nnn properties for sale -the boulder group
DESCRIPTION
NNN Walgreens Property for sale by The Boulder GroupTRANSCRIPT
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NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
WalgreensSEC of West 95th Street & South Pulaski RoadEvergreen Park, Illinois 60805 (Chicago MSA)
Representative Image
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NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
1) Confidentiality&Disclaimer
2) ExecutiveSummary
3) InvestmentHighlights
4) PropertyOverview
5) Aerial
6) SitePlan
7) Maps
8) TenantProfile
9) DemographicComparisonReport
10) LocationOverview
11) ContactInformation
TABLE OF CONTENTS
TABLE OF CONTENTS
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NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
TheinformationcontainedinthefollowingOfferingMemorandumisproprietaryandstrictlyconfidential.ItisintendedtobereviewedonlybythepartyreceivingitfromTheBoulderGroupandshouldnotbemadeavailabletoanyotherpersonorentitywithoutthewrittenconsentofTheBoulderGroup.ThisOfferingMemorandumhasbeenpreparedtoprovidesummary,unverifiedinformationtoprospectivepurchasers,andtoestablishonlyapreliminarylevelofinterestinthesubjectproperty.Theinformationcontainedhereinisnotasubstituteforathoroughduediligenceinvestigation.TheBoulderGrouphasnotmadeanyinvestigation,andmakesnowarrantyorrepresentation.TheinformationcontainedinthisOfferingMemorandumhasbeenobtainedfromsourceswebelievetobereliable;however,TheBoulderGrouphasnotverified,andwillnotverify,anyoftheinformationcontainedherein,norhasTheBoulderGroupconductedanyinvestigationregardingthesemattersandmakesnowarrantyorrepresentationwhatsoeverregardingtheaccuracyorcompletenessoftheinformationprovided.Allpotentialbuyersmusttakeappropriatemeasurestoverifyalloftheinformationsetforthherein.
CONFIDENTIALITY & DISCLAIMER
CONFIDENTITALITY & DISCLAIMER
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NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
TheBoulderGroupispleasedtoexclusivelymarketforsaleanewconstructionsingletenantnetleasedWalgreenspropertylocatedintheChicagoMSAapproximately12milesfromdowntownChicago.The14,820squarefootWalgreensisscheduledtoopeninJune2014.Thispropertyreplacesapreviouslysuccessfulmid-blockWalgreenslocationwithstrongstoresales,furthersolidifyingWalgreens’commitmenttothisneighborhood.TheWalgreensfeaturesalongtermabsolutenetleasewith20yearsofleasetermremaininguponcommencementandelevenfive-yearrenewaloptions.Theleasealsofeaturesrarerentalescalationseverytenyearsthroughouttheprimarytermandineachrenewaloptionperiod.ThepropertyislocatedinadenselypopulatedareaatthesignalizedintersectionoftwoprimaryChicagothoroughfareswithintheEvergreenParkneighborhood.
ThesubjectpropertyislocatedatthesignalizedintersectionofWest95thStreetandSouthPulaskiRoad,whichexperiencesacombinedtrafficcountinexcessof69,000vehiclesperday.TheWalgreensisaccessiblebytraffictravelingonbothWest95thStreetandSouthPulaskiAvenue.Theareaisdenselypopulatedwithapproximately200,000peoplelivingwithinthreemilesofthesubjectpropertyearninganaveragehouseholdincomeof$75,000.TheAdvocateChristMedicalCenter,atop100hospitalnationallywith694beds,islocatedhalfamilewestoftheWalgreensproperty.
ThepropertyiscentrallylocatedwithinamajorretailcorridoracrossthestreetfromaTarget,HomeDepot,andJewel-Oscoanchoredshoppingcenter.A450,000squarefootMeijerandMenardsanchoredshoppingcenteranda92,512squarefootMariano’sFreshMarketanchoredshoppingcenterarebothbeingdevelopedapproximatelyonemileeastofthesubjectproperty.Thesenewandrareurbaninfillprojectswill furtherenhance95thStreetasthedominantretailcorridorinthearea.OtherretailerslocatedwithintheimmediateareaincludeBankofAmerica,ChaseBank,Binny’s,ChuckE.Cheese’s,StandardBank&Trust,FirstNationalBankofEvergreenPark,BurgerKing,andLonghornSteakhouse.
TherentisestimatedtocommenceJune2014andthenetleasehasaprimarytermoftwentyyearswithelevenfive-yearrenewaloptionperiods.Theleasefeaturesrarerentalescalationseverytenyearsthroughouttheprimarytermandrenewaloptionperiods.WalgreensisapubliclytradedcompanyontheNewYorkStockExchange(WAG),withamarketcapitalizationinexcessof$56billion.WalgreensisaninvestmentgradecompanywithaStandard&Poor’sratingofBBB.
EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
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NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
INVESTMENT HIGHLIGHTS
INVESTMENT HIGHLIGHTS
• LocatedwithintheChicagoMSA(12Milesfromdowntown)
• Leasefeaturesrarerentalescalationsintheprimarytermandrenewaloptionperiods
• Relocationofapreviouslysuccessfulmid-blockstorewithexcellentstoresales
• Longtermleasewith20yearsremaininguponcommencement
• Investmentgradetenant(S&P:BBB)
• Highbarrierstoentryduetodensityofthesurroundingarea
• Positionedonthehardcornerofasignalizedintersection
• Brandnewconstruction(June2014)
• Elevenfive-yearrenewaloptions
• Zerolandlordresponsibilities
• IntersectionofWest95thStreet&SouthPulaskiRoadhastrafficcountsinexcessof69,000VPD
• Centrallylocatedinthedominant95thstreetretailcorridor
• Locatedonemileeastfromtwoseparategroceryanchoreddevelopmentstotalingover540,00squarefeet
• LocatedacrossthestreetfromaTarget,HomeDepotandJewel-Oscoanchoredshoppingcenter
• Locatedone-halfmilefromapremier694-bedhospital
• Denselypopulatedareawithover555,000peoplelivingwithinfivemiles
• Averagehouseholdincomewithinthreemilesofthepropertyisinexcessof$75,000
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NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
Price: $11,142,857
CapRate: 5.25%
RentSchedule: NOI EscalationDate
$585,000$600,000 6/1/2024 $616,500 6/1/2034 $634,650 6/1/2044$654,650 6/1/2054$676,572 6/1/2064$700,730 6/1/2074 $727,303 6/1/2084
LeaseCommencementDate: June1,2014(Estimated)
LeaseExpirationDate: June31,2034(Estimated)
RenewalOptions: Eleven5-Year
Tenant: Walgreens
CreditRating: BBB(Standard&Poor’s)
YearBuilt: 2014
LandlordObligations: None
RentableSquareFeet: 14,820
LandSize: 1.43acres
PROPERTY OVERVIEW
PROPERTY OVERVIEW
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NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
AERIAL
AERIAL
N
29,600 VPD
39,500 VPD
S. PULASKI RO
PAD
W. 95TH STREET
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NET LEASED INVESTMENT OFFERING
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SITE PLAN
SITE PLAN
N
W. 95TH STREET
S. PULASKI ROAD
S. HAR
DIN
G R
OAD
DRIVE-THRU
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NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
MAPS
MAPS
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NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
Walgreensisengagedinretaildrugstorebusiness.Thecompanyoperates8,560locationsinall50states,theDistrictofColumbia,PuertoRicoandGuam.Thecompanyalsooperatesworksitehealthcenters,homecarefacilities,andspecialtyandmailservicepharmacies.ItsTakeCareHealthSystemssubsidiarymanagesmorethan715in-storeconvenientcareclinicsandworksitehealthandwellnesscenters.TheCompany’sdrugstoresareengaged intheretailsaleofprescriptionandnon-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: $56billion
TENANT PROFILE
TENANT PROFILE
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NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
Population 1-mi 3-mi 5-mi
TotalPopulation 19,823 198,891 555,946TotalHouseholds 7,802 69,300 188,418
Income
MedianHouseholdIncome $55,246 $58,462 $46,532AverageHouseholdIncome $68,975 $74,720 $60,946
DEMOGRAPHIC COMPARISON REPORT
DEMOGRAPHIC COMPARISON REPORT
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NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
Evergreen Park isavillageinCookCountywithapopulationof20,000.ThesuburbissurroundedbythecityofChicagoonthreeofitssidesandbordersOakLawnandHometowntoits’west.Thetotalareaofthevillageis3.16miles.
www.evergreenpark-il.com
ChicagoisthemostpopulouscityintheMidwesternUnitedStatesandthethirdmostpopulouscityintheUnitedStateswith2,700,000residents.ChicagoisthecountyseatofCookCounty,thesecondlargestcountyintheUnitedStates.TheChicagoMSAisthethirdmostpopulatedmetropolitanareaintheUnitedStateswith9,580,567residents.TheMSAcoversover1,300square miles and six counties. The Chicago metropolitan area is home to the corporateheadquarters of 57 Fortune 1000 companies, including Boeing, McDonald’s, Motorola,
DiscoverFinancialServicesandUnitedAirlines.Chicagoisamajorhubforindustry,telecommunicationsandinfrastructureandO’HareInternationalAirportisthesecondbusiestairportintheworldintermsofvolume.
Themetro isamajor financial center inNorthAmerica,and ishome to the largest futuresexchange in theUnitedStates,theCMEGroup.ChicagoisthirdintheworldontheGlobalFinancialCentersIndexwhichranksthecompetitivenessoffinancialcentersbasedonpeople,businessenvironment,marketaccess,infrastructureandgeneralcompetitiveness.
www.cityofchicago.org
LOCATION OVERVIEW
LOCATION OVERVIEW
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NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
666DundeeRoad,Suite1801Northbrook,IL60062
Randy [email protected]
Jimmy [email protected]
CONTACT INFORMATION
CONTACT INFORMATION
N
W. 95TH STREET
S. PULASKI ROAD
S. HAR
DIN
G R
OAD
DRIVE-THRU
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