92 willow street | torrington, ct 06790 · make any representation or warranty as to its accuracy....

Representative Photo

PRESENTED BY:

JASON STUART PONGSRIKULManaging PrincipalDirect: 619.297.0055 [email protected] DRE Lic. 01918332

NICHOLAS W. PRICESenior Vice PresidentDirect: 619.297.0055 [email protected] DRE Lic. 1773111

ANDREW KNIGHTBroker of RecordDirect: [email protected] DRE Broker Lic. REB0756872

PHARMA PROPERTY GROUP | 5328 Banks Street, Suite B | San Diego, CA 92110 | 619.297.0055 | www.pharmapropertygroup.com

D R U G S T O R E L E A S E H O L D I N V E S T M E N T O F F E R I N G

92 WILLOW STREET | TORRINGTON, CT 06790

CONFIDENTIALITY AGREEMENT

This marketing material is meant only for your use in deciding if the Property fits your preliminary purchase requirements. The limited information within this marketing material regarding this Property may not be as complete as necessary for a prospective Purchaser’s evaluation and neither the Owner nor Pharma Property Group, Inc. make any representation or warranty as to its accuracy. All financial and lease information, along with property measurements and specifications are summaries or estimations. Qualified Buyers are encouraged to schedule inspections of the property by third parties. You are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase.

By receiving this marketing material you agree that it is of a confidential nature and will not be disclosed to any party without written permission of the Owner or Pharma Property Group, Inc. or be used in any way to negatively affect the Owner’s or Pharma Property Group’s interests. The marketing material and/or offers to purchase this Property are non-binding. Purchase contracts must be done in writing, approved by the Seller and fully executed by all parties to be binding. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. Please return this marketing material should there be no further interest in purchasing the Property.


page 2| 5328 Banks Street, Suite B | San Diego, CA 92110 | 619.297.0055 | www.pharmapropertygroup.com

Leasehold Investment Highlights

Leasehold Offering Summary

WALGREENS LEASE GUARANTEELandlord received confirmation that this lease has been assumed by Walgreens in

2018 with their acquisition of ±1,900 Rite Aid locations. This store is now operating

as a Walgreens Pharmacy.

NEWLY EXERCISED OPTION WITH RENTAL INCREASESTenant recently exercised its first option on this leasehold showing commitment

to this location. There are 4 years and 5 months of primary lease term remaining

with three (5 year) options with landlord responsible for roof and structure. This is

a leasehold that allows for an approximate 11% rental increase in each of the three

(5 year) remaining options.

HIGHLY VISIBLE LOCATION WITH ABOVE AVERAGE HOUSEHOLD INCOME This Walgreens is visible from the James H. Darcey Memorial Highway which has

a traffic count of almost 23,000 vehicles per day. The site is on an intersection

just two blocks from the highway entrance with a combined traffic count of nearly

20,000 vehicles per day. The area benefits from an above average household

income of $80,135 within a 5-mile radius.

CHARLOTTE HUNGERFORD HOSPITALCharlotte Hungerford Hospital is approximately 1.5 miles southwest from the

subject property. This 109-bed facility is part of the Hartford Healthcare system

and provides a variety of care options including 24-hour emergency services.

MAIN & MAIN LOCATIONThe subject property is located in the heart of the Torrington historical district on

the main thoroughfare through Torrington. It is also less than a half mile away

from Torrington Plaza, a 125,729 square foot shopping center anchored by Staples,

TJ Maxx and Dollar General. Other tenants in the center are Joann Fabrics, Payless

ShoeSource, Domino's and Bank of America.



LIST PRICE $1,340,329

CAP RATE 8.5%

PRICE PER SF $167.41

LEASE TERM REMAINING 4 Years, 5 Months

OPTIONS Three (5-Year)

LEASE TYPE Double Net Leasehold Interest

ANNUAL RENT (NOI) $113,928*

MONTHLY RENT $14,833

BUILDING SIZE (SF) 11,192

LOT SIZE (SF) 47,430

YEAR BUILT 1998

PARCEL NUMBER Portion of TORR-000126-000004-000024

*Owner receives an annual rent of $178,000 from the tenant and pays an annual ground rent of $64,072

Lease Summary

ADDRESS92 Willow StreetTorrington, CT 06790

TENANT Walgreens

LEASE COMMENCEMENT March 28, 1997

LEASE EXPIRATION January 31, 2023

TERM REMAINING 4 Years, 5 Months

LEASE TYPE Double Net Leasehold

ANNUAL RENT $113,928*

MONTHLY RENT $14,833

RENT PER SQUARE FOOT $15.90

OPTIONS Three (5-Year)

RENT INCREASES ±11% increase per option

LANDLORD RESPONSIBILITIES Roof and Structure

*Owner receives an annual rent of $178,000 from the tenant and pays an annual ground rent of $64,072

TERM dates monthly rent annual rent

Current Present - Jan 2023 $14,833 $178,000

Option 1 Feb 2023 - Jan 2028 $16,465 $197,580

Option 2 Feb 2028 - Jan 2033 $18,276 $219,313

Option 3 Feb 2033 - Jan 2038 $20,286 $243,437

Rent Schedule



Building Photos



Building Photos

FUESSENICHPARK torrington

fire department

SUBJECT PROPERTY

TORRINGTON

torringtonCITY HALL

warnertheatre



Location Aerial

TORRINGTON

FUESSENICHPARK

JAMES H DARCEY MEMORIAL H

WY - ±22,80

0 VEHICLES PER DAY

warnertheatre

torringtonhigh school

oliver wolcotttechnical high school

torringtonfire department

ct stateattorney

SUBJECT PROPERTY

TORRINGTONCITY HALL



Torrington is a suburb approximately 26 miles west of downtown Hartford, the capital and fourth largest city in the state of Connecticut. The subject property is located in the heart of the historical district just two blocks from the James H. Darcey Memorial Highway (Highway 8), the main thoroughfare through Torrington.

• CHARLOTTE HUNGERFORD HOSPITAL - Charlotte Hungerford Hospital is approximately 1.5 miles southwest from the subject property. This 109-bed facility is part of the Hartford Healthcare system and provides a variety of care options including 24-hour emergency services.

• TORRINGTON PLAZA - Torrington Plaza, 125,729 square foot shopping center is

anchored by Staples, TJ Maxx and Dollar General. Other tenants in the center

are Joann Fabrics, Payless ShoeSource, Domino's and Bank of America.

• AETNA - Aetna is headquartered in Hartford and is one of the largest healthcare

insurance companies in the country and was #48 on the Fortune 500 list with

approximately 49,828 employees nationwide.

• HARTFORD FINANCIAL SERVICES - The Hartford is headquartered in Hartford

and is one of the largest life insurance companies in the country named #152

on the Fortune 500 list with approximately 16,400 employees nationwide.

Location Overview and Demographics

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. By accepting this package, buyer and their representatives must verify the information and bears all risk for any inaccuracies.



Total Population

1 MILE 13,327

3 MILES 32,642

5 MILES 41,098

AverageHousehold Income

1 MILE $58,567

3 MILES $72,873

5 MILES $80,135

Total Households

1 MILE 5,960

3 MILES 13,769

5 MILES 17,008

Average Age

1 MILE 40.60

3 MILES 42.60

5 MILES 42.80

Traffic CountsVehicles/Day

WILLOW ST 3,900

E MAIN ST 15,700

DARCEY HWY 22,800

TORRINGTON26 miles

HARTFORD

SUBJECT PROPERTY



Company Summary*

Tenant HistoryHeadquartered in Deerfield, IL, Walgreens is the largest drugstore retail chain in the United States with approximately 9,717 stores in all 50 states, including the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.

Walgreens opened its 8,000th store in 2012 in Los Angeles and that same year they purchased 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.

On Oct 27, 2015, Walgreens Boots Alliance entered into an agreement to acquire 1,932 stores, 3 distribution centers and related assets from Rite Aid Corporation (NYSE: RAD). After receiving Rite Aid stockholder and regulatory approvals, the acquisition was finalized in March of 2018.

Walgreens is part of the Retail Pharmacy USA division of Walgreens Boots Alliance. The company sells prescription and non-prescription drugs and general merchandise consisting of over 25,000 household products including 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.

As of 2018, Walgreens employs over 235,000 people worldwide, 78,000 of which are healthcare professionals, and fills over 990 million prescriptions annually. Walgreens boasts that 76% of the United States population lives within a five-mile radius of a Walgreens and interacts with over 8 million customers in stores and online on a daily basis.

*Walgreens company information received from Walgreens investor relations.

Tenant ProfileGUARANTOR Walgreens Boots Alliance, Inc.

OWNERSHIP Public

STOCK SYMBOL (NASDAQ) WBA

CREDIT RATING (S&P) BBB

BUSINESS Retail Pharmacy

LOCATIONS ±9,500 (as of March 2018)

ANNUAL REVENUE $118.21 billion (2017)

MARKET CAPITALIZATION $63.23 billion (2017)

HEADQUARTERS Deerfield, IL

WEBSITE www.walgreens.com

FOR MORE INFORMATION PLEASE CONTACT:

JASON STUART PONGSRIKULManaging PrincipalDirect: 619.297.0055 [email protected] DRE Lic. 01918332

NICHOLAS W. PRICESenior Vice PresidentDirect: 619.297.0055 [email protected] DRE Lic. 1773111

ANDREW KNIGHTBroker of RecordDirect: [email protected] DRE Broker Lic. REB0756872

PHARMA PROPERTY GROUP | 5328 Banks Street, Suite B | San Diego, CA 92110 | 619.297.0055 | www.pharmapropertygroup.com

D R U G S T O R E L E A S E H O L D I N V E S T M E N T O F F E R I N G


92 willow street | torrington, ct 06790 · make any representation or warranty as to its accuracy....

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