Net Lease Walgreens uniondale, ny


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Net Lease Walgreens uniondale, ny

  1. 1. NET LEASED INVESTMENT OFFERING Walgreens 603 Uniondale Avenue Uniondale, NY 11553 (Long Island)
  2. 2. NET LEASED INVESTMENT OFFERING 1) Confidentiality & Disclaimer 2) Executive Summary 3) Investment Highlights 4) Property Overview 5) Aerial 6) Site Plan 7) Maps 8) Tenant Profile 9) Demographic Comparison Report 10) Location Overview 11) Contact Information TABLE OF CONTENTS TABLE OF CONTENTS
  3. 3. NET LEASED INVESTMENT OFFERING The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from The Boulder Group and should not be made available to any other person or entity without the written consent of The Boulder Group. This Offering Memorandum 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. The Boulder Group has not made any investigation, and makes no warranty or representation. The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however, The Boulder Group has not verified, and will not verify, any of the information contained herein, nor has The Boulder Group 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. CONFIDENTIALITY & DISCLAIMER CONFIDENTITALITY & DISCLAIMER
  4. 4. NET LEASED INVESTMENT OFFERING The Boulder Group is pleased to exclusively market for sale a recently constructed single tenant net leased Walgreens property located in Long Island. The 12,827 square foot Walgreens was built in 2012 and is located in a dense area of Long Island with high barriers to entry. The development of this Walgreens required a difficult assemblage of five separately owned land parcels that began in 2009, three years prior to the store opening. This newly developed Walgreens features a long term lease with a 25 year primary term, five years longer than most new construction Walgreens. This property was a development priority for Walgreens and even during the economic downturn; this property represented one of three high priority sites throughout all of Long Island. Walgreens acquired the local pharmacy, in the immediate vicinity of the property, thereby solidifying a customer base and longstanding sales history. The property is located in a dense infill area of Long Island on the southeast corner of Uniondale Avenue and Jerusalem Avenue. Uniondale is a highly populated Long Island suburb with higher population and household densities than Nassau County and neighboring Hempstead. The signalized intersection of Uniondale and Jerusalem experiences traffic volumes in excess of 38,000 vehicles per day. Uniondale Avenues experiences high peak volumes and is the only north-south thoroughfare that runs through the community. In a recent survey conducted by Uniondale, 77% of residents noted that they spent time in the Jerusalem & Uniondale Corridor at least once per week. There are three Nassau Inter-County Express (NICE) bus stops in immediate vicinity to the Uniondale and Jerusalem intersection, which is important as Uniondale does not receive direct rail service and NICE is the primary form of public transportation. Wal-Mart, ShopRite and the A. Holly Patterson Extended Care facility are located within one mile of the property. A. Holly Patterson Extended Care is a 589 bed skilled nursing facility with a 95.9% occupancy rate as of August 2013. Additionally, Nassau Community College, Hofstra University, Kellenberg Memorial High School and the Uniondale High School are located within close proximity of the property, and have enrollments of approximately 23,500, 8,300, 2,600 and 1,800 students respectively. Residents living within five miles of the property enjoy household income levels in excess of $105,000 annually. The original lease commenced in October 2012 with a primary term of 25 years with ten 5-year renewal options. Walgreens is a publicly traded company on the New York Stock Exchange (WAG), with a market capitalization of $45 billion. Walgreens is an investment grade company with a Standard & Poor’s rating of BBB. EXECUTIVE SUMMARY EXECUTIVE SUMMARY
  5. 5. NET LEASED INVESTMENT OFFERING INVESTMENT HIGHLIGHTS • Located within the New York MSA (Long Island) • Difficult assemblage of five separately owned land parcels • Walgreens acquired the local pharmacy, in the immediate vicinity of the property, thereby solidifying a customer base and longstanding sales history • Dense Long Island suburb with high barriers to entry • Investment grade tenant (S&P: BBB) • Recent construction (2012) • Long term lease with 24 years remaining • Positioned on the hard corner of a signalized intersection • Intersection of Jerusalem and Uniondale experiences traffic volumes in excess of 38,000 VPD • Zero landlord responsibilities • Household income in excess of $105,000 annually within five miles of the property • Located in close proximity to a Wal-Mart, ShopRite and A. Holly Patterson Extended Care (589 beds) • Ten 5-Year renewal options INVESTMENT HIGHLIGHTS INVESTMENT HIGHLIGHTS
  6. 6. NET LEASED INVESTMENT OFFERING PROPERTY OVERVIEW PROPERTY OVERVIEW Price: $12,562,612 Cap Rate: 5.55% Net Operating Income: $697,225 Lease Commencement Date: October 22, 2012 Lease Expiration Date: October 31, 2037 Renewal Options: Ten 5-Year Tenant: Walgreens Credit Rating: BBB (Standard & Poor’s) Year Built: 2012 Landlord Obligations: None Rentable Square Feet: 12,827 Land Size: 52,085 SF
  10. 10. NET LEASED INVESTMENT OFFERING Walgreens is engaged in retail drugstore business. As of May 31, 2013, the company operated 8,560 locations in all 50 states, the District of Columbia, Puerto Rico and Guam. The company also operates worksite health centers, home care facilities, and specialty and mail service pharmacies. Its Take Care Health Systems subsidiary manages more than 715 in-store convenient care clinics and worksite health and wellness centers. The Company’s drugstores are engaged in the retail sale of prescription and non-prescription drugs and general merchandise. General merchandise includes, among other things, household items, personal care, convenience foods, beauty care, photofinishing, candy, and seasonal items. Walgreens offers customers the choice to have prescriptions filled at the drugstore counter, as well as through the mail, by telephone, and through the Internet. In September 2013, Walgreens announced that its acquisition of Kerr Drug and its 76 locations. Website: Number of Locations: 8,560 Stock Symbol: WAG: NYSE Standard & Poor’s Rating: BBB Market Capitalization: $50 billion TENANT PROFILE TENANT PROFILE
  11. 11. NET LEASED INVESTMENT OFFERING Population 1-mi 3-mi 5-mi Total Population 33,845 218,729 563,645 Total Households 8,413 64,443 180,411 Income Median Household Income $73,324 $78,199 $85,117 Average Household Income $87,322 $99,386 $105,883 DEMOGRAPHIC COMPARISON REPORT DEMOGRAPHIC COMPARISON REPORT
  12. 12. NET LEASED INVESTMENT OFFERING Uniondale is an unincorporated area located in the central portion of the Town of Hempstead in southwestern Nassau County. Uniondale is located adjacent to the Southern State Parkway, which provides quick access to the rest of Long Island and New York City. Uniondale Avenue is the predominate through corridor for motor vehicles. It is the only north-south road that runs through the community, making it the most direct route between the Southern State Parkway and Hempstead Turnpike. Front Street and Jerusalem Avenue are the primary east-west roadways through the community. Jerusalem Avenue is a 57-foot wide, four lane county road. Based on the 2010 United States Census, Uniondale had a population of 24,759 with an average household size of 3.96 people and an average family size of 4.13 people. The population density of Uniondale was 9,136 people per square mile, making it twice as dense as Nassau County as a whole. Uniondale’s land use is primarily single-family residential with scattered commercial strips, making new development very difficult. Most businesses are small and independent retailers. Nassau County is a suburban county on Long Island, immediately east of New York City. As of the 2010 census, the population was 1,339,532. In 2012, Forbes magazine reported that Nassau County was the 12th richest county in America and the wealthiest in the State of New York. Nassau, together with Suffolk County to its immediate east, are generally referred to as “Long Island” by area residents—as distinct from the New York City boroughs of Queens (Queens County) and Brooklyn (Kings County), which are geographically located on the island’s westernmost end. Two cities, three towns, 64 incorporated villages, and more than 60 unincorporated hamlets are located within the county. New York City is the most populous city in the United States of America and one of the most populous metropolitans in the world. New York is the most densely populated major city in the United States. The New York City Metropolitan Statistical Area has a population in excess of 22.2 million people. Additionally, there is approximately an additional 50 million people that annually visit New York. New York City has been ranked first across the globe in attracting capital, business, and tourists. New York exerts a significant impact upon commerce, finance, media, art, fashion, research, technology, education, and entertainment. It is a global hub of international business and commerce. New York has been widely called the leading financial center in the world. It is home to the New York Stock Exchange, the world’s largest stock exchange by total market capitalization. Many major corporations are headquartered in New York City, including 45 Fortune 500 companies. New York City is the top international air passenger gateway to the United States. The area is served by three major airports, John F. Kennedy International, Newark Liberty International and LaGuardia. LOCATION OVERVIEW LOCATION OVERVIEW
  13. 13. NET LEASED INVESTMENT OFFERING 666 Dundee Road, Suite 1801 Northbrook, IL 60062 Randy Blankstein President 847.562.0003 Jimmy Goodman Partner 847.562.8500 CONTACT INFORMATION CONTACT INFORMATION