FOR SALE ±12,739 SF · Income EDUCATION 9% No High School 23% High School Graduate 31% Some...

1690 US 1HIGHWAYSOUTHERN PINES

NC 28387

FOR SALE±12,739 SFDARK WALGREENS

DAN MCPHILLIPSDirector of Retail Services919 582 [email protected]

CLAUDIA BORDEAUXVice President | Retail Services919 582 [email protected]

Southern Pines, NC

1690 US 1 HWY

DAN [email protected]

CLAUDIA [email protected]

TABLE OF CONTENTS

2

3...............Offering Summary4...............Area Map5...............Regional Map6...............Amenities Map7...............Property Aerial8...............Site Plan9...............Roadway Improvements10.............Investment Highlights11..............Rent Roll12.............Area Overview13..............Tourism & Demographics14..............1,3,5 Demographics15..............Brand Profile

Southern Pines, NC

1690 US 1 HWY



• Building SF - ±12,739• Land Area - 1.52 AC• Year Built - 2003• Parking Spaces - 64• Tenant - Walgreens (Dark)• Lease Expiration - November 20, 2022• Lease Type - Absolute Net• Net Opperating Income - $338,542

OFFERING SUMMARY

3

Southern Pines, NC

1690 US 1 HWY



AREA MAP

DURHAM

RALEIGH

GREENSBORO

CHARLOTTESOUTHERN PINES

4

FAYETTEVILLE

SITE

Southern Pines, NC

1690 US 1 HWY



REGIONAL MAP

Southern Pines Golf Club

N Sandhills Blvd

5

SITE

This area’s retail concentration exceeds the areas demographics and it’s driven by the Golf industry attracting over 1 million visitors per year.

Total retail inventory exceeds 3.7 MM Square feet and has a low vacancy rate of 3.51%.

Southern Pines, NC

1690 US 1 HWY



37,00

0 VPD

2,000 VPD

17,000 VPD

6

SITE

15-501

US 1

/ N Sa

ndhil

ls Blv

d.

Southern Pines, NC

1690 US 1 HWY



PROPERTY AERIAL

7

US 1

Hig

hway

Pinehurst Avenue

Access:US 1 - Full Access PointPinehurst Ave - 2 Full Access Points

Traffic Counts:US 1 - 37,000 VPDPinehurst Ave - 2,000 VPDImprovements: 12,739 SFYear Built: 2003Parking: 64 Parking Spaces 5:1 Parking RatioZoning: General BusinessParcel Information:

37,0

00 V

PD

2,000 VPD360’

200’

Southern Pines, NC

1690 US 1 HWY



SITE PLAN

8

Southern Pines, NC

1690 US 1 HWY



ROADWAY IMPROVEMENTS NCDOT

SITEProposed Roadway Improvements (2020)

9

https://www.ncdot.gov/projects/us-1-15-501-moore/Pages/default.aspx

Southern Pines, NC

1690 US 1 HWY



• Absolute NNN Lease | Zero Landlord responsibilities

• Prominently located along heavy retail corridor

• Located at signalized hard corner intersection

• US 1 is the primary thoroughfare through Southern Pines region

• Excellent visibility and egress/ingress

• Lease Expiration in 4Q2022 allows for income projection while planning a re-development or re-tenanting of the building.

• Strong demographical trade area with an added booster of over 1MM visitors per year.

• Home of American Golf boasting almost 40 premier golf courses, Pinehurst, Southern Pines, and Aberdeen have hosted some of the golf world’s most prestigious events including the U.S Open in 1999, 2005, 2014 and will be hosting the U.S Women’s Open in 2022 and the U.S Open in 2024.

INVESTMENT HIGHLIGHTS

10

Southern Pines, NC

1690 US 1 HWY



RENT ROLL

11

LEASE TERM RENTAL RATE

Tenant Square Feet Lease Start Lease End PSF Annually Monthly Recovery Type Options to Renew

Rite Aid 12,739 11/21/2002 11/20/2022 $26.58 $338,542 $28,211.83 Absolute NNN 4 5-yr Options 2% Increase every 5 years

Financial Information Property Details

Price: Unpriced Address: 1690 US 1 Hwy Southern Pines, NC 28387

Net Operating In-come: $338,542 Land Area: 1.52 Acres

Lease Type: Absolute NNN Building Area: 12,739

Year Built: 2002

Southern Pines, NC

1690 US 1 HWY



AREA OVERVIEW

12

Moore County covers almost 700 square miles of land area in central North Carolina in the region known as the “Sandhills”. Halfway between the mountains and the coast, and just an hour’s drive from the Research Triangle Park and Raleigh-Durham International Airport. Moore County’s location next to the Fort Bragg Army /Pope Air Field military installations also offers unique advantages. With these installations adjacent to our southeastern border, Moore County benefits from their economic impact without the military environment affecting lifestyle. Current 2018 population estimates indicate Moore County has 99,310 residents, and projections are that by the year 2035, the county’s population will be over 125,000. A 60-mile radius from central Moore County encompasses a population of almost 3.3 million people (2018 estimate).. Moore County is a popular retirement destination because of temperate climate, the abundance of senior-oriented healthcare services, and its excellent golf courses. The area is also seeing an increase in the number of people aged 20 to 45 moving to the area, as more and more people in this age group are discovering the business and employment opportunities, safe neighborhoods, good schools, and other amenities.https://www.moorebusiness.org/about-moore-county/

Southern Pines, NC

1690 US 1 HWY



TOURISM & DEMOGRAPHICS

VISITORS

College Graduates 71%

Professional Executive Managerial

2,202

HHI $60,000+ $47,872

Men 72%

Women 28%

Retired 16%

Median Age 43

TRIP DEMOSAverage size of party 3.2 persons

Average length of Stay 4.5 nights

Average Expenditure Per Person Per Visit $384.57Visitors Who Inquire From CVB and Visit

Within 18 Months 72%

VISITATION IMPACTTotal estimated annual 1.14 million visits.

Moore County ranked 11th out of 100 NC counties in tourism revenues ($441.84 million)

Visitors to PSA Area on average spend 20% more per visit than average visitors to North Carolina

OTHER ACTIVITIES WHILE TRAVELING

Dining 87%

Shopping 67%Outdoor Activities

(not golf) 40%

Spa 30%

Museums, Art, History 29%

Zoos, Plantations 24%

Festivals 20%

Theater 20%

KEY FACTS

100,121Population

46.9

Median Age

2.3

AverageHousehold Size

$51,888Median Household

Income

EDUCATION

9%

No HighSchool

Diploma 23%High School

Graduate

31%Some College 36%

Bachelor's/Grad/ProfDegree

BUSINESS

3,527Total Businesses

39,656Total Employees

EMPLOYMENT

63%White Collar

19%Blue Collar

18%Services

5.3%

UnemploymentRate

INCOME


Income

$30,898Per Capita Income

$139,047Median Net Worth

Households By IncomeThe largest group: $50,000 - $74,999 (18.9%)

The smallest group: $200,000+ (4.0%)Indicator Value Difference

<$15,000

$25,000 - $34,999

$15,000 - $24,999

$35,000 - $49,999

$50,000 - $74,999

$75,000 - $99,999

$100,000 - $149,999

$150,000 - $199,999

$200,000+

11.9%

10.4%

12.0%

18.9%

13.5%

11.7%

13.3%

4.1%

4.0%

0

0

0

0

0

0

0

0

0

Bars show deviation from

Moore County

KEY FACTS

100,121Population

46.9

Median Age

2.3



Income

EDUCATION

9%

No HighSchool


Graduate

31%Some College 36%


BUSINESS



EMPLOYMENT

63%White Collar

19%Blue Collar

18%Services

5.3%

UnemploymentRate

INCOME


Income





<$15,000

$25,000 - $34,999

$15,000 - $24,999

$35,000 - $49,999

$50,000 - $74,999

$75,000 - $99,999

$100,000 - $149,999

$150,000 - $199,999

$200,000+

11.9%

10.4%

12.0%

18.9%

13.5%

11.7%

13.3%

4.1%

4.0%

0

0

0

0

0

0

0

0

0


Moore County

KEY FACTS

100,121Population

46.9

Median Age

2.3



Income

EDUCATION

9%

No HighSchool


Graduate

31%Some College 36%


BUSINESS



EMPLOYMENT

63%White Collar

19%Blue Collar

18%Services

5.3%

UnemploymentRate

INCOME


Income





<$15,000

$25,000 - $34,999

$15,000 - $24,999

$35,000 - $49,999

$50,000 - $74,999

$75,000 - $99,999

$100,000 - $149,999

$150,000 - $199,999

$200,000+

11.9%

10.4%

12.0%

18.9%

13.5%

11.7%

13.3%

4.1%

4.0%

0

0

0

0

0

0

0

0

0


Moore County

KEY FACTS

100,121Population

46.9

Median Age

2.3



Income

EDUCATION

9%

No HighSchool


Graduate

31%Some College 36%


BUSINESS



EMPLOYMENT

63%White Collar

19%Blue Collar

18%Services

5.3%

UnemploymentRate

INCOME


Income





<$15,000

$25,000 - $34,999

$15,000 - $24,999

$35,000 - $49,999

$50,000 - $74,999

$75,000 - $99,999

$100,000 - $149,999

$150,000 - $199,999

$200,000+

11.9%

10.4%

12.0%

18.9%

13.5%

11.7%

13.3%

4.1%

4.0%

0

0

0

0

0

0

0

0

0


Moore County

KEY FACTS

100,121Population

46.9

Median Age

2.3



Income

EDUCATION

9%

No HighSchool


Graduate

31%Some College 36%


BUSINESS



EMPLOYMENT

63%White Collar

19%Blue Collar

18%Services

5.3%

UnemploymentRate

INCOME


Income





<$15,000

$25,000 - $34,999

$15,000 - $24,999

$35,000 - $49,999

$50,000 - $74,999

$75,000 - $99,999

$100,000 - $149,999

$150,000 - $199,999

$200,000+

11.9%

10.4%

12.0%

18.9%

13.5%

11.7%

13.3%

4.1%

4.0%

0

0

0

0

0

0

0

0

0


Moore County

KEY FACTS

100,121Population

46.9

Median Age

2.3



Income

EDUCATION

9%

No HighSchool


Graduate

31%Some College 36%


BUSINESS



EMPLOYMENT

63%White Collar

19%Blue Collar

18%Services

5.3%

UnemploymentRate

INCOME


Income





<$15,000

$25,000 - $34,999

$15,000 - $24,999

$35,000 - $49,999

$50,000 - $74,999

$75,000 - $99,999

$100,000 - $149,999

$150,000 - $199,999

$200,000+

11.9%

10.4%

12.0%

18.9%

13.5%

11.7%

13.3%

4.1%

4.0%

0

0

0

0

0

0

0

0

0


Moore County

KEY FACTS

100,121Population

46.9

Median Age

2.3



Income

EDUCATION

9%

No HighSchool


Graduate

31%Some College 36%


BUSINESS



EMPLOYMENT

63%White Collar

19%Blue Collar

18%Services

5.3%

UnemploymentRate

INCOME


Income





<$15,000

$25,000 - $34,999

$15,000 - $24,999

$35,000 - $49,999

$50,000 - $74,999

$75,000 - $99,999

$100,000 - $149,999

$150,000 - $199,999

$200,000+

11.9%

10.4%

12.0%

18.9%

13.5%

11.7%

13.3%

4.1%

4.0%

0

0

0

0

0

0

0

0

0


Moore County

KEY FACTS

100,121Population

46.9

Median Age

2.3



Income

EDUCATION

9%

No HighSchool


Graduate

31%Some College 36%


BUSINESS



EMPLOYMENT

63%White Collar

19%Blue Collar

18%Services

5.3%

UnemploymentRate

INCOME


Income





<$15,000

$25,000 - $34,999

$15,000 - $24,999

$35,000 - $49,999

$50,000 - $74,999

$75,000 - $99,999

$100,000 - $149,999

$150,000 - $199,999

$200,000+

11.9%

10.4%

12.0%

18.9%

13.5%

11.7%

13.3%

4.1%

4.0%

0

0

0

0

0

0

0

0

0


Moore County

KEY FACTS

100,121Population

46.9

Median Age

2.3



Income

EDUCATION

9%

No HighSchool


Graduate

31%Some College 36%


BUSINESS



EMPLOYMENT

63%White Collar

19%Blue Collar

18%Services

5.3%

UnemploymentRate

INCOME


Income





<$15,000

$25,000 - $34,999

$15,000 - $24,999

$35,000 - $49,999

$50,000 - $74,999

$75,000 - $99,999

$100,000 - $149,999

$150,000 - $199,999

$200,000+

11.9%

10.4%

12.0%

18.9%

13.5%

11.7%

13.3%

4.1%

4.0%

0

0

0

0

0

0

0

0

0


Moore County

KEY FACTS

100,121Population

46.9

Median Age

2.3



Income

EDUCATION

9%

No HighSchool


Graduate

31%Some College 36%


BUSINESS



EMPLOYMENT

63%White Collar

19%Blue Collar

18%Services

5.3%

UnemploymentRate

INCOME


Income





<$15,000

$25,000 - $34,999

$15,000 - $24,999

$35,000 - $49,999

$50,000 - $74,999

$75,000 - $99,999

$100,000 - $149,999

$150,000 - $199,999

$200,000+

11.9%

10.4%

12.0%

18.9%

13.5%

11.7%

13.3%

4.1%

4.0%

0

0

0

0

0

0

0

0

0


Moore County

13

KEY FACTS

100,121Population

46.9

Median Age

2.3



Income

EDUCATION

9%

No HighSchool


Graduate

31%Some College 36%


BUSINESS



EMPLOYMENT

63%White Collar

19%Blue Collar

18%Services

5.3%

UnemploymentRate

INCOME


Income





<$15,000

$25,000 - $34,999

$15,000 - $24,999

$35,000 - $49,999

$50,000 - $74,999

$75,000 - $99,999

$100,000 - $149,999

$150,000 - $199,999

$200,000+

11.9%

10.4%

12.0%

18.9%

13.5%

11.7%

13.3%

4.1%

4.0%

0

0

0

0

0

0

0

0

0


Moore CountyK

EY FAC

TS

100,121Po

pulatio

n46.9

Med

ian Ag

e

2.3

Averag

eH

ouseho

ld Size

$51,888M

edian H

ouseho

ldInco

me

EDU

CA

TION

9%

No

Hig

hScho

ol

Dip

lom

a23%

Hig

h Schoo

lG

raduate

31%So

me C

olleg

e36%

Bachelo

r's/Grad

/Prof

Deg

ree

BU

SINESS

3,527To

tal Businesses

39,656To

tal Emp

loyees

EMPLO

YM

ENT

63%W

hite Co

llar

19%B

lue Co

llar

18%Services

5.3%

Unem

plo

yment

Rate

INC

OM

E

$51,888M

edian H

ouseho

ldInco

me

$30,898Per C

apita Inco

me

$139,047M

edian N

et Wo

rth

Ho

usehold

s By Inco

me

The largest g

roup

: $50,000 - $74,999 (18.9%)

The smallest g

roup

: $200,000+ (4.0%

)Ind

icator

ValueD

ifference

<$15,000

$25,000 - $34,999

$15,000 - $24,999

$35,000 - $49,999

$50,000 - $74,999

$75,000 - $99,999

$100,000 - $149,999

$150,000 - $199,999

$200,000+

11.9%

10.4%

12.0%

18.9%

13.5%

11.7%

13.3%

4.1%

4.0%

00 0000 00 0

Bars sho

w d

eviation fro

m

Mo

ore C

ounty

AverageHousehold Value

$217,895

Southern Pines, NC

1690 US 1 HWY



1,3,5 MILE DEMOGRAPHICS

POPULATION 1-MILE 3-MILE 5-MILE

2000 Population 2,942 15,658 28,971

2010 Population 4,190 19,168 35,889

2018 Population 5,217 22,194 41,378

2023 Population 5,747 24,039 44,836

2018-2023 Annual Rate 1.96% 1.70% 1.69%

Daytime Population 9,282 28,222 51,675

2018 Median Age 34.9 45.2 49.4

HOUSEHOLDS

2000 Households 1,458 7,707 14,889

2010 Households 2,219 10,076 19,434

2018 Total Households 2,758 11,817 22,509

2023 Total Households 3,045 12,829 24,436

2018-2023 Annual Rate 1.96% 1.70% 1.69%

2018 Average Household Size 2.85 2.79 2.73

HOUSING

2018 Total Housing Units 2,758 11,817 22,509

2018 Owner Occupied Housing Units 33.6% 51.6% 57.4%

2018 Renter Occupied Housing Units 59.2% 36.6% 27.3%

2018 Vacant Housing Units 7.2% 11.9% 15.3%

MEDIAN HOUSEHOLD INCOME 1-MILE 3-MILE 5-MILE

2018 Median Household Income $36,311 $44,629 $52,162

2023 Median Household Income $37,200 $46,604 $54,838

AVERAGE HOUSEHOLD INCOME

2018 Average Household Income $48,800 $67,166 $75,082

2023 Average Household Income $51,682 $71,169 $80,456

PER CAPITA INCOME

2018 Per Capita Income $22,662 $31,628 $34,648

2023 Per Capita Income $24,069 $33,618 $37,218

EDUCATION

Associate’s Degree 19.3% 11.9% 11.0%

Bachelor’s Degree 21.6% 25.7% 26.5%

Graduate/Professional Degree 11.6% 18.2% 19.1%

RACE/ETHNICITY

White Alone 57.0% 71.6% 77.5%

Black Alone 34.1% 21.1% 15.7%

Hispanic Origin 6.2% 5.1% 4.4%

AGE

18+ 75.2% 80.0% 81.3%

55+ 24.8% 20% 18.7%

14

Southern Pines, NC

1690 US 1 HWY


CLAUDIA [email protected] 15

BRAND PROFILE

Walgreens, one of the nation’s largest drugstore chains, is included in the Retail Pharmacy USA Division of Walgreens Boots Alliance, Inc. (NASDAQ: WBA), the first global pharmacy-led, health and wellbeing enterprise. Approximately 8 million customers interact with Walgreens in stores and online each day, using the most convenient, multichannel access to consumer goods and services and trusted, costeffective pharmacy, health and wellness services and advice. Walgreens operates 8,100 drugstores with a presence in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands, along with its omnichannel business, Walgreens.com. Approximately 400 Walgreens stores offer Healthcare Clinic or other provider retail clinic services.

Company Type.............Subsidiary

Parent....Walgreens Boots Alliance

2017 Employees..............235,000

2017 Revenue.........$118.21 Billion

2017 Net Income.......$4.08 Billion

2017 Assets............$66.01 Billion

2017 Equity.............$27.47 Billion

Credit Rating.................S&P BBB

Credit Rating...........Moody’s Baa2

1690 US 1 HIGHWAYSOUTHERN PINES NC 28387

DAN MCPHILLIPSDirector of Retail Services919 582 [email protected]

CLAUDIA BORDEAUXVice President | Retail Services919 582 [email protected]

FOR SALE ±12,739 SF DARK WALGREENS

FOR SALE ±12,739 SF · Income EDUCATION 9% No High School 23% High School Graduate 31% Some...

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Transcript of FOR SALE ±12,739 SF · Income EDUCATION 9% No High School 23% High School Graduate 31% Some...