New NNN Walgreens
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Transcript of New NNN Walgreens
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
www.bouldergroup.com
TheinformationcontainedinthefollowingOfferingMemorandumisproprietaryandstrictlyconfidential.ItisintendedtobereviewedonlybythepartyreceivingitfromTheBoulderGroupandshouldnotbemadeavailabletoanyotherpersonorentitywithoutthewrittenconsentofTheBoulderGroup.ThisOfferingMemorandumhasbeenpreparedtoprovidesummary,unverifiedinformationtoprospectivepurchasers,andtoestablishonlyapreliminarylevelofinterestinthesubjectproperty.Theinformationcontainedhereinisnotasubstituteforathoroughduediligenceinvestigation.TheBoulderGrouphasnotmadeanyinvestigation,andmakesnowarrantyorrepresentation.TheinformationcontainedinthisOfferingMemorandumhasbeenobtainedfromsourceswebelievetobereliable;however,TheBoulderGrouphasnotverified,andwillnotverify,anyoftheinformationcontainedherein,norhasTheBoulderGroupconductedanyinvestigationregardingthesemattersandmakesnowarrantyorrepresentationwhatsoeverregardingtheaccuracyorcompletenessoftheinformationprovided.Allpotentialbuyersmusttakeappropriatemeasurestoverifyalloftheinformationsetforthherein.
CONFIDENTIALITY & DISCLAIMER
CONFIDENTITALITY & DISCLAIMER
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
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
www.bouldergroup.com
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
www.bouldergroup.com
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
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
MAPS
MAPS
NET LEASED INVESTMENT OFFERING
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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
NET LEASED INVESTMENT OFFERING
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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