Net Lease Property For Sale


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Net Lease Property For Sale

  1. 1. NET LEASED INVESTMENT OFFERING Walgreens Walgreens1111 North Commerce Street 73401 Ardmore, OK 73401
  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
  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.
  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 inArdmore, Oklahoma, halfway between Oklahoma City and Dallas. The 15,120 square foot Walgreens was built in 2000 andbenefits from its location within the primary retail trade area. Walgreens is committed to this location as evidenced by theearly ten year lease extension through August 2030. This location is a strong performing location and the extensionsolidifies Walgreens presence in the area for eighteen more years.The property is located on the corner of Commerce Street and 12th Avenue. This intersection has traffic counts in excess of25,500 vehicles per day and benefits from a traffic signal on the hard corner, creating steady traffic flow at the site.Additionally, there is a full access interchange with Interstate 35 approximately one mile from the property. Nearbyretailers include Wal-Mart Supercenter, Lowe’s, Ross, JCPenney, Hobby Lobby, Staples, PETCO and Carmike Cinemas.Mercy Memorial Health Center, which employs over 1,000 health care workers and physicians, is also less than one-quarter mile from the property. Mercy Memorial Health Center is part of the Mercy Health System of Oklahoma, one of thelargest in the state. Ardmore is located in the largest oil producing county in Oklahoma and has a trade area population inexcess of 100,000 people.Walgreens’s original lease term was for 20 years and in 2012 Walgreens extended the lease early for an additional tenyears through August 2030. Walgreens is a publicly traded company on the New York Stock Exchange (WAG), with amarket capitalization of $25 billion. Walgreens is an investment grade rated company with a Standard & Poor’s rating of A.INVESTMENT HIGHLIGHTS• Long term lease with 18 years of lease term remaining• Walgreens recently extended the lease for ten additional years through August 2030• Investment grade tenant (S&P: A)• Positioned on the hard corner of a signalized intersection• Approximately one mile from Interstate 35• Traffic volumes in excess of 15,000 vehicles per day along Commerce Street• Other nearby retailers include Wal-Mart Supercenter, Lowe’s, JCPenney, Hobby Lobby, Staples, PETCO and Carmike Cinemas• Close proximity to the Mercy Memorial Health Center• Strong sales history at this location• Ardmore is located in the largest oil producing county in Oklahoma
  5. 5. PROPERTY OVERVIEW NET LEASED INVESTMENT OFFERING PROPERTY OVERVIEWPrice: $4,458,462Cap Rate: 6.50%Net Operating Income: $289,800Renewal Options: Six 5-YearLease Commencement Date: November 1, 2000Lease Expiration Date: August 31, 2030Tenant: WalgreensCredit Rating: AYear Built 2000Lease Type: NNRentable Square Feet: 15,120 SFLand Size: 1.35 acres
  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 www.walgreens.comNumber of Locations: 8,261Stock Symbol: WAG : NYSEStandard & Poor’s Rating: AMarket Capitalization: $25 Billion
  10. 10. DEMOGRAPHIC COMPARISON REPORT NET LEASED INVESTMENT OFFERING DEMOGRAPHIC COMPARISON REPORTPopulation 3-mi. 5-mi 10- 10-miTotal Population 22,819 26,635 38,267Total Households 9,479 10,935 15,307IncomeMedian Household Income $35,331 $36,241 $38,293Average Household Income $47,970 $48,242 $48,869
  11. 11. LOCATION OVERVIEW NET LEASED INVESTMENT OFFERING LOCATION OVERVIEWArdmore is the county seat of Carter County, Oklahoma. At the time of the 2010 U.S.Census, Ardmore had a population of 24,283. Ardmore is located 90 milesequidistant from Oklahoma City and Dallas at the junction of Interstate 35 and U.S.Highway 70. Ardmore is located at the eastern margin of the Healdton Basin, one ofthe most oil-rich regions of the United States. Ardmore is the primary retail location inthe area and boasts a trade pull factor of 1.70 – 1.90 equating to a per capita salesnumber of $30,186 and a trade area population of 124,800.Ardmores major employers are Michelin North America (1,900 employees) andMercy Memorial Health Center (900 employees). Several hundred employees workfor regional distribution centers for Best Buy, Dollar Tree and Dollar General Stores,among others. Additionally, a Valero Refinery in northeast Ardmore employs over 250area residents.
  12. 12. CONTACT INFORMATION NET LEASED INVESTMENT OFFERING CONTACT INFORMATION 666 Dundee Road Suite 1801 Northbrook, IL 60062Randy Blankstein Jimmy GoodmanPresident Partner847.562.0003