN PUDER(562) [email protected]
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SURROUNDING TENANTS
± 1 8 , 0 0 0 V P D
44INTERSTATE
L E E B LV D± 2 1 , 9 0 0 V P D
1 1 T H S T± 1 3 , 7 0 0 V P D
S H E R I D A N R D± 2 6 , 5 0 0 V P D
3 8 T H S T± 1 6 , 8 0 0 V P D
G O R E B LV D± 2 1 , 7 0 0 V P D
SUBJECTPROPERTY
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CVS PHARMACYCVS Health Corporation, together with its subsidiaries, provides integrated pharmacy health care services. It operates through Pharmacy Services and Retail/LTC segments. The Pharmacy Services segment offers pharmacy benefit management solutions, such as plan design and administration, formulary management, Medicare Part D services, mail order, and specialty pharmacy services, retail pharmacy network management services, prescription management systems, clinical services, disease management programs, and medical pharmacy management services.
The Retail/LTC segment sells prescription drugs, over-the-counter drugs, beauty products, and cosmetics, personal care products, convenience foods, seasonal merchandise, and greeting cards, as well as provides photo finishing services. The company was formerly known as CVS Caremark Corporation and changed its name to CVS Health Corporation in September 2014. Hook-SupeRx, LLC operates as a subsidiary of CVS Health Corporation and retails drugs in the United States. It is based in Indianapolis, Indiana, and does business as CVS Pharmacy. Click here to read about how CVS Pharmacy is providing exceptional service to its customers and employees throughout COVID-19.
COMPANY NAMECVS Health Corporation
OWNERSHIPPublic
WEBSITEwww.cvs.com
INDUSTRYDrug Store
HEADQUARTERSWoonsocket, Rhode Island
TENANT PROFILE
9,967+Locations
203,000+Employees
1963Year Founded
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LAWTON, OK
Lawton, the county seat of Comanche County, lies approximately in the center of the county. The town is directly south of the historic Fort Sill military reservation. Situated on several highways, most notably Interstate 44, U.S. Highway 62 and State Highway 7, Lawton is eighty-seven miles southwest of Oklahoma City and is the largest community in southwestern Oklahoma.
The city’s proximity to Fort Sill Military Reservation gave Lawton economic and population stability throughout the 20th century.[12] Although Lawton’s economy is still largely dependent on Fort Sill, it has also grown to encompass manufacturing, higher education, health care, and retail.
Interstate 44 and three major United States highways serve the city, while Lawton-Fort Sill Regional Airport connects Lawton by air. Recreation can be found at the city’s many parks, lakes, museums, and festivals. Notable residents of the city include many musical and literary artists, as well as several professional athletes.
POPULATION 1 - MILE 3 - MILE 5 - MILE
2025 Projection 7,223 38,436 84,859
2020 Estimate 6,258 36,310 82,876
2010 Census 6,833 39,163 86,959
HOUSEHOLDS 1 - MILE 3 - MILE 5 - MILE
2025 Projection 3,181 16,040 32,512
2020 Estimate 2,748 15,168 31,787
2010 Census 2,924 15,947 32,666
INCOME 1 - MILE 3 - MILE 5 - MILE
2020 Avg Household Income $34,529 $53,355 $66,280
Demographics
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ECONOMYLawton is primarily centered on government, manufacturing, and retail trade industries. The Lawton MSA ranks fourth in Oklahoma with a gross domestic product of $4.2 billion produced in 2008, with a majority in the government sector.Fort Sill is the largest employer in Lawton, with over 5,000 full-time employees. In the private sector, the largest employer is Goodyear Tire and Rubber Company with 2,400 full-time employees. Some major employers in the Lawton area also include: Lawton Public Schools, Comanche County Memorial Hospital, Southwestern Hospital, City of Lawton, Cameron University, and Bar S Foods. Lawton includes two major industrial parks. One is located in the southwest region of town, while the second is located near the Lawton-Fort Sill Regional Airport.[43] The Blue Canyon Wind Farm, consisting of four development phases generating about 423.45 megawatts of electrical power,[44] is about 27 miles north-northwest of town.
At present, the city of Lawton is undertaking the Downtown Revitalization Project. Its goal is to redesign the areas between Elmer Thomas Park at the north through Central Mall to the south to be more visually appealing and pedestrian friendly to encourage business growth in the area.
FORT SILLFort Sill is a United States Army post north of Lawton, Oklahoma. It covers almost 94,000 acres. It is designated as a National Historic Landmark and serves as home of the United States Army Field Artillery School as well as the Marine Corps’ site for Field Artillery MOS school, United States Army Air Defense Artillery School, the 31st Air Defense Artillery Brigade, and the 75th Field Artillery Brigade. Fort Sill is also one of the four locations for Army Basic Combat Training. It has played a significant role in every major American conflict since 1869.
A detachment of the United States Marine Corps, consisting of a firing battery and commanded by a colonel, is stationed at Fort Sill. Referred to as the MARDET, the detachment works with the Field Artillery School to train Marine artillerymen. Marines also serve as gunnery and fire support instructors at the Army Basic Officer Leader Course & Marine Field Artillery Officer Basic Course, and as small group leaders at the Field Artillery Captains’ Career Course. All Marine artillery officers attend the Field Artillery School, but are trained in separate classes from their Army counterparts.
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This Offering Memorandum contains select information pertaining to the business and affairs of CVS located at 1016 SW Lee Blvd, Lawton, OK 73501 (“Property”). The Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Real Estate Investment Services. The material and information in the Offering Memorandum is unverified. Matthews Real Estate Investment Services has not made any investigation, and makes no warranty or representation, with respect to square footage, income and expenses, the future financial performance of the property, future rent, and real estate value market conditions, the condition or financial prospects of any tenant, or the tenants’ plans or intentions to continue to occupy space at the property. All prospective purchasers should conduct their own thorough due diligence investigation of each of these areas with the assistance of their accounting, construction, and legal professionals, and seek expert opinions regarding volatile market conditions given the unpredictable changes resulting from the continuing COVID-19 pandemic. The information is based in part upon information supplied by the Owner and in part upon financial information obtained from sources the Owner deems reliable. Owner, nor their officers, employees, or real estate agents make any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum, or any of its content, and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein.
By acknowledging your receipt of this Offering Memorandum for the Property, you agree:
1. The Offering Memorandum and its contents are confidential;2. You will hold it and treat it in the strictest of confidence; and 3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the
interest of the Seller.
Matthews Real Estate Investment Services is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee in the Offering Memorandum. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Matthews Real Estate Investment Services.
Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.
If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.
A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.
This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.
CONFIDENTIALITY AGREEMENT & DISCLAIMER
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OFFERING MEMORANDUM
1 0 1 6 S W L E E B LV D | L AW T O N , O K 7 3 5 0 1
EXCLUSIVELY LISTED BY:
GRANT KORNASSOCIATE
DIRECT (310) 844-9168MOBILE (310) 927-6117
[email protected] # 02109645 (CA)
KYLE MATTHEWSBROKER OF RECORD
LIC # 180759 (OK)
MAXX BAUMANMARKET LEADER
DIRECT (310) 919-5765MOBILE (310) 994-0262
[email protected] # 01996741 (CA)
