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NNN Properties for Sale -The Boulder Group
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NNN Properties for Sale -The Boulder Group


NNN Walgreens Property for sale by The Boulder Group

NNN Walgreens Property for sale by The Boulder Group

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  • 1. NET LEASED INVESTMENT OFFERING Representative Image Walgreens SEC of West 95th Street & South Pulaski Road Evergreen Park, Illinois 60805 (Chicago MSA) www.bouldergroup.com
  • 2. TABLE OF CONTENTS NET LEASED INVESTMENT OFFERING TABLE OF CONTENTS 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 www.bouldergroup.com
  • 3. CONFIDENTITALITY & DISCLAIMER NET LEASED INVESTMENT OFFERING CONFIDENTIALITY & DISCLAIMER 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. www.bouldergroup.com
  • 4. EXECUTIVE SUMMARY NET LEASED INVESTMENT OFFERING EXECUTIVE SUMMARY The Boulder Group is pleased to exclusively market for sale a new construction single tenant net leased Walgreens property located in the Chicago MSA approximately 12 miles from downtown Chicago. The 14,820 square foot Walgreens is scheduled to open in June 2014. This property replaces a previously successful mid-block Walgreens location with strong store sales, further solidifying Walgreens’ commitment to this neighborhood. The Walgreens features a long term absolute net lease with 20 years of lease term remaining upon commencement and eleven five-year renewal options. The lease also features rare rental escalations every ten years throughout the primary term and in each renewal option period. The property is located in a densely populated area at the signalized intersection of two primary Chicago thoroughfares within the Evergreen Park neighborhood. The subject property is located at the signalized intersection of West 95th Street and South Pulaski Road, which experiences a combined traffic count in excess of 69,000 vehicles per day. The Walgreens is accessible by traffic traveling on both West 95th Street and South Pulaski Avenue. The area is densely populated with approximately 200,000 people living within three miles of the subject property earning an average household income of $75,000. The Advocate Christ Medical Center, a top 100 hospital nationally with 694 beds, is located half a mile west of the Walgreens property. The property is centrally located within a major retail corridor across the street from a Target, Home Depot, and Jewel-Osco anchored shopping center. A 450,000 square foot Meijer and Menards anchored shopping center and a 92,512 square foot Mariano’s Fresh Market anchored shopping center are both being developed approximately one mile east of the subject property. These new and rare urban infill projects will further enhance 95th Street as the dominant retail corridor in the area. Other retailers located within the immediate area include Bank of America, Chase Bank, Binny’s, Chuck E. Cheese’s, Standard Bank & Trust, First National Bank of Evergreen Park, Burger King, and Longhorn Steakhouse. The rent is estimated to commence June 2014 and the net lease has a primary term of twenty years with eleven five-year renewal option periods. The lease features rare rental escalations every ten years throughout the primary term and renewal option periods. Walgreens is a publicly traded company on the New York Stock Exchange (WAG), with a market capitalization in excess of $56 billion. Walgreens is an investment grade company with a Standard & Poor’s rating of BBB. Representative Image www.bouldergroup.com
  • 5. INVESTMENT HIGHLIGHTS NET LEASED INVESTMENT OFFERING INVESTMENT HIGHLIGHTS • Located within the Chicago MSA (12 Miles from downtown) • Lease features rare rental escalations in the primary term and renewal option periods • Relocation of a previously successful mid-block store with excellent store sales • Long term lease with 20 years remaining upon commencement • Investment grade tenant (S&P: BBB) • High barriers to entry due to density of the surrounding area • Positioned on the hard corner of a signalized intersection • Brand new construction (June 2014) • Eleven five-year renewal options • Zero landlord responsibilities • Intersection of West 95th Street & South Pulaski Road has traffic counts in excess of 69,000 VPD • Centrally located in the dominant 95th street retail corridor • Located one mile east from two separate grocery anchored developments totaling over 540,00 square feet • Located across the street from a Target, Home Depot and Jewel-Osco anchored shopping center • Located one-half mile from a premier 694-bed hospital • Densely populated area with over 555,000 people living within five miles • Average household income within three miles of the property is in excess of $75,000 www.bouldergroup.com
  • 6. PROPERTY OVERVIEW NET LEASED INVESTMENT OFFERING PROPERTY OVERVIEW Price: $11,142,857 Cap Rate: 5.25% Rent Schedule: NOI $585,000 $600,000 $616,500 $634,650 $654,650 $676,572 $700,730 $727,303 Escalation Date 6/1/2024 6/1/2034 6/1/2044 6/1/2054 6/1/2064 6/1/2074 6/1/2084 Lease Commencement Date: June 1, 2014 (Estimated) Lease Expiration Date: June 31, 2034 (Estimated) Renewal Options: Eleven 5-Year Tenant: Walgreens Credit Rating: BBB (Standard & Poor’s) Year Built: 2014 Landlord Obligations: None Rentable Square Feet: 14,820 Land Size: 1.43 acres www.bouldergroup.com
  • 10. TENANT PROFILE NET LEASED INVESTMENT OFFERING TENANT PROFILE Walgreens is engaged in retail drugstore business. The company operates 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: Stock Symbol: Standard & Poor’s Rating: Market Capitalization: www.walgreens.com 8,560 WAG: NYSE BBB $56 billion www.bouldergroup.com
  • 11. DEMOGRAPHIC COMPARISON REPORT NET LEASED INVESTMENT OFFERING DEMOGRAPHIC COMPARISON REPORT Population Total Population Total Households 1-mi 3-mi 5-mi 19,823 7,802 198,891 69,300 555,946 188,418 $55,246 $68,975 $58,462 $74,720 $46,532 $60,946 Income Median Household Income Average Household Income www.bouldergroup.com
  • 12. LOCATION OVERVIEW NET LEASED INVESTMENT OFFERING LOCATION OVERVIEW Evergreen Park is a village in Cook County with a population of 20,000. The suburb is surrounded by the city of Chicago on three of its sides and borders Oak Lawn and Hometown to its’ west. The total area of the village is 3.16 miles. www.evergreenpark-il.com Chicago is the most populous city in the Midwestern United States and the third most populous city in the United States with 2,700,000 residents. Chicago is the county seat of Cook County, the second largest county in the United States. The Chicago MSA is the third most populated metropolitan area in the United States with 9,580,567 residents. The MSA covers over 1,300 square miles and six counties. The Chicago metropolitan area is home to the corporate headquarters of 57 Fortune 1000 companies, including Boeing, McDonald’s, Motorola, Discover Financial Services and United Airlines. Chicago is a major hub for industry, telecommunications and infrastructure and O’Hare International Airport is the second busiest airport in the world in terms of volume. The metro is a major financial center in North America, and is home to the largest futures exchange in the United States, the CME Group. Chicago is third in the world on the Global Financial Centers Index which ranks the competitiveness of financial centers based on people, business environment, market access, infrastructure and general competitiveness. www.cityofchicago.org www.bouldergroup.com
  • 13. CONTACT INFORMATION NET LEASED INVESTMENT OFFERING CONTACT INFORMATION N W. 95TH STREET S. HARDING ROAD S. PULASKI ROAD DRIVE-THRU Representative Image 666 Dundee Road, Suite 1801 Northbrook, IL 60062 Randy Blankstein President 847.562.0003 rblank@bouldergroup.com Jimmy Goodman Partner 847.562.8500 jimmy@bouldergroup.com www.bouldergroup.com