NET LEASED INVESTMENT OFFERING                                Lot)Walgreens Ground Lease (Parking Lot)       3136 West 55t...
TABLE OF CONTENTS      NET LEASED INVESTMENT OFFERING      TABLE OF CONTENTS1)    Confidentiality & Disclaimer2)    Execut...
CONFIDENTIALITY & DISCLAIMER                                            NET LEASED INVESTMENT OFFERING                    ...
EXECUTIVE SUMMARY                                                 NET LEASED INVESTMENT OFFERING                          ...
PROPERTY OVERVIEW                         NET LEASED INVESTMENT OFFERING                         PROPERTY OVERVIEWPrice:  ...
AERIALNET LEASED INVESTMENT OFFERING      AERIALwww.bouldergroup.com
SITE PLANNET LEASED INVESTMENT OFFERING     SITE PLANwww.bouldergroup.com
MAPNET LEASED INVESTMENT OFFERING        MAPwww.bouldergroup.com
TENANT PROFILE                                             NET LEASED INVESTMENT OFFERING                                 ...
DEMOGRAPHIC COMPARISON REPORT                           NET LEASED INVESTMENT OFFERING                    DEMOGRAPHIC COMP...
LOCATION OVERVIEW                                         NET LEASED INVESTMENT OFFERING                                  ...
CONTACT INFORMATION                   NET LEASED INVESTMENT OFFERING                 CONTACT INFORMATION                66...
Upcoming SlideShare
Loading in …5
×

Ground Lease Walgreens for Sale

1,422 views

Published on

ground lease

0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
1,422
On SlideShare
0
From Embeds
0
Number of Embeds
13
Actions
Shares
0
Downloads
7
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide

Ground Lease Walgreens for Sale

  1. 1. NET LEASED INVESTMENT OFFERING Lot)Walgreens Ground Lease (Parking Lot) 3136 West 55th Street Chicago, IL 60629 www.bouldergroup.com
  2. 2. TABLE OF CONTENTS NET LEASED INVESTMENT OFFERING TABLE OF CONTENTS1) Confidentiality & Disclaimer2) Executive Summary3) Property Overview4) Aerial5) Site Plan6) Map7) Tenant Profile8) Demographic Comparison Report9) Location Overview10) Contact Information www.bouldergroup.com
  3. 3. CONFIDENTIALITY & DISCLAIMER NET LEASED INVESTMENT OFFERING CONFIDENTIALITY CONFIDENTIALITY & DISCLAIMERThe information contained in the following Offering Memorandum is proprietary and strictly confidential. It isintended to be reviewed only by the party receiving it from The Boulder Group and should not be made available toany other person or entity without the written consent of The Boulder Group. This Offering Memorandum has beenprepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminarylevel of interest in the subject property. The information contained herein is not a substitute for a thorough duediligence investigation. The Boulder Group has not made any investigation, and makes no warranty orrepresentation. The information contained in this Offering Memorandum has been obtained from sources webelieve to be reliable; however, The Boulder Group has not verified, and will not verify, any of the informationcontained herein, nor has The Boulder Group conducted any investigation regarding these matters and makes nowarranty or representation whatsoever regarding the accuracy or completeness of the information provided. Allpotential 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 offer for sale a rare Walgreens ground lease located in Chicago, Illinois. Thesubject property is an expanded portion of the existing Walgreens parking lot with 13 years of lease term remaining. Theproperty is located less than ten miles southwest of downtown Chicago and three miles from Midway International Airport.The ground lease is located adjacent to the existing Walgreens building. The existing property is a strong performing storeas evidenced by an extensive renovation to the property in 2011 and the need for additional parking at this location.The adjacent Walgreens is located on 55th Street and Kedzie Avenue directly west of the ground leased parking lot. ThisWalgreens was built in 1999 and was extensively renovated in 2011 with $1 million worth of renovations performed onthe property. This is a strong performing 24 Hour location for Walgreens. Walgreens is committed to this location asevidenced by ground leasing the additional parking lot longer than the primary duration of the building lease. The currentparking lot has become overcrowded due to the Walgreens popularity, hence the expansion of the additional parking area.The parking lot is located at the signalized intersection of heavily trafficked 55th Street and Kedzie Avenue. Thisintersection has average daily traffic volumes in excess of 53,000 vehicles. 55th Street also has direct full interchange withInterstate 90/94 (282,500 vehicles per day) and Interstate 55 (150,000 vehicles per day). 55th Street is the primary east-west thoroughfare in this neighborhood.The new ground rent commences October 2012. Walgreens has an absolute net (NNN) ground lease until March 31, 2025with thirty-five years of renewal options. Walgreens is a publicly traded company on the New York Stock Exchange (WAG),with a market capitalization of $25 billion. Walgreens is an investment grade rated company with a Standard & Poor’srating of A.INVESTMENT HIGHLIGHTS• Rare long term Walgreens ground lease• Located in a dense infill area Chicago at a signalized intersection• Low absolute dollar amount for a Walgreens property• Walgreens performed $1 million dollars of renovations at this location in 2011• Investment grade tenant (S&P: A)• Long term ground lease with 13 years remaining• No landlord responsibilities• Average daily traffic counts over 53,000 at intersection of 55th & Kedzie• Significant barriers to entry• Over 870,000 people living within five miles of the property• Strong performing Walgreens location www.bouldergroup.com
  5. 5. PROPERTY OVERVIEW NET LEASED INVESTMENT OFFERING PROPERTY OVERVIEWPrice: $1,190,000Cap Rate: 6.26%Net Operating Income: $74,544Rental Escalations: NoneLease Commencement Date: October 1, 2012Lease Expiration Date: March 31, 2025Tenant: WalgreensCredit Rating: ALease Type: Ground Lease - NNNLand Acreage: 10,890 square feet www.bouldergroup.com
  6. 6. AERIALNET LEASED INVESTMENT OFFERING AERIALwww.bouldergroup.com
  7. 7. SITE PLANNET LEASED INVESTMENT OFFERING SITE PLANwww.bouldergroup.com
  8. 8. MAPNET LEASED INVESTMENT OFFERING MAPwww.bouldergroup.com
  9. 9. TENANT PROFILE NET LEASED INVESTMENT OFFERING TENANT PROFILEWalgreens is engaged in retail drugstore business. As of November 30, 2011, the Company operated 8,261locations 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. TheCompany’s drugstores are engaged in the retail sale of prescription and non-prescription drugs and generalmerchandise. General merchandise includes, among other things, household items, personal care, conveniencefoods, beauty care, photofinishing, candy, and seasonal items. Walgreens offers customers the choice to haveprescriptions filled at the drugstore counter, as well as through the mail, by telephone, and through the Internet. InMarch 2011, Walgreens announced that it has completed the acquisition Drugstore.com.Website: www.walgreens.comNumber of Locations: 8,261Stock Symbol: WAG : NYSEStandard & Poor’s Rating: AMarket Capitalization: $25 Billion www.bouldergroup.com
  10. 10. DEMOGRAPHIC COMPARISON REPORT NET LEASED INVESTMENT OFFERING DEMOGRAPHIC COMPARISON REPORTPopulation 1-mi. 3-mi 5-miTotal Population 62,037 335,446 871,486Total Households 14,470 90,864 256,792IncomeMedian Household Income $51,384 $48,175 $46,290Average Household Income $59,058 $56,119 $54,974 www.bouldergroup.com
  11. 11. LOCATION OVERVIEW NET LEASED INVESTMENT OFFERING LOCATION OVERVIEW 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 populated 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, McDonalds, Motorola, Discover Financial Motorola, Services and United Airlines. Chicago is a major hub for industry, telecommunications and infrastructure and OHare International Airport is the second busiest airport in the world in terms of traffic movement.The metro is also a major financial center in North America, and is home to the largest futures exchange in theUnited States, the CME Group. Chicago is third in the world on the Global Financial Centers Index which ranksthe competitiveness of financial centers based on people, business environment, market access, infrastructureand general competitiveness.www.cityofchicago.com 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

×