Walgreens net lease property for sale

1. NET LEASED INVESTMENT OFFERING
Walgreens
1229 North Eastern Avenue
Moore, OK (Oklahoma City MSA)
CONFIDENTIAL OFFERING MEMORANDUM
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2. TABLE OF CONTENTS
NET LEASED INVESTMENT OFFERING
TABLE OF CONTENTS
1) Confidentiality & Disclaimer
2) Executive Summary
3) Property Overview
4) Site Plan
5) Aerial
6) Maps
7) Tenant Profile
8) Demographic Comparison Report
9) Location Overview
10) Contact Information
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3. CONFIDENTIALITY & DISCLAIMER
NET LEASED INVESTMENT OFFERING
CONFIDENTIALITY & DISCLAIMER
The 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 The Boulder Group and should not be made available to any other person or entity
without the written consent of The Boulder Group. 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. The Boulder Group 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, The Boulder Group has not
verified, and will not verify, any of the information contained herein, nor has The Boulder Group 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.
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4. EXECUTIVE SUMMARY
NET LEASED INVESTMENT OFFERING
EXECUTIVE SUMMARY
The Boulder Group is pleased to exclusively market for sale a single tenant net leased Walgreens property located within the
Oklahoma City metropolitan area. The 15,120 square foot Walgreens was built in 2001 and is located in the southern portion
of the Oklahoma City MSA. Oklahoma City is a growing city and is home to the headquarters of Devon Energy. Devon Energy is
among the largest U.S. based independent natural gas and oil producers and is currently building their new 50 story
headquarters downtown. Moore is located less than fifteen miles south of downtown Oklahoma City and will benefit from
Oklahoma City’s continued growth.
The property is located on North Eastern Avenue approximately 1.2 miles away from Interstate 35. North Eastern Avenue is a
primary north-south thoroughfare of Moore with approximately 15,000 vehicles using this roadway daily. The cross street of
12th Street also has approximately 15,000 vehicles per day and is a direct interchange with Interstate 35. The subject is
benefitted by a traffic signal on the hard corner creating constant traffic flow at the property. The property is surrounded by
single family homes and other commercial users. Platte College and multiple elementary and middle schools are within one
mile of the property.
Walgreens original lease term was for 20 years with ten 5-year renewal options and the lease expires in March 2021.
Walgreens is a publicly traded company on the New York Stock Exchange (WAG), with a market capitalization of $39.9 Billion.
Walgreens is an investment grade company with a Standard & Poor’s rating of A.
INVESTMENT HIGHLIGHTS
Investment grade tenant
Property is located within the Oklahoma City MSA
Located at a signalized intersection on the hard corner
Close proximity to Interstate 35
Population of Moore continues to increase
Retail sales growth in Moore above national average
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5. PROPERTY OVERVIEW
NET LEASED INVESTMENT OFFERING
PROPERTY OVERVIEW
Price: $3,795,000
Cap Rate: 7.80%
Net Operating Income: $296,000
Rental Escalations: None
Renewal Options: Eight 5-Year
Lease Commencement Date: April 1, 2001
Lease Expiration Date: March 31, 2021
Tenant: Walgreens
Credit Rating: A
Year Built 2001
Lease Type: NN (roof, structure, parking lot replacement)
Parking: 65 parking spaces
Rentable Square Feet: 15,120
Land Acreage: 1.41 Acres
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6. SITE PLAN
NET LEASED INVESTMENT OFFERING
SITE PLAN
12th Street
Eastern Avenue
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7. AERIAL
NET LEASED INVESTMENT OFFERING
AERIAL
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8. MAPS
NET LEASED INVESTMENT OFFERING
MAPS
SITE
SITE
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9. TENANT PROFILE
NET LEASED INVESTMENT OFFERING
TENANT PROFILE
Walgreens is engaged in retail drugstore business. As of April 30, 2011, the Company operated 8,169
locations in all 50 states, the District of Columbia, Puerto Rico and Guam. The company also operates worksite
health centers, home care facilities, and specialty and mail service pharmacies. Its Take Care Health Systems
subsidiary manages more than 715 in-store convenient care clinics and worksite health and wellness centers.
The Company’s drugstores are engaged in the retail sale of prescription and non-prescription drugs and
general merchandise. General merchandise includes, among other things, household items, personal care,
convenience foods, beauty care, photofinishing, candy, and seasonal items. Walgreens offers customers the
choice to have prescriptions filled at the drugstore counter, as well as through the mail, by telephone, and
through the Internet. In March 2011, Walgreens announced that it has completed the acquisition
Drugstore.com.
Website: www.walgreens.com
Number of Locations: 8,169
Stock Symbol: WAG : NYSE
Standard & Poors Rating: A
Market Capitalization: $39.9 Billion
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10. DEMOGRAPHIC COMPARISON REPORT
NET LEASED INVESTMENT OFFERING
DEMOGRAPHIC COMPARISON REPORT
Population 3-mile 5-mile 7-mile
Total Population 61,191 136,020 239,069
Total Households 23,058 52,515 91,841
Income
Median Household Income $58,141 $55,515 $48,714
Average Household Income $65,115 $65,309 $58,669
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11. LOCATION OVERVIEW
NET LEASED INVESTMENT OFFERING
LOCATION OVERVIEW
Oklahoma City is the capital and largest city in the state of Oklahoma.
According to the 2010 census Oklahoma City has a population of
579,999 with an estimated metropolitan area population of
1,252,987, ranking it 31st among other U.S. cities in population.
The economy of Oklahoma City has diversified to include the sectors of information technology, services, health
services and administration. The city has multiple Fortune 500 companies (Devon Energy Corporation and
Chesapeake Energy Corporation), several others that are in the Fortune 1000 and a number of large privately owned
companies. Additionally, AT&T and COX Enterprises have regional headquarters within the MSA. The largest employer
in Oklahoma City is the State of Oklahoma with 38,000 employees. Tinker Air Force Base is second with 24,000
employees. With plentiful job opportunities and job growth of over 20% since 2000, Oklahoma City’s unemployment
remains around 5.8%, well below the national average.
Moore is located in the northwest portion of Cleveland County and
located about 12 miles south of Oklahoma City. Moore is included in the
a progressive city
Oklahoma City Metropolitan Area.
Moore is the seventh largest city in Oklahoma and accounts for over 20% of Cleveland County. The leading employer of
Moore is Convergys Corporation with 1,350 employees followed by Vaughan Foods, Moore Medical Center, Hyatt
Shared Service Center and Silver Star Construction.
Moore’s population is expected to grow by 8.2% through 2015. While Moo re is growing it has managed to keep
unemployment at 6.3% in 2010, more than three percent less than the national average. Moore’s retail market claims
remarkable sales growth of 7.7% since 2006 and approximately $12,000 of retail sales per person in 2010.
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12. CONTACT INFORMATION
NET LEASED INVESTMENT OFFERING
CONTACT INFORMATION
666 Dundee Road | Suite 1801
Northbrook, IL 60062
Randy Blankstein Jimmy Goodman
President Partner
847.562.0003 847.562.8500
rblank@bouldergroup.com jimmy@bouldergroup.com
www.bouldergroup.com