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TRANSCRIPT
OFFERING MEMORANDUM
SAN ANTONIO TEXAS
Offers Rare Rent Escalations
CONFIDENTIALITY AND 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 prospects 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.
NON-ENDORSEMENT NOTICEMarcus & Millichap Real Estate Investment Services, Inc. (“M&M”) 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 sponsorship or endorsement by, said corporation of w, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
Marcus & 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 sponsorship 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 YOURMARCUS & MILLICHAP AGENT FOR MORE DETAILS.
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Padre Island NS
Big Bend NP
Amistad NRA
Lyndon B. Johnson NHP
Big Thicket N PRES
GuadalupeMountains NP
Carlsbad Caverns NP
White Sands NM
Chickasaw NRA Hot Springs NP
Petroglyph NM
Alibates Flint Quarries NM
Lake Meredith NRA Bandelier NM
Buffalo NR
Pea Ridge NMP
North Fork
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Illinois River
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L. Conroe
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Fort Cobb Res.
Fort Gibson L.
L. Houston
L. Hudson
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Navarro Mills L.
Nimrod L.
Oologah L.
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L. Stamford
L. Sumner
L. Tawakoni
Tenkiller Ferry L.
L. Thunderbird
Twin Buttes Res.
Ute Res.
Calcasieu L.
Amistad Res.
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Lake of the Cherokees
L. Livingston
Table Rock L.
L. Texoma
L. Whitney
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W A L L E R
W A R D
W A S H I N G T O N
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W H E E L E R
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W I L S O N
W I N K L E R
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Bernalillo
Bosque Farms
Clayton
Corrales
Eunice
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Santa Rosa
Santo Domingo Pueblo
Taos
Tularosa
White Sands
Belen
Espanola
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Portales
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White Rock
Antlers
Arkoma
Atoka
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Broken Bow
Carnegie
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Cherokee
Cleveland
Coalgate
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Fairview
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Heavener
Hennessey
Hobart
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HominyJay
Lindsay
Lone Grove
Mangum
Marietta
New Cordell
Newkirk
Noble
Nowata
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Pawhuska
Picher
Prague
Purcell
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Spiro
Stigler
Stilwell
Tishomingo
Tonkawa
Tuttle
Walters
Watonga
Waurika
Wynnewood
Alva
Clinton
Elk City
Frederick
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Holdenville
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Branson
Cassville
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Bella Vista
Berryville
Booneville
De Queen
Greenwood
Hot Springs Village
Nashville
Prescott
Waldron
Clarksville
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Siloam Springs
Homer
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Leesville
Mansfield
Springhill
Abernathy
Albany
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Ballinger
Bastrop
Bellville
Bessmay-Buna
Big Lake
Bishop
Boerne
Burnet
Caldwell
Canadian
Canton
Cedar Park
Cisco
Clarendon
Clarksville
Clifton
Clyde
Comanche
Cooper
Cotulla
Crane
Crosbyton
De Kalb
De Leon
Decatur
Devine
Dilley
Dublin
Eldorado
Elgin
Fabens
Fairfield
Floresville
Floydada
Freer
Friona
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Giddings
Glen Rose
Groesbeck
Hale Center
Hallettsville
Hamilton
Haskell
Hebbronville
Henrietta
Hidalgo
Howe
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Jefferson
Junction
Karnes City
Kenedy
Kountze
Kyle
La Grange
Laughlin AFB
Lindale
Livingston
Llano
Lockney
Lone Star
Lumberton
Madisonville
Malakoff
Marble Falls
Marfa
Mason
McCamey
Memphis
Mineola
Morton
Muleshoe
Nixon
Nocona
Olney
Olton
Ozona
Paducah
Palacios
Panhandle
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Ralls
Ranger
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Rockport
Rosebud
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San Augustine
San Saba
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Seagraves
Sealy
Seymour
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Spring Valley
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Stamford
Stanton
Stinnett
Sweeny
Three Rivers
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Wake Village
Wellington
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West Lake Hills
Wills Point
Winnie
Winnsboro
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Woodville
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Alpine
Aransas Pass
Atlanta
Bellmead
Bowie
Brady
Breckenridge
Cameron
Carrizo Springs
Center
Childress
Cleveland
Coleman
Colorado City
Crockett
Crystal City
Cuero
Dalhart
Diboll
Dimmitt
Edna
Falfurrias
Fort Stockton
Gatesville
Georgetown
Gilmer
Gonzales
Graham
Hearne
Highlands
Hillsboro
Hitchcock
Iowa Park
Jasper
Kermit
Kirby
Littlefield
Live Oak
Lockhart
Luling
Marlin
Mathis
Mexia
Monahans
Navasota
Pearsall
Perryton
Pleasanton
Raymondville
Rio Grande City
San Diego
Seminole
Sinton
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WhartonYoakum
Carlsbad
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Las Cruces
Roswell
South Valley
Alamogordo Artesia
Las Vegas
Los Alamos
Bartlesville
Del City
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Ponca City
Shawnee
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Bethany
Chickasha
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Fort Sill
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Arkadelphia
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Russellville
Springdale
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Kingsville
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Sherman
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Texas City
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Andrews
Athens
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Big Spring
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Brenham
Brownfield
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Burkburnett
Burleson
Canyon
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Cleburne
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Copperas Cove
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Eagle Pass
El Campo
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Fort Bliss
Freeport
Friendswood
Gainesville
Greenville
Groves
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Huntsville
Jacksonville
Kerrville
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Lancaster
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Lewisville
McKinney
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New Braunfels
Orange
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Pampa
Pecos
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Port Lavaca
Portland
Rosenberg
Round Rock
San Benito
San Marcos
Seguin
Snyder
Stephenville
Sulphur Springs
Sweetwater
Uvalde
Vernon
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Anahuac
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Castanos
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Ciudad Camargo
Ciudad Cuauhtemoc
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Guadalupe
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Matamoros
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Montemorelos
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Sabinas Hidalgo
San Buenaventura
San Luis Del Cordero
San Pedro
San RafaelSantiago Papasquiaro
Viesca
Villa Ahumada
Villa Frontera
Villa Union
Villaldama
Zaragoza
Zaragoza
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Lawton
NormanFort Smith
Lake Charles
Amarillo
Beaumont
GarlandIrving
Lubbock
Pasadena
Waco
Abilene
Baytown
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Galveston
Grand Prairie
Laredo
Longview
McAllen
MidlandOdessa
Plano
Port Arthur
Richardson
San Angelo
Tyler
Victoria
Wichita Falls
Matamoros
Reynosa
Albuquerque
Tulsa
Shreveport
Corpus Christi
Dallas
El Paso
Fort Worth
Houston
San Antonio
Santa Fe
Oklahoma City
Austin
Chihuahua
Monterrey
Saltillo
Arkansas
Louisiana
New Mexico
Oklahoma
Missouri
TEXAS
Mexico
Investment Summary .........................................1Investment Highlights.........................................2Aerial Map .........................................................4Tenant Summary ................................................5Site Plan ............................................................7Area Map ...........................................................8 Location Overview ............................................10Location Highlights ...........................................13Demographics ..................................................14
TABLE OF CONTENTS
O V E R V I E WPrice $8,290,000
Gross Leasable Area (GLA) 14,600 SF
Lot Size (approx.) 1.69 Acres
Net Operating Income $435,226
CAP Rate 5.25%
Year Built / Renovated 2015
L E A S E A B S T R A C TLease Type NNN
Lease Term Remaining 21.4 Years
Lease Start 7/16/2015
Lease Expiration 1/31/2041
Renewal Options 5x5
Increases 5% rent bumps during option periods
Roof & Structure Tenant Responsible
7031 MARBACH RD, SAN ANTONIO, TX 78227
PRICE: $8,290,000 CAP: 5.25% RENT: $435,226
INVESTMENT SUMMARY
A N N U A L I Z E D O P E R AT I N G D ATA
Lease Term Annual Rent
Current Term $435,226
Option 1 $456,987
Option 2 $479,836
Option 3 $503,828
Option 4 $529,019
Option 5 $555,470
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INVESTMENT HIGHLIGHTSThis 25 year true NNN lease offers a passive investor a true sleep-at-night opportunity, not only in the present but also going forward for at least the next 21.4 years.
The lease calls for a very rare bonus of 5% rent escalations during the anniversary of each option period, of which there are five 5-year options.
Not only does the investment hedge against inflation, but it is strategically located at the hard corner of West Military Drive and Marbach Road.
Built in 2015, this investment grade opportunity carries no landlord responsibilities, making it a truly passive investment opportunity with a strong and stable return.
NNN25 year NNN lease
with 21.4 years remaining on base term
Features excellent visibility: Daily traffic counts exceed
41,000 vehicles per day passing directly in
front of the site
Newer construction, built in 2015
1.3 miles from Lackland Air Force Base, the largest Air Force Base installation
in the Country
Located just 3-miles from an Amazon
Fulfillment Center
Barriers to entry due to both government
and infill presence
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INVESTMENT HIGHLIGHTS t Rent increases! Very rare in drugstore leases
t Important strategic location across from Walgreens
t True hard-corner location with 41,000 cars per day
at intersection
t San Antonio is the 7th most populous city in the
country, and 2nd largest city in Texas
t Infill location with dense population (16,851 residents
within one mile radius)
t True NNN lease with zero landlord responsibilities
t Guaranteed by CVS corporate (NYSE:CVS)
24,400 VPD
289,619TOTAL POPULATION WITHIN 5-MILE RADIUS
$55,704AVERAGE HOUSEHOLD INCOME WITHIN 7-MILE RADIUS
- W MILITARY DRIVE
16,665 VPD - MARBACH ROAD
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MARBACH ROAD – 16,665 VPD
W M
ILITARY DR – 24,400 VPD
I-410
Walgreens
John Jay High School
Cable Elementary School
Matheson (Air Separation Unit) USAF
Anson Jones Middle School
San Antonio Event Center
3.4 miles south of site
Lackland Air Force Base
Mary Hull Elementary School
Westwood Terrace Elementary School
Sunnybrook Christian Academy
Part of Lackland AFB
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TENANT SUMMARYCVS Health Corporation is a Fortune 500® company (#7) and one of the nation’s largest and most innovative health care providers. Together with its subsidiaries, the company provides integrated pharmacy health care services in 43 states across the U.S, the District of Columbia, and Puerto Rico and operates through two critical business segments; pharmacy services and retail pharmacy. What makes CVS unique among its competitors is the company’s proprietary and fully integrated pharmacy benefit management system. The PBM system was created through the company’s acquisition of the Caremark brand in 2007. This segment serves employers, insurance companies, unions, government employee groups, health plans, managed Medicaid plans and plans offered on public and private organizations, other sponsors of health benefit plans, and individuals under the CVS/caremark Pharmacy Services, Caremark, CarePlus CVS/pharmacy, RxAmerica, Accordant, SilverScript, Coram CVS/specialty, NovoLogix, and Navarro Health Services names. The retail pharmacy 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.
CVS acquired Aetna for $70 Billion. Aetna Inc. is one of the Nation’s Leading Diversified Health Care Benefits Companies with a network that stretches across the Country / Globe. Pro Forma CVS / Aetna combined Annual Revenue is $221 Billion.
S&P Investment Grade Credit Rating of “BBB” for the Parent Company. Parent Company currently #7 on the Fortune 500. The CVS / Aetna Merger, will create a Fortune #4 Company with more than $18 Billion in Pro Forma EBITDA.
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WOONSOCKET, RIHEADQUARTERS
OWNERSHIP INDUSTRY
LOCATIONSFOUNDED
RETAIL DRUG STORE
9,8001964
PUBLIC
CEO
LARRY J. MERLO
EVP/COO
JONATHAN C. ROBERTS
CVS PHARMACY
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W M
ILITARY D
RIVE
MARBACH ROAD
SITE PLAN
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San Antonio
Leon ValleyAlamo Heights
Terrell Hills
China Grove
Cibolo
Cross Mountain
AtascosaElmendorf
Selma
Windcrest
Helotes
Universal City
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Located on the SWC of Marbach Rd & W. Military Dr, directly across the street from the subject property.
In this center is a Check ’N Go, Rent-A-Wheel/Rent-A-Tire and Dairy Queen.
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SAN ANTONIO, TEXASSan Antonio is the seventh most populous city in the United States and the second most populous city in both Texas and the Southern United States. San Antonio’s notable attraction includes the River Walk, the Tower of the Americas, SeaWorld, the Alamo Bowl, and Marriage Island. Commercial entertainment includes Six Flags Fiesta Texas and Morgan’s Wonderland amusement parks. According to the San Antonio Convention and Visitors Bureau, the city is visited by about 32 million tourists a year. It is home to the five-time NBA champion San Antonio Spurs, and hosts the annual San Antonio Stock Show & Rodeo, one of the largest such events in the United States.
The U.S. Armed Forces have numerous facilities in and around San Antonio; Fort Sam Houston is the only one within the city limits. Lackland Air Force Base, Randolph Air Force Base, Lackland AFB/Kelly Field Annex, Camp Bullis, and Camp Stanley are outside the city limits. Kelly Air Force Base operated out of San Antonio until 2001, when the airfield was transferred to Lackland AFB. The remaining parts of the base were developed as Port San Antonio, an industrial/business park and aerospace complex. San Antonio is home to six Fortune 500 companies and the South Texas Medical Center, the only medical research and care provider in the South Texas region.
The subject site is most influenced by: Lackland Air Force Base is home to more than 120 Department of Defense and associate organizations, including the 37th Training Wing, the largest training wing in the U.S. Air Force. Lackland is the Air Force’s only site for enlisted basic military training, and also offers professional and technical skills, and English language training for members of the U.S. Air Force, other military services, government agencies, and allies. Its four primary training functions graduate more than 86,000 students annually. In 2005, Lackland was recommended for joint basing for the three major installations around the city: Fort Sam Houston, Lackland AFB and Randolph AFB. In 2009, all 3 bases were included into Lackland AFB.
San Antonio has a diversified economy with a gross domestic product (GDP) of approximately $96.8 billion. This ranks the city fourth in Texas and 38th in the United States. San Antonio’s economy focuses primarily on military, health care, government-civil service, financial services, oil and gas, and tourism. Within the past twenty years, the city has become a significant location for American-based call centers and has added a sizable manufacturing sector centered around automobiles.
Located about 10 miles northwest of Downtown is South Texas Medical Center, a conglomerate of various hospitals, clinics, and research (Southwest Research Institute and Texas Biomedical Research Institute) and higher educational institutions.
LOCATION OVERVIEW
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Over twenty million tourists visit the city and its attractions every year, contributing substantially to its economy, primarily due to The Alamo and the River Walk. The Henry B. Gonzalez Convention Center alone hosts over 300 events annually with more than 750,000 convention delegates from around the world. Tourism provided over 130,000 jobs, and it had an economic impact of $13.6 billion in the local economy. The City of San Antonio received $195 million in the same year from the hospitality industry, with revenues from hotel occupancy tax, sales taxes and others.
San Antonio is the headquarters of six Fortune 500 companies: Valero Energy, Andeavor (formerly Tesoro Corp), USAA, iHeartMedia, NuStar Energy, and CST Brands, Inc., H-E-B, the 13th-largest private company in the US is also based in San Antonio. Other companies headquartered in the city include Bill Miller Bar-B-Q Enterprises, Carenet Healthcare Services, Security Service Federal Credit Union, Visionworks of America, Frost Bank, Harte Hanks, Kinetic Concepts, SWBC, NewTek, Rackspace, Taco Cabana, Broadway Bank, Zachry Holdings/Zachry Construction Company, Randolph-Brooks Federal Credit Union, SAS, and Whataburger. The North American Development Bank, a development institution jointly held by the governments of the U.S. and Mexico, is headquartered in San Antonio as well. Other notable companies that maintain sizable presences in the city include Hulu, OCI, Kaco New Energy, Silver Spring Networks, Toyota, Argo Group, EOG Resources, Microsoft, Cogeco Peer1, and Boeing.
In 2015, San Antonio was ranked at No. 50 by Forbes magazine on their list of the Best Places for Business and Careers, while being listed as the 15th best market for job growth.
The subject CVS: located at 7031 Marbach Rd, San Antonio, TX 78227 is in the epicenter and surrounded by the off-shoots of Lackland AFB. The main gate can be seen from the site. The Veterinary Treatment Facility, US Renal Care-Gateway, Texas Health and Human Services Commission, and H-E-B Pharmacy are all surrounding the site. Additionally, it is near well-known nationwide companies such as Wells Fargo, Enterprise Rent-A-Car, and Dollar Tree. In the surrounding area there are also popular chain restaurants such as Burger King, Pizza Hut, Little Caesars Pizza, McDonald’s, and Sonic Drive-In.
LOCATION OVERVIEW (CONTINUED)
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Located on the SEC of Marbach Rd & W. Military Dr, directly across the street from the subject property.
In this center is a Chevron Station, Little Cesar’s Pizza, La Fiesta Grocers, Marbach Bingo, LOL Liquors, and Cash American Pawn.
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San Antonio
Leon ValleyAlamo Heights
Terrell Hills
China Grove
Cibolo
Cross Mountain
AtascosaElmendorf
Selma
Windcrest
Helotes
Universal City
M A J O R E M P L O Y E R S : 2 0 1 7S A N A N T O N I O , T X
Joint Base San Antonio (JBSA) 75,972
H.E.B. Food Stores 22,000
USAA 17,163
Northside Independent School District 13,969
City of San Antonio 12,231
North East Independent School District 9,292
Methodist Health Care System 8,960
San Antonio Independent School District 7,374
Baptist Health Systems 6,432
Wells Fargo 5,010
LOCATION HIGHLIGHTS
Congested Traffic Counts exceed 41,000+
Vehicles Per Day
Strategically located for high visibility and ease
in ingress/egress
SAN ANTONIO, TXNEAR THE GATE OF LACKLAND AIR FORCE BASE
Located near the Gate of the Country’s
largest Air Force Base Training Center
Located just 12 Miles from Downtown
San Antonio
12 Miles from Downtown San Antonio
3.4 Miles from Lackland Air Force Base
Lackland Air Force Base
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289,619Total Population Within 5-Mile Radius
$55,704Average Household Income
Within 5-Mile Radius
$44,401Median Household Income
Within 5-Mile Radius
9 0,0 93Total Households in 5-Mile Radius
41.79% From 2000
DEMOGRAPHICS / SAN ANTONIO, TX
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POPULATION 1 MILE 3 MILES 5 MILES2023 Projection
Total Population 18,276 94,345 310,726
2018 Estimate
Total Population 18,279 88,807 289,619
2010 Census
Total Population 17,126 81,397 265,354
2000 Census
Total Population 16,368 64,915 208,721
Current Daytime Population
2018 Estimate 20,064 84,150 259,110
HOUSEHOLDS 1 MILE 3 MILES 5 MILES2023 Projection
Total Households 5,821 29,007 99,981
2018 Estimate
Total Households 5,647 26,488 90,093
Average (Mean) Household Size 3.16 3.05 3.04
2010 Census
Total Households 5,327 24,267 82,798
2000 Census
Total Households 5,116 19,474 63,539
Occupied Units
2023 Projection 5,821 29,007 99,981
2018 Estimate 5,864 27,095 92,336
HOUSEHOLDS BY INCOME 1 MILE 3 MILES 5 MILES2018 Estimate
$150,000 or More 1.06% 1.70% 2.89%
$100,000 - $149,000 4.60% 6.67% 9.58%
$75,000 - $99,999 9.99% 9.97% 11.12%
$50,000 - $74,999 23.12% 21.63% 21.27%
$35,000 - $49,999 16.90% 17.10% 15.61%
Under $35,000 44.33% 42.93% 39.55%
Average Household Income $46,473 $49,869 $55,704
Median Household Income $38,628 $40,190 $44,401
Per Capita Income $14,358 $15,438 $17,848
HOUSEHOLDS BY EXPENDITURE 1 MILE 3 MILES 5 MILESTotal Average Household Retail Expenditure $52,003 $53,095 $58,826
Consumer Expenditure Top 10 Categories
Housing $13,669 $14,142 $15,346
Transportation $10,488 $10,887 $11,853
Shelter $7,490 $7,800 $8,419
Food $5,687 $5,813 $6,183
Personal Insurance and Pensions $3,813 $4,138 $4,894
Utilities $3,421 $3,494 $3,731
Health Care $3,218 $3,113 $3,415
Entertainment $2,088 $2,110 $2,346
Apparel $1,388 $1,451 $1,546
Household Furnishings and Equipment $1,325 $1,379 $1,541
POPULATION PROFILE 1 MILE 3 MILES 5 MILESPopulation By Age
2018 Estimate Total Population 18,279 88,807 289,619
Under 20 32.98% 32.92% 32.51%
20 to 34 Years 22.67% 28.30% 26.08%
35 to 39 Years 6.76% 6.69% 6.97%
40 to 49 Years 12.00% 10.57% 11.26%
50 to 64 Years 14.55% 12.37% 13.52%
Age 65+ 11.04% 9.15% 9.65%
Median Age 31.15 28.28 29.69
Population 25+ by Education Level
2018 Estimate Population Age 25+ 10,909 50,039 168,772
Elementary (0-8) 8.80% 7.85% 8.66%
Some High School (9-11) 16.28% 12.94% 12.81%
High School Graduate (12) 35.03% 32.64% 29.93%
Some College (13-15) 24.01% 25.97% 24.58%
Associate Degree Only 6.14% 6.70% 7.02%
Bachelors Degree Only 6.80% 9.03% 10.35%
Graduate Degree 1.15% 2.93% 4.12%
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SAN ANTONIO TEXAS
LIOR REGENSTREIFSENIOR MANAGING DIRECTOR INVESTMENTS
SENIOR DIRECTOR, NET LEASED PROPERTIES GROUPENCINO OFFICE
Tel: (818) 212-2730Fax: (818) 212-2710
[email protected]: CA 01267761