net lease walgreens uniondale, ny
DESCRIPTION
net lease walgreens for saleTRANSCRIPT
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
Walgreens603 Uniondale Avenue
Uniondale, NY 11553 (Long Island)
NET LEASED INVESTMENT OFFERING
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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
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TheinformationcontainedinthefollowingOfferingMemorandumisproprietaryandstrictlyconfidential.ItisintendedtobereviewedonlybythepartyreceivingitfromTheBoulderGroupandshouldnotbemadeavailabletoanyotherpersonorentitywithoutthewrittenconsentofTheBoulderGroup.ThisOfferingMemorandumhasbeenpreparedtoprovidesummary,unverifiedinformationtoprospectivepurchasers,andtoestablishonlyapreliminarylevelofinterestinthesubjectproperty.Theinformationcontainedhereinisnotasubstituteforathoroughduediligenceinvestigation.TheBoulderGrouphasnotmadeanyinvestigation,andmakesnowarrantyorrepresentation.TheinformationcontainedinthisOfferingMemorandumhasbeenobtainedfromsourceswebelievetobereliable;however,TheBoulderGrouphasnotverified,andwillnotverify,anyoftheinformationcontainedherein,norhasTheBoulderGroupconductedanyinvestigationregardingthesemattersandmakesnowarrantyorrepresentationwhatsoeverregardingtheaccuracyorcompletenessoftheinformationprovided.Allpotentialbuyersmusttakeappropriatemeasurestoverifyalloftheinformationsetforthherein.
CONFIDENTIALITY & DISCLAIMER
CONFIDENTITALITY & DISCLAIMER
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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
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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
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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
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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
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SITE PLAN
SITE PLAN
JERUSALEM AVENUE
JAFFA AVENUE
UNION
DALE AVENUE
DRIVETHRU
LOADIN
G
N
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MAPS
MAPS
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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
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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
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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
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666DundeeRoad,Suite1801Northbrook,IL60062
Randy [email protected]
Jimmy [email protected]
CONTACT INFORMATION
CONTACT INFORMATION