CVS Pharmacy | Milledgeville GA

CVS / Pharmacy

Milledgeville, GA

  • Store number 4,251 
  • 1.53 Acres 
  • Building Size: 13,225 SF 
  • Property Type: pharmacy & convenience store 
  • Built in 2010 
  • 3 blocks from downtown Milledgeville
  • Across the street from Georgia State College and University 

https://vimeo.com/362830394

Exchanging Hassle For Happiness

Deal Terms
  • Income stream: Zero for 17.5 years
  • Lease guarantor: CVS Corp
  • Remaining Lease Term: 17.5 Years
  • Absolute NNN Lease
  • Fully amortized, non-recourse, assumable loan in place
  • Renewal options: Two fixed-rate renewal options at five years each; Eight fair market rent renewal options at five years each
  • 78.5% LTV as of September of 2019
  • Current loan balance: $3,375,000
  • Loan payment made directly to lender by tenant
  • Operating expenses and utilities are all paid by the tenant
  • Insurance paid by the tenant
  • Repairs and maintenance paid by the tenant
  • Annual rent: $287,130
  • Annual debt payment: $287,130 

Amortization Schedule

THE TENANT

CVS Health Corporation (NYSE: CVS), headquartered in Woonsocket, Rhode Island, operates America’s leading retail pharmacy with integrated offerings across the entire spectrum of pharmacy care. Through the company’s more than 9,800 retail pharmacies; its leading pharmacy benefit manager serving more than 93 million plan members; and its retail health clinic system, the largest in the nation with more than 1,100 MinuteClinic locations; it is a market leader in mail order, retail and specialty pharmacy, retail clinics, and Medicare Part D Prescription Drug Plans. 

CVS is focused on enhancing access to care, lowering overall healthcare costs for plan members and payors, and improving health outcomes. In December 2015, CVS Health completed a $1.9 billion agreement to take over Target’s (NYSE: TGT) pharmacy and clinic businesses. The deal brought 1,672 new pharmacies into CVS Health, which expanded its retail footprint by more than 20%. Additionally, in November 2018, CVS Health completed the $78 billion acquisition of Aetna (NYSE: AET), establishing CVS Health as the nation’s premier health innovation company. As a result of the acquisition, shareholders are expected to benefit from enhanced competitive positioning; the delivery of more than $750 million in synergies in 2020; and a platform from which to accelerate growth.

For the twelve-month period ended December 31, 2017, CVS Health Corporation reported total revenue of $184.8 billion, net income of $6.6 billion and a net worth in excess of $37.7 billion. CVS currently holds a Standard & Poor’s credit rating of BBB. 

CVS Corp stats

9,800 CVS Pharmacy Stores

CVS Pharmacy has over 9,800 retail stores, including pharmacies in Target, and is currently in 98 of the top 100 drugstore markets.

34M+ MinuteClinic Visits

CVS MinuteClinic nurse practioners have seen more than 34 million patients to date, with a 95% customer satisfaction rating.

70M ExtraCare Members

Their loyalty card program, ExtraCare, is the largest retail savings and rewards program with more than 70 million active member households.

290,000 Colleagues

CVS Health employs over 290,000 colleagues in all 50 states, the District of Columbia, Puerto Rico and Brazil.

24,000 Pharmacists

CVS Health employs more than 24,000 pharmacists across the company.

2.5B Prescriptons

CVS Health fills or manages 2.5 billion prescriptions each year and has captured 39% of total U.S. prescription growth since 2011.

LOCATION OVERVIEW

Milledgeville has a rich history and bright economic future. It is the regional center of education, with three colleges, and of healthcare, as home to the area’s largest emergency hospital. Georgia College & State University was founded in 1889 in Milledgeville. The university has an enrollment of some 7,000 students and is located just three blocks from the CVS store. Directly across the street from the CVS store is Georgia Military College, founded in 1879. Georgia Military College has been ranked one of the best community colleges in Georgia and the nation, and current enrollment in the Milledgeville location is approximately 1,400. The school’s Milledgeville campus is home to the Navicent Health Baldwin Center, with 140 beds and over 100 physicians.

Milledgeville is the county seat of Baldwin County, situated northeast of Macon and bordered on the east by the Oconee River. The city has a population of roughly 19,211, while Baldwin County has a population of nearly 46,000. One of Georgia’s oldest cities, it was previously used as the state capital in the 1800s and offers an excellent combination of restaurants, bars, shopping, cultural events, outdoor activities and more. Milledgeville prides itself on a balance of city living with stewardship of the environment, and recreation opportunities abound. Less than a mile from the subject property, the Oconee River Greenway Park and Riverwalk provides the city of Milledgeville with a safe and beautiful area to walk, jog, bicycle, or enjoy the beauty of the Oconee River. Multiple individual fishing stations and a boat ramp are available, as well as multi-use trails and dog parks. 

Milledgeville demographics