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net lease walgreens for sale
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NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
Walgreens603 Uniondale Avenue
Uniondale, NY 11553 (Long Island)
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
1) Confidentiality&Disclaimer
2) ExecutiveSummary
3) InvestmentHighlights
4) PropertyOverview
5) Aerial
6) SitePlan
7) Maps
8) TenantProfile
9) DemographicComparisonReport
10) LocationOverview
11) 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
TheBoulderGroup is pleased toexclusivelymarket for salea recently constructed single tenantnet leasedWalgreenspropertylocatedinLongIsland.The12,827squarefootWalgreenswasbuiltin2012andislocatedinadenseareaofLongIslandwithhighbarrierstoentry.ThedevelopmentofthisWalgreensrequiredadifficultassemblageoffiveseparatelyownedlandparcelsthatbeganin2009,threeyearspriortothestoreopening.ThisnewlydevelopedWalgreensfeaturesalongtermleasewitha25yearprimaryterm,fiveyearslongerthanmostnewconstructionWalgreens.ThispropertywasadevelopmentpriorityforWalgreensandevenduringtheeconomic downturn; this property represented one of threehigh priority sites throughout all of Long Island.Walgreensacquiredthelocalpharmacy,intheimmediatevicinityoftheproperty,therebysolidifyingacustomerbaseandlongstandingsaleshistory.
ThepropertyislocatedinadenseinfillareaofLongIslandonthesoutheastcornerofUniondaleAvenueandJerusalemAvenue.UniondaleisahighlypopulatedLongIslandsuburbwithhigherpopulationandhouseholddensities than Nassau County and neighboring Hempstead. The signalized intersection of Uniondale andJerusalemexperiences trafficvolumes inexcessof38,000vehiclesperday.UniondaleAvenuesexperienceshighpeakvolumesandistheonlynorth-souththoroughfarethatrunsthroughthecommunity.InarecentsurveyconductedbyUniondale,77%ofresidentsnotedthattheyspenttimeintheJerusalem&UniondaleCorridoratleastonceperweek.TherearethreeNassauInter-CountyExpress(NICE)busstopsinimmediatevicinitytotheUniondaleandJerusalemintersection,whichisimportantasUniondaledoesnotreceivedirectrailserviceandNICEistheprimaryformofpublictransportation.
Wal-Mart,ShopRiteandtheA.HollyPattersonExtendedCarefacilityarelocatedwithinonemileoftheproperty.A.HollyPattersonExtendedCareisa589bedskillednursingfacilitywitha95.9%occupancyrateasofAugust2013.Additionally,NassauCommunityCollege,HofstraUniversity,KellenbergMemorialHighSchooland theUniondaleHighSchoolare locatedwithincloseproximityoftheproperty,andhaveenrollmentsofapproximately23,500,8,300, 2,600 and 1,800 students respectively. Residentslivingwithinfivemilesofthepropertyenjoyhouseholdincomelevelsinexcessof$105,000annually.
TheoriginalleasecommencedinOctober2012withaprimarytermof25yearswithten5-yearrenewaloptions.WalgreensisapubliclytradedcompanyontheNewYorkStockExchange(WAG),withamarketcapitalizationof$45billion.Walgreensis an investment grade companywith a Standard& Poor’sratingofBBB.
EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
INVESTMENT HIGHLIGHTS
•LocatedwithintheNewYorkMSA(LongIsland)
•Difficultassemblageoffiveseparatelyownedlandparcels
•Walgreensacquiredthelocalpharmacy,intheimmediatevicinityoftheproperty,therebysolidifyingacustomerbaseandlongstandingsaleshistory
•DenseLongIslandsuburbwithhighbarrierstoentry
•Investmentgradetenant(S&P:BBB)
•Recentconstruction(2012)
•Longtermleasewith24yearsremaining
•Positionedonthehardcornerofasignalizedintersection
•IntersectionofJerusalemandUniondaleexperiencestrafficvolumesinexcessof38,000VPD
•Zerolandlordresponsibilities
•Householdincomeinexcessof$105,000annuallywithinfivemilesoftheproperty
•LocatedincloseproximitytoaWal-Mart,ShopRiteandA.HollyPattersonExtendedCare(589beds)
•Ten5-Yearrenewaloptions
INVESTMENT HIGHLIGHTS
INVESTMENT HIGHLIGHTS
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
PROPERTY OVERVIEW
PROPERTY OVERVIEW
Price: $12,562,612
CapRate: 5.55%
NetOperatingIncome: $697,225
LeaseCommencementDate: October22,2012
LeaseExpirationDate: October31,2037
RenewalOptions: Ten5-Year
Tenant: Walgreens
CreditRating: BBB(Standard&Poor’s)
YearBuilt: 2012
LandlordObligations: None
RentableSquareFeet: 12,827
LandSize: 52,085SF
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
AERIAL
AERIAL
N
18,800 VPD
JERUSALEM AVENUE
19,400 VPD
UNION
DALE AVENUE
A. HOLLY PATTERSON EXTENDED CARE FACILITY (589 BEDS)
MEADOWBROOKGARDENS
SUPER SHINECAR WASH
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
SITE PLAN
SITE PLAN
JERUSALEM AVENUE
JAFFA AVENUE
UNION
DALE AVENUE
DRIVETHRU
LOADIN
G
N
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
MAPS
MAPS
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
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
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
Population 1-mi 3-mi 5-mi
TotalPopulation 33,845 218,729 563,645TotalHouseholds 8,413 64,443 180,411
Income
MedianHouseholdIncome $73,324 $78,199 $85,117AverageHouseholdIncome $87,322 $99,386 $105,883
DEMOGRAPHIC COMPARISON REPORT
DEMOGRAPHIC COMPARISON REPORT
NET LEASED INVESTMENT OFFERING
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Uniondale isanunincorporatedarealocatedinthecentralportionoftheTownofHempsteadinsouthwesternNassauCounty.UniondaleislocatedadjacenttotheSouthernStateParkway,whichprovidesquickaccesstotherestofLongIslandandNewYorkCity.UniondaleAvenueisthepredominatethroughcorridorformotorvehicles. It istheonlynorth-southroadthatruns
throughthecommunity,makingitthemostdirectroutebetweentheSouthernStateParkwayandHempsteadTurnpike. Front Street and JerusalemAvenue are the primary east-west roadways through the community.JerusalemAvenueisa57-footwide,fourlanecountyroad.
Basedonthe2010UnitedStatesCensus,Uniondalehadapopulationof24,759withanaveragehouseholdsizeof3.96peopleandanaveragefamilysizeof4.13people.ThepopulationdensityofUniondalewas9,136people per squaremile,making it twice as dense asNassau County as awhole. Uniondale’s land use isprimarily single-family residentialwith scattered commercial strips,makingnewdevelopment very difficult.Mostbusinessesaresmallandindependentretailers.
Nassau CountyisasuburbancountyonLongIsland,immediatelyeastofNewYorkCity.Asofthe2010 census, the populationwas1,339,532. In 2012, Forbesmagazine reported thatNassauCountywasthe12thrichestcountyinAmericaandthewealthiestintheStateofNewYork.Nassau,togetherwithSuffolkCountytoitsimmediateeast,aregenerallyreferredtoas“LongIsland”byarearesidents—asdistinctfromtheNewYorkCityboroughsofQueens(QueensCounty)andBrooklyn(KingsCounty),whicharegeographicallylocatedontheisland’swesternmostend.Twocities,three
towns,64incorporatedvillages,andmorethan60unincorporatedhamletsarelocatedwithinthecounty.
http://www.nassaucountyny.gov
New York City isthemostpopulouscityintheUnitedStatesofAmericaandoneofthemostpopulousmetropolitansintheworld.NewYorkisthemostdenselypopulatedmajorcityintheUnitedStates.TheNewYorkCityMetropolitanStatisticalAreahasapopulationinexcessof22.2millionpeople.Additionally,thereisapproximatelyanadditional50millionpeoplethatannuallyvisitNewYork.NewYorkCityhasbeenrankedfirstacrosstheglobeinattractingcapital,business,andtourists.
New York exerts a significant impact upon commerce, finance, media, art, fashion, research, technology,education,andentertainment.Itisaglobalhubofinternationalbusinessandcommerce.NewYorkhasbeenwidelycalledtheleadingfinancialcenterintheworld.ItishometotheNewYorkStockExchange,theworld’slargeststockexchangebytotalmarketcapitalization.ManymajorcorporationsareheadquarteredinNewYorkCity,including45Fortune500companies.
NewYorkCityisthetopinternationalairpassengergatewaytotheUnitedStates.Theareaisservedbythreemajorairports,JohnF.KennedyInternational,NewarkLibertyInternationalandLaGuardia.
www.nyc.gov
LOCATION OVERVIEW
LOCATION OVERVIEW
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
666DundeeRoad,Suite1801Northbrook,IL60062
Randy [email protected]
Jimmy [email protected]
CONTACT INFORMATION
CONTACT INFORMATION