Walgreens Pharmacy Fort Pierce, Florida - · PDF fileWalgreens Pharmacy Fort Pierce, Florida...

Walgreens Pharmacy Fort Pierce, Florida

$5,990,000

7.6%CAP Rate

Florida has no state income tax•

Great High Growth Location•

38,360 cars per day on Okeechobee Rd. (SR 70)•

Neighbors include Wal-Mart & Home Depot•

Corporate guarantee from Walgreens•

New construction, 25 year NNN lease•

Zero management responsibilities•

John GiordaniArthur Griffith(888) [email protected]



Investment Summary

Property Details

Lease Summary

About the Site

Location

City

State

Tenant

Rent Start Date

Lease Term

Options

Landlord Responsibilities

Conveniently located at a signalized intersection within one mile of both the Florida Turnpike and I-95 interchanges, Okeechobee Crossing serves as the gateway to the Fort Pierce market.

Development will eventually include 21,084 square feet of retail space. At this time, the only property being offered for sale is a 14,820 square foot Walgreens store. There are separate but contiguous pad sites entitled for use as a 3,264 square foot banking facility and a 3,000 square foot fast food restaurant. Those pads are NOT included in this offering.

Year Built

Bldg Size

Lot Size

NEC Okeechobee Rd (SR 70) & Jenkins Rd.

Fort Pierce

Florida

Walgreens

March 1, 2009

75 years

Lessee may terminate Lease every 5 years after initial 25-year Primary Term,

with 180 days written notice

None

2008

14,820

1.72 acres

Price

CAP

Annual Income

Debt

$5,990,000

7.60%

$455,000

Buyer to obtain new debt.



3 Mile 4 Mile 5 Mile

Population 21,835 53,562 71,666

Growth 22% 22% 22%

Avg. HH Income $55,043 $48,075 $49,212

Demographics

About Fort Pierce, Florida

As one of the oldest communities on the east coast of Florida, Fort Pierce enjoys the mellow Florida lifestyle while still being just a short distance from the hustle and bustle of both West Palm Beach and Orlando.

Modern educational and research facilities, like top-ranked Indian River Community College, the $6 million Smithsonian Institution Research Center, the Manatee Observation and Education Center and Harbor Branch Oceanographic Institute, live in harmony with the com-pletely renovated 1925 City Hall and the current resto-ration of the historic, 1,200 seat Sunrise Theatre, which will serve as a regional performing arts center.

Neighboring centers include Wal-Mart and Home Depot, which naturally attract customers to this inter-section. The location currently enjoys a healthy traffic count of 38,000 cars per day.



Aerial Views

Aerial Photo of Completed Store



Drugstore Competition for Fort Pierce Walgreens

Fort Pierce Drug Store CompetitionNational Drug Stores in 5 Mile Radius

1 views - Unlisted

Created on Feb 17 - Updated yesterday

By Arthur T.

Rate this map - Write a comment

Fort Pierce Drug Store CompetitionNational Drug Stores in 5 Mile Radius

1 views - Unlisted

Created on Feb 17 - Updated yesterday

By Arthur T.

Rate this map - Write a comment

2.1 Miles East

2.9 Miles Northeast

3.7 Miles East

4.5 Miles Southeast

4.7 Miles Northeast

3.8 Miles Southeast

Subject WAG

Walgreens

Walgreens

Walgreens

CVS

CVS

CVS

This new Walgreens store is well positioned to thrive. Prospec-tive buyers should have confidence in the longevity of this site as the next closest store is 2.1 miles to the east.



About Walgreens

Walgreens is the #1 pharmacy in America by any measure. Founded in 1909, and traded on the New York Stock Exchange (NYSE:WAG), Walgreens operates 6,443 stores in 49 states. Walgreens is widely regarded as the safest, most secure single-tenant NNN leased invest-ment property because of its strong balance sheet and market capitalization. For the fiscal year ended August 31, 2008:

Sales were over $59.03 billion•Profit was over $2.15 billion•Net worth was over $12.86 billion•



About Walgreens

Founded in 1901, Walgreens provides the most convenient access to consumer goods and services, and phar-macy, health and wellness services, in America. The company has recorded 34 consecutive years of record sales and earnings, a track record matched by only one other Fortune 500 company.

Walgreens is taking steps to ensure the company’s continued success in the face of a weakening economy. They are transforming into a more efficient and customer-focused company, both for drugstore customers and for patients and payors seeking quality pharmacy, health and wellness services that are accessible and affordable.

Managing through difficult economic timesThey are currently conducting a company-wide initiative to align their costs, culture and capabilities to our strategy and to the realities of the current economic environment. They are targeting approximately $1 billion in annual cost reductions by 2011 through more efficient processes, strategic sourcing and plans to reduce corpo-rate overhead and work throughout our stores.

In the pharmacy, they are working to fill prescriptions more efficiently. They’re in the early stages of rolling out a new initiative to transform – and advance – the practice of community pharmacy. Currently, they’ve focused on their Florida stores where they’ve moved tasks such as phone calls, prescription data entry and insurance verifi-cation from individual stores to more efficient central processing facilities.

Adjusting our organic store growthWalgreens remains among the fastest growing retailers in the country, even with their planned slowdown of organic growth from the current 9 percent rate to a rate of between 2.5 and 3 percent by 2011. Slower growth offers two big positives: first, more time to develop their management ranks and focus on improving the cus-tomer experience; and second, greater flexibility to invest in opportunities that will strengthen their core retail base and deliver attractive returns to their shareholders.

Growing our health clinics and specialty pharmacy businessThey’re growing their health clinics and specialty pharmacy business to complement their drugstores. They now operate more than 680 health and wellness clinics in their stores and on employer worksites. Since acquiring two worksite health center companies last spring, they’ve integrated these services into their new Health and Wellness division, which plans to expand to 800 sites by the end of fiscal 2009. Their health centers on or near employer campuses offer diverse services including primary and acute care; wellness, pharmacy and disease management services; and health and fitness programming. Employers recognize the significant value and cost savings these centers can provide.

Both their retail health clinics and worksite facilities will position them as one of the nation’s foremost providers of health and wellness services. They are highly complementary to their retail pharmacies and increase aware-ness of their Walgreens brand.



Rankings & Ratings

Fortune magazine America’s Most Admired Companies published March 17, 2008Walgreens ranked fifth among food and drugstores and is listed for the 15th consecutive year.

Fortune magazine Global Most Admired Companies published March 17, 2008Walgreens ranked seventh among food and drugstores and No. 36 among the 50 most admired companies.

Fortune magazine 500 Largest U.S.-Based Companies published May 5, 2008Walgreens ranked 40th overall in revenue, third among food and drugstores.

Fortune magazine 40 Best Stocks To Retire On published June 23, 2008Walgreens made the list of recommended Bargain Growth stocks.

Fortune magazine Global 500 Largest Companies published July 21, 2008Walgreens ranked 125th overall in revenue.

Forbes Platinum 400 List published January 12, 2009Walgreens again made this list of the best performing big companies in the United States

Forbes Global 2000 published April 21, 2008Walgreens ranked 250th on this list of the 2000 largest public companies worldwide.

Moody’sWalgreens current rating is A2.

Standard and Poor’sWalgreens current rating is A+.



Stores Nationwide

Total Drugstores - 6,630Total Locations - 7,123*

Through Nov. 30, 2008

Includes 49 states, the District of Columbia and Puerto Rico

Alabama

Arizona

Arkansas

California

Colorado

Connecticut

Delaware

Florida

Georgia

Hawaii

Idaho

Illinois

Indiana

Iowa

Kansas

Kentucky

Louisiana

90

234

53

515

144

76

63

771

167

2

28

541

191

63

58

83

130

Maine

Maryland

Massachusetts

Michigan

Minnesota

Mississippi

Missouri

Montana

Nebraska

Nevada

New Hampshire

New Jersey

New Mexico

New York

North Carolina

North Dakota

Ohio

7

45

140

211

121

63

179

10

52

69

27

112

55

463

135

1

235

Oklahoma

Oregon

Pennsylvania

Rhode Island

South Carolina

South Dakota

Tennessee

Texas

Utah

Vermont

Virginia

Washington

West Virginia

Wisconsin

Wyoming

Puerto Rico

Washington D.C.

95

59

100

24

88

14

233

619

37

2

91

110

7

213

8

95

1

Store Base (as of Dec. 31, 2008) Total locations: 7,131

Total drugstores: 6,636 in 49 states, the District of Columbia and Puerto Rico

Drugstores with drive-thru pharmacies: 5,749

Locations with one-hour photofinishing: 6,449

Locations open 24 hours: 1,604

*



Sales & Earnings

Walgreens has recorded 34 consecutive years of record sales and earnings.

Fiscal Year Ended Aug. 31

Fiscal Year

Fiscal Year Ended Aug. 31

2008

2007

2006

2005

2004

New Stores

Acquisitions

Closings

Net Store Openings

Total Stores

2008

2007

2006

2005

2004

Sales in Billions

2008

Earnings Per Share

$59.0

$53.8

$47.4

$42.2

$37.5

629

32

10

561

6,443

$2.17

$2.03

$1.72

$1.52

$1.31

Percent Increase

2007

Percent Increase

9.8%

13.4%

12.3%

12.5%

14.3%

501

120

85

536

5,997

6.9%

18.0%

13.2%

16.0%

15.8%

Earnings in Billions

2006

$2.16

$2.04

$1.75

$1.56

$1.35

475

95

94

476

5,461

Percent Increase

2005 2004

5.7%

16.6%

12.3%

15.5%

15.7%

436

4

68

372

4,985

429

14

82

361

4,613



Demographic Report

Executive SummaryPrepared By: STDBonline.com

©2008 ESRI On-demand reports and maps from Business Analyst Online. Order at www.esri.com/bao or call 800-292-2224 3/03/2009 Page 1 of 3

Okeechobee Rd and Jenkins

Rd Okeechobee Rd and Jenkins


RdFort Pierce, FL 34947 Fort Pierce, FL 34947 Fort Pierce, FL 34947

Site Type: Radius Radius: 3.0 mile Radius: 4.0 mile Radius: 5.0 mile 2008 Population Total Population 21,835 53,562 71,666 Male Population 50.3% 49.7% 49.2% Female Population 49.7% 50.3% 50.8% Median Age 35.2 35.1 37.5 2008 Income Median HH Income $39,094 $33,345 $34,521 Per Capita Income $19,738 $17,560 $18,576 Average HH Income $55,043 $48,075 $49,212 2008 Households Total Households 7,377 18,817 26,235 Average Household Size 2.84 2.77 2.66 1990-2000 Annual Rate 0.34% 0.1% 0.34% 2008 Housing Owner Occupied Housing Units 57.9% 51.8% 54.5% Renter Occupied Housing Units 33.6% 35.3% 31.0% Vacant Housing Units 8.6% 12.9% 14.4% Population 1990 Population 16,674 44,301 55,640 2000 Population 18,052 45,102 56,954 2008 Population 21,835 53,562 71,666 2013 Population 26,746 64,790 87,945 1990-2000 Annual Rate 0.8% 0.18% 0.23% 2000-2008 Annual Rate 2.33% 2.11% 2.82% 2008-2013 Annual Rate 4.14% 3.88% 4.18% In the identified market area, the current year population is 71,666. In 2000, the Census count in the market area was 56,954. The rate of change since 2000 was 2.82 percent annually. The five-year projection for the population in the market area is 87,945, representing a change of 4.18 percent annually from 2008 to 2013. Currently, the population is 49.2 percent male and 50.8 percent female. Households 1990 Households 5,838 15,652 19,905 2000 Households 6,039 15,807 20,589 2008 Households 7,377 18,817 26,235 2013 Households 9,114 22,897 32,468 1990-2000 Annual Rate 0.34% 0.1% 0.34% 2000-2008 Annual Rate 2.46% 2.14% 2.98% 2008-2013 Annual Rate 4.32% 4% 4.36% The household count in this market area has changed from 20,589 in 2000 to 26,235 in the current year, a change of 2.98 percent annually. The five-year projection of households is 32,468, a change of 4.36 percent annually from the current year total. Average household size is currently 2.66, compared to 2.68 in the year 2000. The number of families in the current year is 16,917 in the market area.

Housing

Currently, 54.5 percent of the 30,657 housing units in the market area are owner occupied; 31.0 percent, renter occupied; and 14.4 percent are vacant. In 2000, there were 23,689 housing units— 52.4 percent owner occupied, 34.4 percent renter occupied and 13.1 percent vacant. The rate of change in housing units since 2000 is 3.17 percent. Median home value in the market area is $123,754, compared to a median home value of $192,285 for the U.S. In five years, median home value is projected to change by 0.71 percent annually to $128,216. From 2000 to the current year, median home value changed by 9.6 percent annually.

Source: U.S. Bureau of the Census, 2000 Census of Population and Housing. ESRI forecasts for 2008 and 2013. ESRI converted 1990 Census data into 2000 geography.



Demographic Report

Executive SummaryPrepared By: STDBonline.com

©2008 ESRI On-demand reports and maps from Business Analyst Online. Order at www.esri.com/bao or call 800-292-2224 3/03/2009 Page 2 of 3

Okeechobee Rd and Jenkins



RdFort Pierce, FL 34947 Fort Pierce, FL 34947 Fort Pierce, FL 34947

Site Type: Radius Radius: 3.0 mile Radius: 4.0 mile Radius: 5.0 mileMedian Household Income 1990 Median HH Income $27,537 $20,757 $20,661 2000 Median HH Income $32,990 $27,502 $27,415 2008 Median HH Income $39,094 $33,345 $34,521 2013 Median HH Income $45,877 $39,853 $41,085 1990-2000 Annual Rate 1.82% 2.85% 2.87% 2000-2008 Annual Rate 2.08% 2.36% 2.83% 2008-2013 Annual Rate 3.25% 3.63% 3.54% Per Capita Income 1990 Per Capita Income $12,022 $9,747 $9,878 2000 Per Capita Income $15,646 $13,778 $14,086 2008 Per Capita Income $19,738 $17,560 $18,576 2013 Per Capita Income $22,037 $19,715 $21,104 1990-2000 Annual Rate 2.67% 3.52% 3.61% 2000-2008 Annual Rate 2.86% 2.98% 3.41% 2008-2013 Annual Rate 2.23% 2.34% 2.58% Average Household Income 1990 Average Household Income $33,268 $27,065 $27,030 2000 Average Household Income $43,488 $38,022 $37,821 2008 Average HH Income $55,043 $48,075 $49,212 2013 Average HH Income $61,277 $53,786 $55,604 1990-2000 Annual Rate 2.71% 3.46% 3.42% 2000-2008 Annual Rate 2.9% 2.88% 3.24% 2008-2013 Annual Rate 2.17% 2.27% 2.47%

Households by Income

Current median household income is $34,521 in the market area, compared to $53,154 for all U.S. households. Median household income is projected to be $41,085 in five years. In 2000, median household income was $27,415, compared to $20,661 in 1990.

Current average household income is $49,212 in this market area, compared to $73,126 for all U.S. households. Average household income is projected to be $55,604 in five years. In 2000, average household income was $37,821, compared to $27,030 in 1990.

Current per capita income is $18,576 in the market area, compared to the U.S. per capita income of $27,916. The per capita income is projected to be $21,104 in five years. In 2000, the per capita income was $14,086, compared to $9,878 in 1990. Population by Employment Total Businesses 1,418 3,140 4,335 Total Employees 14,919 27,479 35,915

Currently, 86.2 percent of the civilian labor force in the identified market area is employed and 13.8 percent are unemployed. In comparison, 93.4 percent of the U.S. civilian labor force is employed, and 6.6 percent are unemployed. In five years the rate of employment in the market area will be 87.9 percent of the civilian labor force, and unemployment will be 12.1 percent. The percentage of the U.S. civilian labor force that will be employed in five years is 93.9 percent, and 6.1 percent will be unemployed. In 2000, 55.0 percent of the population aged 16 years or older in the market area participated in the labor force, and 0.1 percent were in the Armed Forces.

In the current year, the occupational distribution of the employed population is:

44.0 percent in white collar jobs (compared to 60.2 percent of U.S. employment)•21.2 percent in service jobs (compared to 16.5 percent of U.S. employment)•34.8 percent in blue collar jobs (compared to 23.3 percent of U.S. employment)•

In 2000, 71.6 percent of the market area population drove alone to work, and 1.7 percent worked at home. The average travel time to work in 2000 was 23.6 minutes in the market area, compared to the U.S. average of 25.5 minutes.

Population by Education

In 2008, the educational attainment of the population aged 25 years or older in the market area was distributed as follows:

31.8 percent had not earned a high school diploma (16.4 percent in the U.S.)•30.9 percent were high school graduates only (29.6 percent in the U.S.)•6.5 percent had completed an Associate degree (7.2 percent in the U.S.)•8.7 percent had a Bachelor’s degree (17.0 percent in the U.S.)•4.6 percent had earned a Master’s/Professional/Doctorate Degree (9.7 percent in the U.S.)•

Walgreens Pharmacy Fort Pierce, Florida - · PDF fileWalgreens Pharmacy Fort Pierce, Florida...

Documents

Transcript of Walgreens Pharmacy Fort Pierce, Florida - · PDF fileWalgreens Pharmacy Fort Pierce, Florida...