Walgreens · 2018-08-28 · Carlsbad Caverns NP White Sands NM Chickasaw NRA Hot Springs NP...
Transcript of Walgreens · 2018-08-28 · Carlsbad Caverns NP White Sands NM Chickasaw NRA Hot Springs NP...
OFFERING MEMORANDUM
10 Year Lease Extension
SAN ANTONIO TEXAS
Walgreens
CONFIDENTIALITY AND DISCLAIMERThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure 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. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap 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.
NON-ENDORSEMENT NOTICEMarcus & Millichap Real Estate Investment Services, Inc. (“M&M”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of w, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOURMARCUS & MILLICHAP AGENT FOR MORE DETAILS.
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Palo Alto Battlefield NHS
Padre Island NS
Big Bend NP
Amistad NRA
Lyndon B. Johnson NHP
Big Thicket N PRES
GuadalupeMountains NP
Carlsbad Caverns NP
White Sands NM
Chickasaw NRA Hot Springs NP
Petroglyph NM
Alibates Flint Quarries NM
Lake Meredith NRA Bandelier NM
Buffalo NR
Pea Ridge NMP
North Fork
Brady Creek
Pedernales River
Kiamichi R.
Illinois River
Wolf Creek
Mora R.
Ute Creek
Gallinas R.
Frio River
Medina River
San Antonio R.
Nueces R.
RIO GRANDE W. Nueces R.Rio Conchos
RIO G
RANDE
Angelina R.
Neches R.Trinity River
Sobi
ne R
.
Little River
Sulphur R.
Concho R.
Neches R.
Trinity R.
Colorado R.
Brozas R.
Llano R.
Salt Fork
RED RIVERRed R.
Brazos River
Clear Fork
Pecos R.
Brazos R.
Pecos River
Pecos River
RIO GRANDE
Salt Fork
Cimarron R.
Cimarron R.
Washita River
Candadian R
Beaver R.
Corrizo Creek
Canadian R.
CANADIAN RIVER
Canadian R.
N. Fork Red R.
Pecos R.
Rio
Gra
nde
Hubbard Creek L.
L. Kemp
Red Bluff Reservoir
Abiquiu Res.
L. Altus
L. Arrowhead
Atoka L.
Broken Bow L.
L. Buchanan
Canton L.
Cedar Creek Res.
L. Conroe
L. Corpus Christi
Cross L.
E V Spence Res.
Eagle Mountain L.
Fort Cobb Res.
Fort Gibson L.
L. Houston
L. Hudson
L. J B Thomas
Kaw L.
Keystone L.
Lavon L.
L. Meredith
Millwood L.
Navarro Mills L.
Nimrod L.
Oologah L.
Pine Creek L.
L. Stamford
L. Sumner
L. Tawakoni
Tenkiller Ferry L.
L. Thunderbird
Twin Buttes Res.
Ute Res.
Calcasieu L.
Amistad Res.
Beaver L.
Conchas L.
Falcon Res.
Lake of the Cherokees
L. Livingston
Table Rock L.
L. Texoma
L. Whitney
L. Dardanelle
Eufaula Res.
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G R I M E S
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M I L A M
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M I T C H E L L
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M O R R I S
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PA N O L A
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PA R M E R
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R A N D A L L
R E A G A N
R E A L
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R E E V E S
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R O B E R T S O N
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R U S K
S A B I N E
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S A N S A B A
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S C U R R Y S H A C K L E F O R D
S H E L B Y
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S TA R R
S T E P H E N S
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T R I N I T Y
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U VA L D E
VA L V E R D E
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V I C T O R I A
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W E B B
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W I L L A C Y
W I L L I A M S O N
W I L S O N
W I N K L E R
W I S E
W O O D
Y O A K U M
Y O U N G
Z A PATA
Z AVA L A
Anthony
Bernalillo
Bosque Farms
Clayton
Corrales
Eunice
Jal
Ruidoso
Santa Rosa
Santo Domingo Pueblo
Taos
Tularosa
White Sands
Belen
Espanola
Holloman AFBLovington
Portales
Raton
Socorro
Tucumcari
White Rock
Antlers
Arkoma
Atoka
Bristow
Broken Bow
Carnegie
Chandler
Checotah
Cherokee
Cleveland
Coalgate
Eufaula
Fairview
Glenpool
Grove
Hartshorne
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HominyJay
Lindsay
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Marietta
New Cordell
Newkirk
Noble
Nowata
Okemah
Pawhuska
Picher
Prague
Purcell
Sayre
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Stigler
Stilwell
Tishomingo
Tonkawa
Tuttle
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Watonga
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Alva
Clinton
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Guymon
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Hugo
Idabel
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Perry
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MonettNeosho
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Many
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TEXAS
Mexico
Investment Summary .........................................1Investment Highlights.........................................3Aerial Map .........................................................7Tenant Summary ................................................8Site Plan ..........................................................11Area Map .........................................................13 Location Overview ............................................14Location Highlights ...........................................17Demographics ..................................................18
TABLE OF CONTENTS
Walgreens
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Walgreens
O V E R V I E WPrice $3,708,750
Gross Leasable Area (GLA) 14,004 SF
Lot Size (approx.) 1.17 Acres
Net Operating Income $222,480
CAP Rate 6.00%
Year Built / Renovated 1999
L E A S E A B S T R A C TLease Type NN
Lease Term Remaining 11.2 Years
Lease Start 10/30/1999
Lease Expiration 10/31/2029
Renewal Options 7x5
Increases Percentage Rent
Roof & Structure* Landlord Responsible
* Landlord had roof inspected 10/2017 which received an “A” rating and has a life expectancy thru 2028. Minor maintenance performed 1/2018.
5760 WALZEM ROAD, SAN ANTONIO, TX 78218
PRICE: $3,708,750 CAP: 6.00% RENT: $222,480
INVESTMENT SUMMARY
A N N U A L I Z E D O P E R AT I N G D ATA
Lease Term Annual Rent
Current Term $222,480
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INVESTMENT HIGHLIGHTSTenant recently extended the lease by ten (10) years in advance of exercising options.
Although the lease is NN in nature, the Seller performed roof inspection in October 2017 wherein the roof received an “A” rating. As per the certified roof inspector the roof should be good through 2028.
Other retailers in the immediate area located along Walzem Road include: McDonald’s, Goodwill, HEB Grocers, First Convenience Bank, Little Cesar’s, YMCA, Harbor Freight, CVS, Domino’s Pizza, Wingstop, Foot Locker, Pizza Hut, Dollar Tree, Game Stop, and IBC Bank.
The region is surrounded by large military installation
presence including Joint Command AFB just a few
blocks from the site
Features excellent visibility: Daily traffic counts exceed
15,477 vehicles per day passing directly in front of the site and over 11,530 on
Montgomery Drive
Strong Barriers to entry due to dense
residential population and military installation
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WalgreensWalgreens
INVESTMENT HIGHLIGHTS t $3,708,750
t Walgreens has occupied the site since 1999
t Tenant recently extended lease by 10 years (new base term expiration 10/31/2029) followed by 7x5 options
t Site offers larger corner parcel totaling more than 1.17 acres allowing for ease in future redevelopment
t Site offers a drive thru pharmacy and is open daily till 10 PM
15,477 VPD
181,911TOTAL POPULATION WITHIN 5-MILE RADIUS
$53,077AVERAGE HOUSEHOLD INCOME WITHIN 7-MILE RADIUS
- WALZEM ROAD
11,530 VPD - MONTGOMERY DRIVE
Walgreens
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WALZEM RD
WALZEM RD – 15,477 VPD
WALZEM RD
– 15,477 VPD
MONTGOMERY DR – 11,530 VPDEAG
LE CREST BLVD
N IN
TERS
TATE
35
Walzem Elementary
School
McDonald’sBurger King
Walgreens
Theodore Roosevelt
High School
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Walgreens
TENANT SUMMARYWALGREENSWalgreens Boots Alliance, Inc. operates as a pharmacy led health and well being 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, convenience foods, and more 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, 2016, this segment operated over 13,700 retail stores under the Walgreens and Duane Reade brands in the United States; 7 specialty pharmacy locations; managed approximately 400 Healthcare Clinics. The Retail Pharmacy International segment sells prescription drugs; and health, beauty, toiletry, and other consumer products through its pharmacy led health and beauty stores, as well as through boots.com and BootsWebMD.com. The Boots segment operated 4,673 retail stores under the No. 7, Boots Pharmaceuticals, Botanics, Liz Earle, Soap & Glory, and only at Boots brand names in the United Kingdom, Mexico, Chile, Thailand, Norway, the Republic of Ireland, the Netherlands, and Lithuania; and 636 optical practices in the United Kingdom. Walgreens Boots Alliance, Inc. was founded in 1901 and is based in Deerfield, Illinois.
RANKINGS t Ranked #19 Fortune 500
t Ranked #177 Forbes Global 2000
t Standard & Poor’s Rated BBB
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DEERFIELD, ILHEADQUARTERS
OWNERSHIP Tenant Trade Name
LOCATIONSGUARANTOR
WALGREENS BOOTS ALLIANCE, INC.
13,700 +/-CORPORATE
PUBLIC
REVENUE
$103.44(BIL)ANNUAL SALES
$30.86(BIL)
WALGREENS
WEBSITE
WWW.WALGREENS.COM
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Walgreens
WALZEM RD
WALZEM RD - 15,477 VPD
MONTGOMERY DR - 11,530 VPD
PAR
KC
RE S
T D
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SITE PLAN
Walgreens
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San Antonio
Leon ValleyAlamo Heights
Terrell Hills
China Grove
Cibolo
Cross Mountain
AtascosaElmendorf
Selma
Windcrest
Helotes
Universal City
Walgreens
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Walgreens
SAN ANTONIO, TEXASSan Antonio is the seventh most populous city in the United States and the second most populous city in both Texas and the Southern United States. San Antonio’s notable attraction includes the River Walk, the Tower of the Americas, SeaWorld, the Alamo Bowl, and Marriage Island. Commercial entertainment includes Six Flags Fiesta Texas and Morgan’s Wonderland amusement parks. According to the San Antonio Convention and Visitors Bureau, the city is visited by about 32 million tourists a year. It is home to the five-time NBA champion San Antonio Spurs, and hosts the annual San Antonio Stock Show & Rodeo, one of the largest such events in the United States.
The U.S. Armed Forces have numerous facilities in and around San Antonio; Fort Sam Houston is the only one within the city limits. Lackland Air Force Base, Randolph Air Force Base, Lackland AFB/Kelly Field Annex, Camp Bullis, and Camp Stanley are outside the city limits. Kelly Air Force Base operated out of San Antonio until 2001, when the airfield was transferred to Lackland AFB. The remaining parts of the base were developed as Port San Antonio, an industrial/business park and aerospace complex. San Antonio is home to six Fortune 500 companies and the South Texas Medical Center, the only medical research and care provider in the South Texas region.
The subject site is most influenced by: Lackland Air Force Base is home to more than 120 Department of Defense and associate organizations, including the 37th Training Wing, the largest training wing in the U.S. Air Force. Lackland is the Air Force’s only site for enlisted basic military training, and also offers professional and technical skills, and English language training for members of the U.S. Air Force, other military services, government agencies, and allies. Its four primary training functions graduate more than 86,000 students annually. In 2005, Lackland was recommended for joint basing for the three major installations around the city: Fort Sam Houston, Lackland AFB and Randolph AFB. In 2009, all 3 bases were included into Lackland AFB.
San Antonio has a diversified economy with a gross domestic product (GDP) of approximately $96.8 billion. This ranks the city fourth in Texas and 38th in the United States. San Antonio’s economy focuses primarily on military, health care, government-civil service, financial services, oil and gas, and tourism. Within the past twenty years, the city has become a significant location for American-based call centers and has added a sizable manufacturing sector centered around automobiles.
Located about 10 miles northwest of Downtown is South Texas Medical Center, a conglomerate of various hospitals, clinics, and research (Southwest Research Institute and Texas Biomedical Research Institute) and higher educational institutions.
LOCATION OVERVIEW
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Walgreens
Over twenty million tourists visit the city and its attractions every year, contributing substantially to its economy, primarily due to The Alamo and the River Walk. The Henry B. Gonzalez Convention Center alone hosts over 300 events annually with more than 750,000 convention delegates from around the world. Tourism provided over 130,000 jobs, and it had an economic impact of $13.6 billion in the local economy. The City of San Antonio received $195 million in the same year from the hospitality industry, with revenues from hotel occupancy tax, sales taxes and others.
San Antonio is the headquarters of six Fortune 500 companies: Valero Energy, Andeavor (formerly Tesoro Corp), USAA, iHeartMedia, NuStar Energy, and CST Brands, Inc., H-E-B, the 13th-largest private company in the US is also based in San Antonio. Other companies headquartered in the city include Bill Miller Bar-B-Q Enterprises, Carenet Healthcare Services, Security Service Federal Credit Union, Visionworks of America, Frost Bank, Harte Hanks, Kinetic Concepts, SWBC, NewTek, Rackspace, Taco Cabana, Broadway Bank, Zachry Holdings/Zachry Construction Company, Randolph-Brooks Federal Credit Union, SAS, and Whataburger. The North American Development Bank, a development institution jointly held by the governments of the U.S. and Mexico, is headquartered in San Antonio as well. Other notable companies that maintain sizable presences in the city include Hulu, OCI, Kaco New Energy, Silver Spring Networks, Toyota, Argo Group, EOG Resources, Microsoft, Cogeco Peer1, and Boeing.
In 2015, San Antonio was ranked at No. 50 by Forbes magazine on their list of the Best Places for Business and Careers, while being listed as the 15th best market for job growth.
LOCATION OVERVIEW (CONTINUED)
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San Antonio
Leon ValleyAlamo Heights
Terrell Hills
China Grove
Cibolo
Cross Mountain
AtascosaElmendorf
Selma
Windcrest
Helotes
Universal City
M A J O R E M P L O Y E R S : 2 0 1 7S A N A N T O N I O , T X
Joint Base San Antonio (JBSA) 75,972
H.E.B. Food Stores 22,000
USAA 17,163
Northside Independent School District 13,969
City of San Antonio 12,231
North East Independent School District 9,292
Methodist Health Care System 8,960
San Antonio Independent School District 7,374
Baptist Health Systems 6,432
Wells Fargo 5,010
LOCATION HIGHLIGHTS
Strong population density with over
279,173 residents in the immediate area
Adjacent to a WalMart Supercenter which also draws shoppers to the
immediate area
SAN ANTONIO, TXSTRATEGICALLY LOCATED NEAR JOINT COMMAND AFB
Good visibility with more than 15,477 vehicles
passing in front of site daily
Located 6.2 miles from Joint San Antonio Air Force Base (In joint
command with Lackland Air Force Base)
11 Miles from Downtown San Antonio
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262,061Total Population Within 5-Mile Radius
$67,281Average Household Income
Within 5-Mile Radius
$53,261Median Household Income
Within 5-Mile Radius
9 6,131Total Households in 5-Mile Radius
29.12% From 2000
DEMOGRAPHICS / SAN ANTONIO, TX
Walgreens
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POPULATION 1 MILE 3 MILES 5 MILES2022 Projection
Total Population 13,389 111,678 279,0712017 Estimate
Total Population 12,649 106,515 262,0612010 Census
Total Population 11,469 97,488 240,5012000 Census
Total Population 9,337 81,653 198,205Current Daytime Population
2017 Estimate 11,125 106,259 264,650
HOUSEHOLDS 1 MILE 3 MILES 5 MILES2022 Projection
Total Households 5,059 40,117 104,7932017 Estimate
Total Households 4,658 37,174 96,131
Average (Mean) Household Size 2.66 2.79 2.672010 Census
Total Households 4,281 34,523 89,2492000 Census
Total Households 3,659 29,442 74,449Occupied Units
2022 Projection 5,059 40,117 104,7932017 Estimate 4,886 38,548 98,635
HOUSEHOLDS BY INCOME 1 MILE 3 MILES 5 MILES2017 Estimate
$150,000 or More 6.45% 4.09% 5.21%
$100,000 - $149,000 10.91% 9.72% 11.54%$75,000 - $99,999 12.72% 14.20% 14.30%$50,000 - $74,999 19.89% 21.83% 22.32%$35,000 - $49,999 14.03% 15.42% 15.53%Under $35,000 36.00% 34.73% 31.09%
Average Household Income $65,503 $61,157 $67,281
Median Household Income $49,979 $49,855 $53,261
Per Capita Income $24,311 $21,507 $24,821
HOUSEHOLDS BY EXPENDITURE 1 MILE 3 MILES 5 MILESTotal Average Household Retail Expenditure $60,624 $61,410 $64,240
Consumer Expenditure Top 10 Categories 0.0694 $16,287 $16,150 $16,838 Shelter $11,833 $12,289 $12,858 Transportation $8,444 $8,525 $8,905 Food $6,585 $6,680 $6,996 Personal Insurance and Pensions $5,124 $5,172 $5,546 Health Care $4,479 $4,180 $4,351 Utilities $4,089 $4,056 $4,181 Apparel $2,380 $2,251 $2,380 Entertainment $1,942 $1,847 $1,941 Household Operations $1,763 $1,578 $1,632
POPULATION PROFILE 1 MILE 3 MILES 5 MILESPopulation By Age
2017 Estimate Total Population 12,649 106,515 262,061Under 20 27.92% 29.04% 28.84%20 to 34 Years 19.36% 21.31% 22.22%35 to 39 Years 5.60% 6.48% 6.74%40 to 49 Years 10.79% 12.34% 12.63%50 to 64 Years 17.61% 17.99% 17.53%Age 65+ 18.71% 12.85% 12.05%
Median Age 37.37 34.76 34.29Population 25+ by Education Level
2017 Estimate Population Age 25+ 8,300 68,535 168,701Elementary (0-8) 5.01% 4.78% 3.53%Some High School (9-11) 7.51% 8.37% 6.68%High School Graduate (12) 27.33% 27.69% 26.97%Some College (13-15) 27.04% 29.08% 28.45%Associate Degree Only 9.57% 9.52% 9.69%Bachelors Degree Only 13.53% 12.44% 15.45%Graduate Degree 9.07% 6.99% 8.12%
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SAN ANTONIO TEXAS
Walgreens
LIOR REGENSTREIFSENIOR MANAGING DIRECTOR INVESTMENTS
SENIOR DIRECTOR, NET LEASED PROPERTIES GROUPENCINO OFFICE
Tel: (818) 212-2730Fax: (818) 212-2710
[email protected]: CA 01267761