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CVS PHARMACY
A CORPORATE GROUND LEASE INVESTMENT
Offering Memorandum
Los Angeles, California
Actual Location
EXCLUSIVELY LISTED BY
NON-ENDORSEMENT & DISCLAIMER NOTICE
CONFIDENTIALITY & DISCLAIMERThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed
only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the
written consent of Marcus & Millichap. This Marketing Brochure 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. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect
to the income or expenses for the subject property, the future projected financial performance of the property, the size and square
footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance
with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business pros-
pects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained
in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified,
and will not verify, any of the information contained herein, nor has Marcus & Millichap 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. Marcus & Millichap is a service
mark of Marcus & Millichap Real Estate Investment Services, Inc.
© 2017 Marcus & Millichap. All rights reserved.
NON-ENDORSEMENT NOTICEMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this
marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or spon-
sorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or
commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee
information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
O F F I C E S N A T I O N W I D E A N D T H R O U G H O U T C A N A D A
WWW.MARCUSMILLICHAP.COM
PAUL BITONTIFirst Vice President Investment
Newport Beach, California
Office (949) 419 - 3246
Mobile (714) 267 - 8582
License CA 01325076
CVS PHARMACY Los Angeles, California
ROBERT REMERRemer Radcliff, Inc
Office (949) 756 - 5656
License CA 00631734
01 23
07 33
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EXECUTIVE SUMMARYSECTION 1 Investment Overview • Investment Highlights
COMPETITIVEV COMPARABLESSECTION 4 Sales Comparables • Rent Comparables
PROPERTY DESCRIPTIONSECTION 2 Property Details • Regional Map • Property Photos
MARKET OVERVIEWSECTION 5 Location Overview • Location Highlights Market Aerial • Demographics
FINANCIAL ANALYSISSECTION 3 Pricing Details • Operating Data • Rent Roll
TABLE OF CONTENTS
EXCLUSIVELY LISTED BY:
CVS PHARMACY Los Angeles, California
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus
& Millichap ACT ID Y0100411
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EXECUTIVESUMMARY
CVS PHARMACYLos Angeles, CA
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OFFERING SUMMARY
We are pleased to present the exceptional opportunity to acquire an urban
infill CVS in the high barriers to entry Pico Union - Submarket of Los Ange-
les. Located between Downtown and Koreatown, adjacent to the Wilshire
Business District and University Southern California Campus, Pico-Union is
one of the top four most dense submarkets in Los Angeles. The popula-
tion in Los Angeles is projected to grow 38% (Bloomberg) between 2017
and 2025 with the greater Los Angeles area including Pico-Union being
the densest urban area in the US.
This projected growth is evident by the current market rate and affordable
apartment projects recently completed and under construction (see at-
tached Exhibit of a sampling of these new multi-family projects). Pico-Union
and Koreatown has very low per capita retail daily needs and services and
the businesses that are fortunate enough to operate in the trade area are
typically under-sized with old format operations, further highlighting this
rare Investment opportunity.
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HARD SIGNALIZED CORNER
65,000 CPD
KOREATOWN ADJACENTI-10 RAMPS ADJACENT
1,325,725 POPULATION IN
5-MILE RING.DENSEST AREA
IN THE US
NEW 25-YEAR CORPORATE LEASE
WITH TWO 10%RENT INCREASES
660,000 Daily Traffic
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INVESTMENT HIGHLIGHTS
► Los Angeles -Pico-Union -Brand New CVS.
► Very high-density trade area: 70,000 1-mile, 623,000 3-mile and
1,325,725 5-mile population.
► Extremely rare urban infill prototypical CVS with on-grade parking.
► Signalized hard-corner position on a large (approx.) 65,000 sf land
parcel.
► Brand new 25-year ground lease (fee interest) with CVS/Caremark
Corporate guarantee, with two 10% rent increases in primary term.
► Investment Grade Credit B1.
► Located at two major traffic arterials (Approx., 65,000 TPD) in a pri-
mary trade area, under served by daily needs retailers.
► One block north of the I-10 Santa Monica Freeway with full ramp
access to downtown freeways.
► Primary trade area includes Koreatown with tremendous growth
from new and under-construction apartments and mixed-use
projects.
Washington Blvd 25,260 Daily Traffic
Ho
over St
40
,50
0 D
aily Traffic
660,000 Daily Traffic
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PICO UNION HOUSING PROJECTS
1
2
3
45
6
7
8
910
1112
13
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15 16 17
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1. 172 Units Fully Entitled - On Market
2. 644 Units Opening Date April 2020
3. 367 Units (Assi Plaza) Fully Approved
4. 226 Units (3060 Olympic) Opening Date December 2017
5. 69 Units Fully Entitled On Market
6. 172 Units (167 Vermont) Fully Entitled
7. 103 Units (605 South Vermont) Opening Date 2018
8. 68 Units Fully Entitled
9. 231 Units (3170 W. Olympic) Entitlement Process
10. 226 Units (3060 Olympic) Opening Date December 2017
11. 240 Units (721 Western) Opening Date December 2018
12. 346 Units (3670 Wilshire) Under Construction
13. 209 Units (3640 Wilshire) Under Construction
14. 79 Units (940 S. Western) Under Construction
15. 123 Units (678 S Ardmore) Entitlement Process
16. 641 Units (3470 Wilshire) Opening Date December 2018
17. 641 Units (3440 Wilshire) Opening 2020
18. 72 Units (545 S Kingsley) Under Construction
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus
& Millichap ACT ID Y0100411
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PROPERTYDESCRIPTION
CVS PHARMACYLos Angeles, CA
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PROPERTY DETAILS
Address1901 South Hoover Street
Los Angeles, California 90007
APN5056-128-023, 5056-128-009 &
5056-128-029
Price $11,700,000
Buildings 1
Price Per Square Foot $711.07
GLA 16,454 SF*
CAP Rate 3.55%
Year Built 2017
Lot Size 65,522 SF
Parking 68 Spaces
* GLA includes a Mezzanine of 1,954 SF.
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PROPERTY SITE PLAN PROPERTY TAX MAPTax Map 1929 S Hoover St, Los Angeles, CA 90007
Tax Map 1929 S Hoover St, Los Angeles, CA 90007 4/30/2018 Page 1 (of 1)
©2005-2018 First American Financial Corporation and/or its affiliates. All rights reserved.
Limitation of Liability for Informational ReportIMPORTANT – READ CAREFULLY:THIS REPORT IS NOT AN INSURED PRODUCT OR SERVICE OR A REPRESENTATION OF THE CONDITIONOF TITLE TO REAL PROPERTY. IT IS NOT AN ABSTRACT, LEGAL OPINION, OPINION OF TITLE, TITLE INSURANCE COMMITMENT ORPRELIMINARY REPORT, OR ANY FORM OF TITLE INSURANCE OR GUARANTY. THIS REPORT IS ISSUED EXCLUSIVELY FOR THE BENEFITOF THE APPLICANT THEREFOR, AND MAY NOT BE USED OR RELIED UPON BY ANY OTHER PERSON. THIS REPORT MAY NOT BEREPRODUCED IN ANY MANNER WITHOUT FIRST AMERICAN’S PRIOR WRITTEN CONSENT. FIRST AMERICAN DOES NOT REPRESENT ORWARRANT THAT THE INFORMATION HEREIN IS COMPLETE OR FREE FROM ERROR, AND THE INFORMATION HEREIN IS PROVIDEDWITHOUT ANY WARRANTIES OF ANY KIND, AS-IS, AND WITH ALL FAULTS. AS A MATERIAL PART OF THE CONSIDERATION GIVEN INEXCHANGE FOR THE ISSUANCE OF THIS REPORT, RECIPIENT AGREES THAT FIRST AMERICAN’S SOLE LIABILITY FOR ANY LOSS ORDAMAGE CAUSED BY AN ERROR OR OMISSION DUE TO INACCURATE INFORMATION OR NEGLIGENCE IN PREPARING THIS REPORTSHALL BE LIMITED TO THE FEE CHARGED FOR THE REPORT. RECIPIENT ACCEPTS THIS REPORT WITH THIS LIMITATION AND AGREESTHAT FIRST AMERICAN WOULD NOT HAVE ISSUED THIS REPORT BUT FOR THE LIMITATION OF LIABILITY DESCRIBED ABOVE. FIRSTAMERICAN MAKES NO REPRESENTATION OR WARRANTY AS TO THE LEGALITY OR PROPRIETY OF RECIPIENT’S USE OF THEINFORMATION HEREIN.
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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus
& Millichap ACT ID Y0100411
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FINANCIAL ANALYSIS
CVS PHARMACYLos Angeles, CA
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ANNUAL CASH FLOWANNUAL RENT INCREASE
THE OFFERING ANNUALIZED OPERATING INFORMATIONProperty CVS Pharmacy INCOME
Property Address 1901 S Hoover Street,Los Angeles, CA 90007
Net Operating Income $415,000
Price $11,700,000 RENT SCHEDULECapitalization Rate 3.55% PERIOD YEAR ANNUAL RENT MONTHLY RENT RENT/SF
Price/SF $711.07Initial Term 1-10 $415,000.00 $34,583.33 $2.10
PROPERTY DESCRIPTIONInitial Term 11-20 $456,500.00 $38,041.67 $2.31
Year Built 2017
Gross Leasable Area 16,454 SFInitial Term 21-25 $502,150.00 $41,845.83 $2.54
Lot Size 65,522 SF
Zoning CM-1 (Commercial Manufacturing)First Renewal Period 26-30 $527,257.50 $43,938.13 $2.67
Type of Ownership Fee Interest
Second Renewal Period 31-35 $553,620.00 $46,135.00 $2.80LEASE SUMMARY
Property Subtype Net Leased Drug StoreThird Renewal Period 36-40 $581,301.00 $48,441.75 $2.94
Tenant CVS Pharmacy
Rent Increases Base TermFourth Renewal Period 41-45 $610,366.50 $50,863.88 $3.09
Guarantor Corporate Guarantee
Lease Type NNNFifth Renewal Period 46-50 $640,885.00 $53,407.08 $3.25
Lease Commencement November 17th, 2017
Lease Expiration October 31st, 2042Sixth Renewal Period 51-55 $672,929.00 $56,077.42 $3.41
Lease Term 25 Years
Terms Remaining on Lease 25 YearsSeventh Renewal Period 56-60 $706,575.45 $58,881.29 $3.58
Renewal Options 8 5-yr Options
Landlord Responsibility NoneEighth Renewal Period 61-65 $741,904.43 $61,825.35 $3.76
Tenant Responsibility Taxes, Maintenance, Insurance
Right of First Refusal/Offer No
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TENANT SUMMARY
CVS is currently the second largest retail pharmacy in the US, be-hind Walgreens.CVS Health Corporation is a publicly traded company on the New York Stock Exchange and has been in business for more than 50 years with approximately 9,600 retail pharmacies/CVS MinuteClin-ic and more than 1,100 walk-in health care clinics. CVS Health Corporation includes CVS Pharmacy which, CVS Care-mark, a leading pharmacy benefits manager with more than 75 million plan members, and CVS Specialty, a dedicated senior phar-macy care business serving more than one million patients per year, and expanding specialty pharmacy services. CVS has annual retail sales per square foot totaling more than $840, compared to the sector average of $680 for its publicly trad-ed peers. CVS also now boasts a higher credit rating than Wal-greens (Moody’s Baa1 and S&P BBB+) is considered investment grade.
Headquarter Woonsocket, Rhode Island, U.S.
Ownership Public
Traded as CVS (NSYE)
Revenue $177.52 billion
Operating Income $9.695 billion
Net Income $5.317 billion
Total Assets $94.46 billion
Number of Employees 158,000
2120
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus
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COMPARABLE PROPERTIES
CVS PHARMACYLos Angeles, CA
1
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In a competitive retail category like drug stores, having a prototypical building, the right size, adequate parking is paramount in maximizing profits. Most of the National chain drug stores completed in the last ten years in West Los Angeles, Downtown Los Angeles and surrounding sub-markets are not prototypical primarily because of the price of the real estate. Commercial retail uses have been out-priced by residential and mixed-use bidders in these areas; consequently national chain drug stores find themselves either taking a compromised ground floor position in a mixed-use project with roof-top or subterranean parking or not expanding in these areas at all. If a national drug store chooses to take a less than ideal location in a mixed-use project they will lose the important convenience aspect of the business and the stores’ overall sales will reflect this compromise.
The only two national drug stores in the primary trade area of this CVS offering are the Ride Aid at Washington and Vermont (.05 miles west) and the CVS (1.25 miles Northwest). Both of these drug stores are old format, in-line, over-sized and the Rite Aid lacks sufficient parking.
This offering presents the top national drug store on a premium Los Angeles urban-infill site providing all of the store and site elements for optimum operation including: the ideal prototypical size of 14,500 square feet, 68 convenient on-grade parking stalls and positioning on a hard-corner at a high traffic 65,000 TPD intersection. Excitement abounds from beyond the neighborhood and trade area to Los Angeles city hall for the grand opening of this truly unique and beautiful CVS.
COMPARABLE PROPERTIES
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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus
& Millichap ACT ID Y0100411
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MARKETOVERVIEW
CVS PHARMACYLos Angeles, CA
CITY OVERVIEWLos Angeles, or "The City of Angels", is the cultural, financial, and commercial center of Southern California. With a U.S. Census-estimated 2016 population of 3,976,322, it is the second most populous city in the United States (after New York City) and the most populous city in the state of California. Los Angeles is known for its Mediterranean climate, ethnic diversity, and sprawling me-tropolis. The city is also one of the most substantial economic engines within the nation, with a diverse economy in a broad range of professional and cultural fields. Los Angeles is also famous as the home of Hollywood, a major center of the world entertainment industry. A global city, it has been ranked 6th in the Global Cities Index and 9th in the Global Economic Power Index. The Los Angeles combined statistical area (CSA) also has a gross metropolitan product (GMP) of $831 billion (as of 2008), making it the third-larg-est in the world. Los Angeles hosted the 1932 and 1984 Summer Olympics and will host the Olympics for a third time in 2028. Being the Entertainment Capital of the world, with its attractions including the Hollywood Sign; Griffith Observatory; the Getty Center; the Walt Disney Concert Hall at the Music Center in Downtown L.A.; the Hollywood Walk of Fame, Space Shuttle Endeavour, the Battleship USS Iowa; Air Force One at the Ronald Regan Library; and Universal Studios Hollywood, Los Angeles received a total of over 47 million visitors in 2016. The economy of Los Angeles is driven by international trade, entertainment aerospace, technology, petroleum, fashion, apparel, and tourism. Other significant industries in-clude finance, telecommunications, law, healthcare, and transportation. In the 2017 Global Financial Centres Index, Los Angeles was ranked as having the 19th most com-petitive financial center in the world, and sixth most competitive in United States.Los Angeles is the largest manufacturing center in the western United States. The con-tiguous ports of Los Angeles and Long Beach together comprise the fifth-busiest port in the world and the most significant port in the Western Hemisphere and is vital to trade within the Pacific Rim.The Los Angeles–Long Beach metropolitan area has a gross metropolitan product of $866 billion (as of 2015), making it the third-largest economic metropolitan area in the world. Los Angeles has been classified an "Alpha world city".Los Angeles is also often billed as the "Creative Capital of the World". The city's Hol-lywood neighborhood has become recognized as the center of the motion picture in-dustry. Los Angeles plays host to the annual Academy Awards and is the site of the USC School of Cinematic Arts, the oldest film school in the United States. The city and the rest of the Los Angeles metropolitan area are served by an extensive network of freeways and highways. Los Angeles road traffic was ranked as the most con-gested in the United States in 2005 as measured by annual delay per traveler.
DOWNTOWN LOS ANGELES0.7 Miles from Subject Property
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COUNTY OVERVIEWLos Angeles County is the most populous county in the United States. Its population is larger than that of 42 individual U.S. states. The coun-ty is home to more than one-quarter of California residents. Los Angeles County is commonly associated with the entertainment and digital media industry; all six major film studios—Paramount Pic-tures, 21st Century Fox, Sony, Warner Bros., Universal Pictures, and Walt Disney Studios—are located within the county. Numerous other major industries also define the economy of Los Angeles County, in-cluding international trade supported by the Port of Los Angeles and the Port of Long Beach that together are the fifth busiest container port in the world. Los Angeles International Airport is the sixth busi-est commercial airport in the world, handling over 66 million passen-gers and close to 2 million tons of cargo in 2013. Other industries include music recording and production, aerospace and defense, fashion, and professional services such as law, medicine, engineer-ing and design services, financial services and more. High-tech sec-tor employment within Los Angeles County is 368,500 workers, and manufacturing employment within Los Angeles County is 365,000 workers.Los Angeles is home to 113 accredited colleges and universities, including such prestigious institutions as the University of Southern California (USC), UCLA, Pepperdine University, Occidental College, Loyola Marymount University and the Art Center College of Design.Venice Beach is a popular attraction of the county. Santa Monica's pier is a well known tourist spot, famous for its ferris wheel and bumper car rides. The fabled Malibu, home of many a film or television star, lies west of it.The Port of Los Angeles is the largest cruise ship center on the West Coast, handling more than 1 million passengers annually.
AIRPORTSLos Angeles International Airport (LAX)
LA/Ontario International Airport (ONT)
Bob Hope Airport (BUR)
Long Beach Airport (LGB)
John Wayne Airport (SNA)
MAJOR ROADWAYSCalifornia State Route 5, 1, 2, 14, 18, 19, 22, 23, 27, 39, 47, 57, 60, 66, 71, 72, 90, 91, 103, 107, 110, 118, 126, 134, 138, 170, 187, 210, 213
Interstate 5, 10, 105, 405, 605, 110, 210, 710
LOS ANGELES COUNTY IS:
38 Miles from Orange County
57 Miles from Riverside County
120 Miles from San Diego
270 Miles from Las Vegas
MAJOR EMPLOYERS
City of Los Angeles
County of Los Angeles
University of California, Los Angeles
University of Southern California
Walt Disney Co
Space X
AECOM Technology Corporation
Occidental Petroleum Corporation
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DEMOGRAPHICS HIGHLIGHTS
1,325,725
$65,634
457,645
5-MILE POPULATION
AVERAGE HOUSEHOLD INCOME
NUMBER OF HOUSEHOLDS
POPULATION 1-MILE 3-MILES 5-MILES2000 Population 79,768 606,843 1,260,853
2010 Population 73,576 613,066 148,360
2014 Population 75,711 633,711 1,303,441
2019 Population 75,017 644,791 1,320,351
INCOME 1-MILE 3-MILES 5-MILES
Average $36,635 $44,171 $52,634
Median $23,214 $27,068 $31,747
Per Capita $12,383 $15,710 $18,590
HOUSEHOLDS 1-MILE 3-MILES 5-MILES2000 Households 22,769 190,747 407,007
2010 Households 22,203 204,874 425,626
2016 Households 23,200 215,237 445,969
2021 Households 23,246 223,168 457,645
Santa Monica Pier
Universal Studio Hollywood Rodeo Drive, Beverly Hills
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E X C L U S I V E LY L I S T E D B Y
CVS PHARMACYLos Angeles, CA
PAUL BITONTIFirst Vice President Investment
Newport Beach, CaliforniaOffice (949) 419 - 3246Mobile (714) 267 - 8582
[email protected] CA 01325076
ROBERT REMERPresident
Remer Radcliff, IncOffice (949) 756 - [email protected]
License CA 00631734
