EXCLUSIVELY LISTED INVESTMENT OFFERING

Transcription

1 EXCLUSIVELY LISTED INVESTMENT OFFERING RESIDENTIAL AREAS SE ABSHIER BLVD (HWY 301) - ±40,000 CARS PER DAY SUBJECT PROPERTY 4920 SE ABSHIER BOULEVARD Exclusively Listed By: JASON STUART PONGSRIKUL Managing Principal Direct: x302 jp@pharmapropertygroup.com CA DRE Lic. # In Association with: STEPHEN NOSTRAND ONE Commercial, LLC Direct: snostrand@onecommercialre.com FL DRE Lic. CQ Pharma Property Group 5328 Banks Street, Suite B San Diego, CA

2 Property Overview 4920 SE ABSHIER BOULEVARD Year Built: 1998 Lot Size: 97,532 Square Feet Building Size: 15,004 Square Feet Investment Highlights STABLE INCOME Rental income is guaranteed by Walgreens parent corporate (S&P BBB) investment grade, Fortune 500 Company, with over 8,000 locations. COMMITMENT TO LOCATION Walgreens extended the lease in August 13, 2013 by 10 years showing commitment to this location. There are eleven years of guaranteed income before the eight (5 year) options begin on September 1st of This is a double net lease with landlord responsible for the roof and structure. ONE OF ONLY TWO DRUGSTORES IN BELLEVIEW Subject property is one of only two drugstores in Belleview. The second drugstore is a CVS approximately.06 miles east, making this a strategic location for both CVS and Walgreens. MAIN AND MAIN LOCATION This drive thru pharmacy is located on the signalized intersection of SE Abshier Boulevard (US Route 441) with traffic counts exceeding ±40,000 vehicles per day. MAIN RETAIL CORRIDOR The subject property is located on the main retail corridor in Belleview with national retail tenants including: Dollar General Ace Hardware Pizza Hut Popeyes Chicken Little Caesars Publix Super Market Taco Bell Hungry Howie's K-Mart Bealls Outlet Enterprise Rent-A-Car Dollar Tree Wendy's Rent-A-Center Zaxby's Chicken US Post Office Advanced Auto Parts Auto Zone KFC Circle K Bank of America Wells Fargo Checkers Subway McDonalds Burger King Hardee's O'Reilly's Domino's Winn-Dixie CVS Valvoline Oil Change Napa Auto Parts Dunkin Donuts page 2

3 Lease Overview Tenant: WALGREENS (NYSE: WAG) Landlord Income: CORPORATE GUARANTEE Credit Rating: INVESTMENT GRADE, BBB (S&P) Lease Type: DOUBLE NET Landlord responsible for roof and structure. Lease Term: 11 YEARS REMAINING WITH EIGHT (5 YEAR) OPTIONS TO FOLLOW Rent Commencement Date: AUGUST 15, 1998 Next Option Begins: SEPTEMBER 1, 2028 Pricing Price: $4,264,000 CAP: 5.68% CAP Price/Square Foot: $ Monthly Income: $20, Annual Income: $242,240 Building Building Square Footage: 15,004 Land Square Footage: 97,532 Rent/Square Foot: $16.14 Year Built: 1998 Location Overview BELLEVIEW, FLORIDA Belleview is a township in Marion County located in the Ocala Metropolitan Statistical Area which is the 45th most populated city in Florida. Belleview is located in the heart of the state of Florida, approximately 55 miles SUBJECT PROPERTY south of Gainesville, 65 miles northwest of Orlando, 77 miles east of Daytona and 90 miles northeast of Tampa. page 3

4 Area Description SE ABSHIER BLVD (HWY 301) - ±40,000 CARS PER DAY BELLEVIEW SPORTS COMPLEX BELLEVIEW CHAMBER OF COMMERCE SUBJECT PROPERTY AREA OVERVIEW Belleview is approximately 9 miles southeast from Ocala in Marion County which is included in the Ocala Metropolitan Statistical Area. Some of the area amenities in Ocala include: The subject property is just ten miles away from the Paddock Mall in Ocala which features Belk, J.C. Penney, Macy s, and Sears as its anchor stores with 557,000 of total retail floor area. The top ten private employers of the area include Ocala Health, Lockheed Martin, E-One. Inc, Sitel, AT&T, Wal-mart, Cheney Brothers, Inc., and Custom Window Systems with about 1500 employees each. Ocala Regional Medical Center is located only nine miles away and is a 222-bed facility located in the heart of Ocala. The Belleview Sports Complex is an 80-acre park which is used throughout the year by several football, softball, baseball and soccer leagues, both youth and adult. It also contains basketball and tennis courts as well as a playground for small children and a walking trail which weaves through and around several of the league fields. page 4

5 4920 SE ABSHIER BOULEVARD Property Photos RESIDENTIAL AREAS SE A BSH IER BLV D (H WY 301 ) -± 40,0 00 CAR S PE R DA Y SUBJECT PROPERTY BELLEVIEW CHAMBER OF COMMERCE RESIDENTIAL AREAS RS PER 0,000 CA 4 ± ) 1 0 D (HWY 3 DAY R BLV SE ABSHIE SUBJECT PROPERTY page 5

6 Company Summary * Tenant History Walgreens, headquarted in Deerfield, IL, is the largest drug retailing chain in the United States with more than 8,175 stores in all 50 states, the Disctrct of Columbia, Puerto Rico, and the U.S. Virgin Islands. Walgreens built out its national platform through its corporate real estate department heavily during the 1990 s continuing through the mid 2000 s. By 2012, Walgreens had opened its 8,000th store and later that year the company made a bold move by purchasing a 45% interest in Alliance Boots, a leading international pharmacy-led health and beauty group. Two years later, Walgreens exercised its option to purchase the remaining 55% of the Switzerland based Alliance Boots to merge and create a new holding company named Walgreens Boots Alliance(NASDAQ: WBA). This transaction brought together two leading companies with iconic brands, complementary geographic footprints, shared values and a heritage of trusted healthcare services through pharmaceutical wholesaling and community pharmacy care, dating back more than 100 years. Today, Walgreens is part of the Retail Pharmacy USA division of Walgreens Boots Alliance. The company sells prescription and non-prescription drugs and general merchandise including household products, convenience and fresh foods, personal care, beauty care, photo finishing, as well as home medical equipment, contact lenses, vitamins, supplements and other health and wellness solutions. Walgreens also provides specialty pharmacy services for managing complex and chronic health conditions. In addition to these in-store offerings, the company operates digital businesses that include Walgreens.com, Drugstore.com, Beauty.com, SkinStore.com, and VisionDirect.com. *Walgreens company information received from Walgreens investor relations. tenant profile Guarantor: Ownership: Stock Symbol (NASDAQ): Credit Rating (S&P): Business: Walgreens Boots Alliance, Inc. Public WBA BBB Locations: 8,175 Annual Revenue: Net Worth: Headquartrs: Website: Retail Pharmacy $ Billion $29.88 Billion Deerfield, IL On Oct 27, 2015, Walgreens Boots Alliance entered into a merger agreement with Rite Aid Corporation (NYSE: RAD). The transaction is expected to close sometime in mid-2017, but is subject to Rite Aid stockholder approval, regulatory approvals and other customary closing conditions. page 6

7 Locations by State CA 633 OR 76 WA 135 NV 82 ID 39 UT 48 MT 13 WY 10 CO 159 AZ 244 NM 72 ND 1 SD 14 NE 57 KS 69 TX 713 OK 114 MN 152 IA 70 MO 212 AR 81 LA 158 WI 225 IL 598 MS 76 MI 228 IN 190 TN 252 AL 113 KY 95 OH 247 GA 203 WV 16 PA 123 SC 114 VA 140 NC 268 NY 469 VT 3 NH 31 NJ 197 MD 85 DC 8 ME 14 RI CT DE 64 MA 163 FL 831 HI 20 PR 120 AK 12 US VIRGIN ISLANDS 1 Alabama 113 Idaho 39 Mississippi 76 Oklahoma 114 West Virginia 16 Alaska 12 Illinois 598 Missouri 212 Oregon 76 Wisconsin 225 Arizona 244 Indiana 190 Montana 13 Pennsylvania 123 Wyoming 10 Arkansas 81 Iowa 70 Nebraska 57 Rhode Island 25 Puerto Rico 120 California 633 Kansas 69 Nevada 82 South Carolina 114 US Virgin Islands 1 Colorado 159 Kentucky 95 New Hampshire 31 South Dakota 14 Connecticut 92 Louisiana 158 New Jersey 197 Tennessee 252 Delaware 64 Maine 14 New Mexico 72 Texas 713 Washington DC 8 Maryland 85 New York 469 Utah 48 Florida 831 Massachusetts 163 North Carolina 268 Vermont 3 Georgia 203 Michigan 228 North Dakota 1 Virginia 140 Hawaii 20 Minnesota 152 Ohio 247 Washington 135 *Nationwide locations as of August 31, 2016 Note: Walgreens also operates specialty and institutional pharmacies. Walgreens Take Care Health Systems subsidiary manages more than 400 Healthcare Clinics at select Walgreens drugstores. Total 8,175* page 7

8 Demographic Snapshot SE ABSHIER BOULEVARD Total Population Average Age 4,420 1 Mile 17,161 3 Miles 48,033 5 Miles Mile Miles Miles Average Household Inc Total Households $52,513 1 Mile $54,267 3 Miles $52,814 5 Miles 1,852 1 Mile 6,750 3 Miles 18,900 5 Miles Disclaimer: This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage, age, distances, lot size, store opening dates, demographic information, aerial information, tenant information & store operating information are approximate. Buyer and their representatives understands that Walgreens tenant information was gathered by sources deemed to be reliable including Walgreens public quarterly and annual reports. Demographic information was provided by Nielsen Information Systems. By accepting this package, buyer and their representatives must verify the information and bears all risk for any inaccuracies Pharma Property Group. page 8

9 Investment Property Recap Lease Overview Tenant: Walgreens (NYSE: WAG) Landlord Income: Corporate Guarantee Credit Rating: Investment Grade, BBB (S&P) 4920 SE ABSHIER BOULEVARD Year Built: 1998 Total Lot Size: 97,532 Square Feet Total Building Size: 15,004 Square Feet Lease Type: Double NET Lease Landlord responsible for roof and structure. Lease Term: Eleven years remaining with eight (five year) options to follow Next Option Begins: September 1, 2028 Pricing Price: $4,264,000 Cap Rate: 5.68% Total Monthly Income: $20, Total Annual Income: $242,240 page 9

10 JASON STUART PONGSRIKUL Managing Principal Direct: x302 CA DRE Lic. # STEPHEN NOSTRAND ONE Commercial, LLC Direct: FL DRE Lic. CQ Banks Street, Suite B San Diego, CA O D Bricknell Avenue, Suite 500 Miami, FL O D EXCLUSIVELY LISTED INVESTMENT OFFERING 4920 SE ABSHIER BOULEVARD