Walgreens Net Lease Property

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Walgreens net lease property for sale

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Walgreens Net Lease Property

  1. 1. NET LEASED INVESTMENT OFFERING Walgreens 1229 North Eastern AvenueMoore, OK (Oklahoma City MSA) CONFIDENTIAL OFFERING MEMORANDUM www.bouldergroup.com
  2. 2. TABLE OF CONTENTSNET LEASED INVESTMENT OFFERINGTABLE OF CONTENTS1) Confidentiality & Disclaimer2) Executive Summary3) Property Overview4) Site Plan5) Aerial6) Maps7) Tenant Profile8) Demographic Comparison Report9) Location Overview10) Contact Information www.bouldergroup.com
  3. 3. CONFIDENTIALITY & DISCLAIMER NET LEASED INVESTMENT OFFERING CONFIDENTIALITY & DISCLAIMERThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to bereviewed only by the party receiving it from The Boulder Group and should not be made available to any other person or entitywithout the written consent of The Boulder Group. This Marketing Brochure 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 notmade any investigation, and makes no warranty or representation, with respect to the income or expenses for the subjectproperty, the future projected financial performance of the property, the size and square footage of the property andimprovements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with State andFederal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects ofany tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained inthis Marketing Brochure has been obtained from sources we believe to be reliable; however, The Boulder Group has notverified, and will not verify, any of the information contained herein, nor has The Boulder Group conducted any investigationregarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of theinformation provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. www.bouldergroup.com
  4. 4. EXECUTIVE SUMMARY NET LEASED INVESTMENT OFFERING EXECUTIVE SUMMARYThe Boulder Group is pleased to exclusively market for sale a single tenant net leased Walgreens property located within theOklahoma City metropolitan area. The 15,120 square foot Walgreens was built in 2001 and is located in the southern portionof the Oklahoma City MSA. Oklahoma City is a growing city and is home to the headquarters of Devon Energy. Devon Energy isamong the largest U.S. based independent natural gas and oil producers and is currently building their new 50 storyheadquarters downtown. Moore is located less than fifteen miles south of downtown Oklahoma City and will benefit fromOklahoma City’s continued growth.The property is located on North Eastern Avenue approximately 1.2 miles away from Interstate 35. North Eastern Avenue is aprimary north-south thoroughfare of Moore with approximately 15,000 vehicles using this roadway daily. The cross street of12th Street also has approximately 15,000 vehicles per day and is a direct interchange with Interstate 35. The subject isbenefitted by a traffic signal on the hard corner creating constant traffic flow at the property. The property is surrounded bysingle family homes and other commercial users. Platte College and multiple elementary and middle schools are within onemile of the property.Walgreens original lease term was for 20 years with ten 5-year renewal options and the lease expires in March 2021.Walgreens is a publicly traded company on the New York Stock Exchange (WAG), with a market capitalization of $39.9 Billion.Walgreens is an investment grade company with a Standard & Poor’s rating of A.INVESTMENT HIGHLIGHTS Investment grade tenant Property is located within the Oklahoma City MSA Located at a signalized intersection on the hard corner Close proximity to Interstate 35 Population of Moore continues to increase Retail sales growth in Moore above national average www.bouldergroup.com
  5. 5. PROPERTY OVERVIEW NET LEASED INVESTMENT OFFERING PROPERTY OVERVIEWPrice: $3,795,000Cap Rate: 7.80%Net Operating Income: $296,000Rental Escalations: NoneRenewal Options: Eight 5-YearLease Commencement Date: April 1, 2001Lease Expiration Date: March 31, 2021Tenant: WalgreensCredit Rating: AYear Built 2001Lease Type: NN (roof, structure, parking lot replacement)Parking: 65 parking spacesRentable Square Feet: 15,120Land Acreage: 1.41 Acres www.bouldergroup.com
  6. 6. SITE PLANNET LEASED INVESTMENT OFFERING SITE PLAN 12th Street Eastern Avenue www.bouldergroup.com
  7. 7. AERIALNET LEASED INVESTMENT OFFERING AERIAL www.bouldergroup.com
  8. 8. MAPSNET LEASED INVESTMENT OFFERING MAPS SITESITE www.bouldergroup.com
  9. 9. TENANT PROFILE NET LEASED INVESTMENT OFFERING TENANT PROFILEWalgreens is engaged in retail drugstore business. As of April 30, 2011, the Company operated 8,169locations in all 50 states, the District of Columbia, Puerto Rico and Guam. The company also operates worksitehealth centers, home care facilities, and specialty and mail service pharmacies. Its Take Care Health Systemssubsidiary 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 andgeneral merchandise. General merchandise includes, among other things, household items, personal care,convenience foods, beauty care, photofinishing, candy, and seasonal items. Walgreens offers customers thechoice to have prescriptions filled at the drugstore counter, as well as through the mail, by telephone, andthrough the Internet. In March 2011, Walgreens announced that it has completed the acquisitionDrugstore.com.Website: www.walgreens.comNumber of Locations: 8,169Stock Symbol: WAG : NYSEStandard & Poors Rating: AMarket Capitalization: $39.9 Billion www.bouldergroup.com
  10. 10. DEMOGRAPHIC COMPARISON REPORT NET LEASED INVESTMENT OFFERING DEMOGRAPHIC COMPARISON REPORTPopulation 3-mile 5-mile 7-mileTotal Population 61,191 136,020 239,069Total Households 23,058 52,515 91,841IncomeMedian Household Income $58,141 $55,515 $48,714Average Household Income $65,115 $65,309 $58,669 www.bouldergroup.com
  11. 11. LOCATION OVERVIEW NET LEASED INVESTMENT OFFERING LOCATION OVERVIEW Oklahoma City is the capital and largest city in the state of Oklahoma. According to the 2010 census Oklahoma City has a population of 579,999 with an estimated metropolitan area population of 1,252,987, ranking it 31st among other U.S. cities in population.The economy of Oklahoma City has diversified to include the sectors of information technology, services, healthservices and administration. The city has multiple Fortune 500 companies (Devon Energy Corporation andChesapeake Energy Corporation), several others that are in the Fortune 1000 and a number of large privately ownedcompanies. Additionally, AT&T and COX Enterprises have regional headquarters within the MSA. The largest employerin Oklahoma City is the State of Oklahoma with 38,000 employees. Tinker Air Force Base is second with 24,000employees. With plentiful job opportunities and job growth of over 20% since 2000, Oklahoma City’s unemploymentremains around 5.8%, well below the national average. Moore is located in the northwest portion of Cleveland County and located about 12 miles south of Oklahoma City. Moore is included in the a progressive city Oklahoma City Metropolitan Area.Moore is the seventh largest city in Oklahoma and accounts for over 20% of Cleveland County. The leading employer ofMoore is Convergys Corporation with 1,350 employees followed by Vaughan Foods, Moore Medical Center, HyattShared Service Center and Silver Star Construction.Moore’s population is expected to grow by 8.2% through 2015. While Moo re is growing it has managed to keepunemployment at 6.3% in 2010, more than three percent less than the national average. Moore’s retail market claimsremarkable sales growth of 7.7% since 2006 and approximately $12,000 of retail sales per person in 2010. www.bouldergroup.com
  12. 12. CONTACT INFORMATION NET LEASED INVESTMENT OFFERING CONTACT INFORMATION 666 Dundee Road | Suite 1801 Northbrook, IL 60062Randy Blankstein Jimmy GoodmanPresident Partner847.562.0003 847.562.8500rblank@bouldergroup.com jimmy@bouldergroup.com www.bouldergroup.com

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