Unsubordinated Ground Leases

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   California CVS Pharmacy Ground Lease
Incredible 1031 Investment Opportunity – CVS/pharmacy
National Credit Tenant – Publicly Traded with Over 4,100 Stores
New Long Term Ground Lease – Corporate Guarantee
2003 Pride of Ownership Construction – Drive-Thru
Dense / Infill Location – Over 575,000 People in a 5-Mile Radius
Publicly Traded on the NYSE under “CVS”
Sales: 26.5 Billion (’03)
Total Assets: $10.15 Billion (’03)
Net Worth: $5.74 Billion (’03)
Credit Rating (Standard & Poors): A
Price: $4,765,000
Annual Rent: $262,000
Cap Rate: 5.50%
Building: 12,000 SF
Lease Type: Absolute NNN
Rent Commencement: March, 2003
Term: 22 Years
Options: 5 (10-Year) Options with 14% steps

   California Walgreen's Ground Lease
$2,780,000
5.75% cap.


   NEW CVS GROUND LEASE

Just came back on the market. Perhaps one of the best pure ground lease deals seen lately. The starting cap rate is 6.7%, which results in an average cap rate over the base term of 7.27% and a cap rate in the last seven years of the base term at 7.76% This property may be overlooked because it has been in and out of escrow with a couple of trade buyers who went elsewhere.

LOCATION: CVS Ground Lease - Texas. This is a true unsubordinated ground lease, unconditionally guaranteed by CVS Corp.
PRICE: $3,686,600
CAP RATE: 6.7% initial return on initial annual rent of $247,000.
LEASE START: CVS opened at this location in September 2003.
ANNUAL MIN. RENT: $247,000 for the first five years of a base term of 22 years. Increases in rent of 5% every five years of the base term (last increase for seven years), as well as the six five-year options.

Annual Rent
1st 5 Years $247,000
2nd 5 Years $259,350
3rd 5 Years $272,317
Last 7 Years – Base Term $285,933
Average Cap Rate Base Term = 7.27%
+ 5% increases in each of the six five-year options.
Rent in last five-year option will be $383,178.
EXPENSES: Absolute NNN lease
BUILDING SIZES: CVS – approximately 12,000 sq. ft. on 1.27 acres.

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The Unsubordinated Ground Leases contained herein have been obtained from ground lease sources believed to be reliable. While we do not doubt the accuracy of these Unsubordinated Ground Leases, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the Unsubordinated Ground Leases information. As an ground lease buyer, it is your responsibility to independently confirm the accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the Unsubordinated Ground Leases. The value of these Unsubordinated Ground Leases to you depend on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the Unsubordinated Ground Leases to determine to your satisfaction the suitability of the property for your needs. You agree to indemnify Quality Real Estate and shall hold Quality Real Estate harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of these Unsubordinated Ground Leases.