CVS Ground Lease, Southeast Region

Property Description

• Absolute net fee simple ground lease

• Lease Term: 25 years with six, 5-year renewals

• Hard corner location

• 90,000 cars per day

• Relocation of high volume in-line location

The subject property is an approximate 13,013 square foot, single tenant CVS Ground Lease. The building was built in 2007 and is situated on a 1.33 acre site. The site is NNN in nature with no landlord responsibilities. CVS Corporation has signed a 25-year primary lease term which commenced in September 1, 2007. CVS Corporation purchased the site directly to the south, while earlier negotiations for the current location were unsuccessful. The area is known as a bedroom community and includes abundant residential development within the neighborhood boundaries. Residential homes range from $150,000 to $3,000,000. The site was a relocation of an inline location directly across the street in the Publix Shopping Center. The property has two access points. Retailers in the area include Publix, McDonalds, TJ Maxx, Bank of America, Subway, Kmart, Staples, Big Lots, Bealls, Blockbuster, Taco Bell, Office Depot, Chilis, Regions Bank, Starbucks, Arbys and West Marine.

Estimated that for 2007 there are approximately 129,095 residents and 55,892 households within a five-mile radius of the Property. The average household income within a five-mile radius of the Property was estimated to be $67,053.

CVS recorded revenues of $43,813.8 million during the fiscal year ended December 2006, an increase of 18.4% over 2005. The operating profit of the company was $2,441.6 million during fiscal year 2006, an increase of 20.9% over 2005. The net profit was $1,386.9 million in fiscal year 2006, an increase of 13.2% over 2005.

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