walgreens (recent extension) 4061 ny-104 williamson, new ...€¦ · the only drug store within a...

WALGREENS (Recent Extension)4061 NY-104Williamson, New York (Rochester MSA)

NET LEASE INVESTMENT OFFERING

TABLE OF CONTENTS

TABLE OF CONTENTS

II. Location Overview Photographs Aerial Site Plan Map

III. Market & Tenant Overview Demographic Report Market Overview Tenant Overview

I. Executive Profile Executive Summary Investment Highlights Property Overview


DISCLAIMERSTATEMENT:

DISCLAIMER STATEMENT

The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from The Boulder Group and should not be made available to any other person or entity without the written consent of The Boulder Group.

This Offering Memorandum 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 not made any investigation, and makes no warranty or representation.

The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however, The Boulder Group has not verified, and will not verify, any of the information contained herein, nor has The Boulder Group conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.


EXECUTIVESUMMARY:

EXECUTIVE SUMMARY

The Boulder Group is pleased to exclusively market for sale a single tenant net leased Walgreens property located within the Rochester MSA in Williamson, New York. The property was recently acquired by Walgreens from Rite Aid. Following the acquisition, Walgreens extended the lease, demonstrating their commitment to the location. There are eleven years remaining on the lease and three 5-year renewal option periods with rare escalations. The lease is absolute triple net and features zero landlord responsibilities. This location has a long and successful operating history as a drug store since 2003.

The 14,690 square foot Walgreens benefits from its hard corner location along NY State Route 104 (14,875 VPD), which is a primary east-west thoroughfare. The property is positioned near other retailers including Shop ‘n Save, Chase, McDonald’s and Burger King. The property also benefits due to the lack of competition in the area, as it is the only drug store within a five miles radius. Additionally, Walgreens typically spends $300,000 when converting an acquired pharmacy location.

The lease expires August 31, 2030 and features three 5-year renewal option periods. The Walgreen Company is the largest drug retailing chain in the United States. The company is publicly traded on the NASDAQ (Symbol: WBA) with a market capitalization in excess of $67 billion. Walgreens is an investment grade rated each with a Standard & Poor’s rating of BBB.


INVESTMENT HIGHLIGHTS:

INVESTMENT HIGHLIGHTS

• Located within the Rochester MSA

• Walgreens recently acquired the property from Rite Aid and extended their lease, demonstrating commitment to the location

• Walgreens typically spends $300,000 when converting an acquired pharmacy location

• Long and successful operating history as a drug store since 2003

• Located at the corner of a signalized intersection along NY State Route 104 (14,875 VPD) which is a

primary east-west thoroughfare

• Positioned near retailers including Shop ‘n Save, Chase, McDonald’s and Burger King

• Property benefits due to the lack of competition in the area, as it is the only drug store in a five miles

radius

• Absolute NNN – Zero landlord responsibilities

• Investment grade rated tenant (S&P: BBB)


PROPERTY OVERVIEW:

PROPERTY OVERVIEW


Price: $5,238,518

Cap Rate: 6.75%

Net Operating Income: $353,600

Lease Expiration Date: August 31, 2030

Renewal Options: Three 5-Year

Rental Escalations: $379,850 – First Option$406,440 – Second Option$434,890 – Third Option

Lease Type: Absolute NNN

Tenant: Walgreens Eastern Co, Inc

Year Built/Renovated: 2003/2012

Building Size: 14,690 SF

Land Size: 2.36 AC


PHOTOGRAPHS


AERIAL


SITE PLAN

MAP


MAP

DEMOGRAPHICREPORT:

DEMOGRAPHIC REPORT

Population 1-Mile 3-Mile 5-Mile

Total Population 2,097 6,144 13,349

Total Households 920 2,467 5,331

Income 1-Mile 3-Mile 5-Mile

Average Household Income $68,577 $72,002 $71,981


MARKET OVERVIEW

MARKETOVERVIEW:

Williamson, New YorkWilliamson is an Upstate New York town on the south shore of Lake Ontario in the northwest part of Wayne County, New York, in the United States. Williamson is primarily a rural agricultural town, but since the 1960s, the growth of Rochester-area companies such as Xerox and Eastman Kodak, has added bedroom community aspects to the town. Recognized nationally for its fruit-growing – especially apple tarts, peach pies, and cherry cokes – local agriculture also includes dairy farming. It’s also home of a Mott’s plant, employing roughly 300 people.

Rochester MSAThe Rochester metropolitan area denoted the Rochester, NY Metropolitan Statistical Area by the United States Census Bureau, is a metropolitan statistical area consisting of six counties in Western New York, anchored by the city of Rochester, New York. Many counties are mainly rural with various farming communities scattered throughout the metropolitan area. As of the 2010 census, the MSA had a population of 1,079,671. The Rochester NY MSA is the third largest economy & the second wealthiest region in all of NYS after the NYC MSA.


TENANT OVERVIEW

TENANT OVERVIEW:


WalgreensWalgreens Boots Alliance, Inc. operates as a pharmacy-led health and wellbeing company. The company operates through three segments: Retail Pharmacy USA, Retail Pharmacy International, and Pharmaceutical Wholesale. The Retail Pharmacy USA segment sells prescription drugs and an assortment of general merchandise, including non-prescription drugs, beauty products, photo finishing, seasonal merchandise, greeting cards, and convenience foods through its retail drugstores and convenient care clinics. It also provides specialty pharmacy services; and manages in-store clinics under the brand Healthcare Clinic. As of August 31, 2018, this segment operated 9,560 retail stores under the Walgreens and Duane Reade brands in the United States; and 7 specialty pharmacy locations, as well as managed approximately 400 Healthcare Clinics. Walgreens Boots Alliance, Inc. was founded in 1901 and is based in Deerfield, Illinois.

The Walgreen Company is the largest drug retailing chain in the United States. The company is publicly traded on the NASDAQ (Symbol: WBA) with a market capitalization in excess of $50 billion. Both Walgreen Co. and Walgreens Boots Alliance, Inc. are investment grade rated each with a Standard & Poor’s rating of BBB. In October 2016 Walgreens Boots Alliance received the United Nations Foundation Global Leadership Award for its commitment to the UN’s Sustainable Development Goals.

Website: www.walgreens.comNumber of Locations: 9,560Stock Symbol: WBA (NASDAQ)Standard & Poor’s Rating: BBBMarket Capitalization: $50 Billion

3520 Lake Avenue, Suite 203Wilmette, IL 60091

www.bouldergroup.com

Randy [email protected]

Jimmy [email protected]

walgreens (recent extension) 4061 ny-104 williamson, new ...€¦ · the only drug store within a...

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