new nnn walgreens
DESCRIPTION
net leased Walgreens for saleTRANSCRIPT
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
WalgreensSEC of Illinois 120 & Darrell Road
Lakemoor, IL 60051 (Chicago MSA)
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
1) Confidentiality&Disclaimer
2) ExecutiveSummary
3) PropertyOverview
4) Aerial
5) SitePlan
6) Maps
7) TenantProfile
8) DemographicComparisonReport
9) LocationOverview
10) ContactInformation
TABLE OF CONTENTS
TABLE OF CONTENTS
NET LEASED INVESTMENT OFFERING
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TheinformationcontainedinthefollowingOfferingMemorandumisproprietaryandstrictlyconfidential.ItisintendedtobereviewedonlybythepartyreceivingitfromTheBoulderGroupandshouldnotbemadeavailabletoanyotherpersonorentitywithoutthewrittenconsentofTheBoulderGroup.ThisOfferingMemorandumhasbeenpreparedtoprovidesummary,unverifiedinformationtoprospectivepurchasers,andtoestablishonlyapreliminarylevelofinterestinthesubjectproperty.Theinformationcontainedhereinisnotasubstituteforathoroughduediligenceinvestigation.TheBoulderGrouphasnotmadeanyinvestigation,andmakesnowarrantyorrepresentation.TheinformationcontainedinthisOfferingMemorandumhasbeenobtainedfromsourceswebelievetobereliable;however,TheBoulderGrouphasnotverified,andwillnotverify,anyoftheinformationcontainedherein,norhasTheBoulderGroupconductedanyinvestigationregardingthesemattersandmakesnowarrantyorrepresentationwhatsoeverregardingtheaccuracyorcompletenessoftheinformationprovided.Allpotentialbuyersmusttakeappropriatemeasurestoverifyalloftheinformationsetforthherein.
CONFIDENTIALITY & DISCLAIMER
CONFIDENTITALITY & DISCLAIMER
NET LEASED INVESTMENT OFFERING
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TheBoulderGroupispleasedtoexclusivelymarketforsaleanewconstructionsingletenantnetleasedWalgreenspropertylocatedintheChicagoMSA.The14,820squarefootWalgreensisscheduledtoopeninNovember2013.ThisnewlydevelopedWalgreensfeaturesalongtermNNNleasewith75yearsofleaseterm,whichiscancelableatWalgreens’optionafter25years.TheprimarytermisfiveyearslongerthanmostnewconstructionWalgreens.
ThepropertyislocatedalongIllinois120,theprimaryeast-westroadwayintheimmediatearea.WalgreensisstrategicallypositionedatthesignalizedintersectionofIllinois120andDarrellRoad,creatingconstanttrafficflowatthesite.ThesignalizedintersectionofIllinois120andDarrellRoadexperiencestrafficvolumesinexcessof30,000vehiclesperday.ThepropertyhascurbcutsforaccessonbothIllinois120andDarrellRoad.Illinois120hasdirectaccesstoHighway12approximatelyoneandone-halfmileseastoftheproperty.Highway12istheprimarynorth-souththoroughfareintheareaandexperiencestrafficvolumesinexcessof27,000vehiclesperday.Residentslivingwithinthreemilesofthepropertyearnonaverage$81,000annually.
RentisestimatedtocommenceinNovember2013andtheleasehasaprimarytermof75yearswithfiftyyearsofcancellationoptions.WalgreensisapubliclytradedcompanyontheNewYorkStockExchange(WAG),withamarketcapitalizationof$50billion.WalgreensisaninvestmentgradecompanywithaStandard&Poor’sratingofBBB.
INVESTMENT HIGHLIGHTS
•LocatedwithintheChicagoMSA
•Longtermleasewith75years(cancelableafter25years)
•LeaseisfiveyearslongerthanmostnewconstructionWalgreens
•Investmentgradetenant(S&P:BBB)
•IntersectionofIllinois120andDarrellRoadexperiences trafficvolumesinexcessof30,000VPD
•Averagehouseholdincomeinexcessof$81,000annually
•Positionedonahardcornerofasignalizedintersection
•Brandnewconstructionin2013
•Zerolandlordresponsibilities
EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
September 2013
NET LEASED INVESTMENT OFFERING
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PROPERTY OVERVIEW
PROPERTY OVERVIEW
Price: $6,961,364
CapRate: 5.50%
NetOperatingIncome: $382,875
LeaseCommencementDate: November1,2013
FirstLeaseTerminationDate: October31,2038
LeaseExpirationDate: October31,2088
CancellationOptions: Fifty1-Year
Tenant: Walgreens
CreditRating: BBB(Standard&Poor’s)
YearBuilt: 2013
LandlordObligations: None
RentableSquareFeet: 14,820
LandSize: 1.60acres
NET LEASED INVESTMENT OFFERING
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AERIAL
AERIAL
N
23,800 VPD
ILLINOIS ROUTE 120
6,400 VPDD
ARR
ELL ROAD
SHAREDMONUMENT
SIGN
Detention Basin
Parcel
FutureOutlot
WALGREENSMONUMENT
SIGN
SHAREDMONUMENT
SIGN
SHARED MONUMENT SIGN
DRIVETHRU
NET LEASED INVESTMENT OFFERING
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SITE PLAN
SITE PLAN
Detention Basin
Parcel
FutureOutlot
WALGREENSMONUMENT
SIGN
SHAREDMONUMENT
SIGN
SHARED MONUMENT SIGN
DRIVETHRU
Subject Property
N
BELVIDERE ROAD/ROUTE 120
DARRELL ROAD
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MAPS
MAPS
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Walgreensisengagedinretaildrugstorebusiness.AsofMay31,2013,thecompanyoperated8,560locationsinall50states,theDistrictofColumbia,PuertoRicoandGuam.Thecompanyalsooperatesworksitehealthcenters, home care facilities, and specialty and mail service pharmacies. Its Take Care Health Systemssubsidiarymanagesmorethan715in-storeconvenientcareclinicsandworksitehealthandwellnesscenters.TheCompany’sdrugstoresareengagedintheretailsaleofprescriptionandnon-prescriptiondrugsandgeneralmerchandise.Generalmerchandiseincludes,amongotherthings,householditems,personalcare,conveniencefoods,beautycare,photofinishing,candy,andseasonalitems.Walgreensofferscustomersthechoicetohaveprescriptionsfilledatthedrugstorecounter,aswellasthroughthemail,bytelephone,andthroughtheInternet.InSeptember2013,WalgreensannouncedthatitsacquisitionofKerrDrugandits76locations.
Website: www.walgreens.comNumberofLocations: 8,560StockSymbol: WAG:NYSEStandard&Poor’sRating: BBBMarketCapitalization: $50billion
TENANT PROFILE
TENANT PROFILE
September 2013
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Population 3-mi 5-mi 7-mi
TotalPopulation 16,064 81,421 175,164TotalHouseholds 6,072 30,464 62,088
Income
MedianHouseholdIncome $68,087 $65,402 $63,904AverageHouseholdIncome $81,352 $79,297 $79,423
DEMOGRAPHIC COMPARISON REPORT
DEMOGRAPHIC COMPARISON REPORT
September 2013
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Lakemoor is a village in LakeandMcHenryCounties in Illinois approximately50milesnorthwestfromdowntownChicago.Lakemoorwasoriginallyformedasasummercommunityhoweverovertime,Lakemoor’spopulationgrewaspeoplebegantosettleintheareaduetothenaturalbeautyandmanynaturepreservesinthearea.Lakemoorhasexperienced
populationgrowthinrecentyearswiththepopulationdoublingsince2000.
www.lakemoor.net
Chicago isthemostpopulouscityintheMidwesternUnitedStatesandthethirdmostpopulouscityintheUnitedStateswith2,700,000residents.ChicagoisthecountyseatofCookCounty,thesecondlargestcountyintheUnitedStates.TheChicagoMSAisthethirdmostpopulatedmetropolitanareaintheUnitedStateswith9,580,567residents.TheMSAcoversover1,300square 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 FinancialServicesandUnitedAirlines.Chicagoisamajorhubforindustry,telecommunicationsandinfrastructureandO’HareInternationalAirportisthesecondbusiestairportintheworldintermsoftrafficmovement.
ThemetroisalsoamajorfinancialcenterinNorthAmerica,andishometothelargestfuturesexchangeintheUnitedStates,theCMEGroup.ChicagoisthirdintheworldontheGlobalFinancialCentersIndexwhichranksthecompetitivenessoffinancialcentersbasedonpeople,businessenvironment,marketaccess,infrastructureandgeneralcompetitiveness.
www.cityofchicago.org
LOCATION OVERVIEW
LOCATION OVERVIEW
NET LEASED INVESTMENT OFFERING
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666DundeeRoad,Suite1801Northbrook,IL60062
Randy [email protected]
Jimmy [email protected]
CONTACT INFORMATION
CONTACT INFORMATION
September 2013September 2013