NATIONAL DRUGSTORE PORTFOLIO
17 PRIME WALGREENS AND CVS PHARMACY LOCATIONS
EXCLUSIVELY LISTED BY: YANNIS PAPADAKIS LOS ANGELES DAVID BEROOKHIM Tel: (213) 943-1827 LOS ANGELES [email protected] Tel: (213) 943-1893 License: CA 01957169 [email protected] ARMOND AIVAZYAN License: CA 01984125 PALO ALTO Tel: (650) 391-1828 [email protected] License: CA 01954384 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 Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. 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. Marcus & Millichap 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, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap 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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.
NON-ENDORSEMENT NOTICE
Marcus & Millichap Real Estate Investment Services, Inc. (“M&M”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of M&M, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. OFFICES THROUGHOUT THE U.S. AND CANADA WWW.MARCUSMILLICHAP.COM table of PORTFOLIO SUMMARY 5 contents PROPERTY SUMMARIES 11 TENANT SUMMARIES 29 portfolio SUMMARY NATIONAL DRUGSTORE PORTFOLIO
17 PRIME DRUGSTORE LOCATIONS
PORTFOLIO SUMMARY 6 NATIONAL DRUGSTORE PORTFOLIO
EXECUTIVE SUMMARY
LEASE LEASE BUILDING ADDRESS CITY STATE ANNUAL RENT EXPIRATION TYPE SQUARE FEET
20030 Ecorse Road Taylor MI 5/31/2021 NN 14,490 SF $484,800
409 West Genesee Avenue Saginaw MI 3/30/2021 NN 15,120 SF $365,000
1570 East Pierson Road Flushing MI 3/31/2021 NN 15,120 SF $361,000
28901 Greenfield Road Southfield MI 6/30/2021 NN 14,370 SF $508,700
2485 West Glenlord Road Stevensville MI 1/31/2021 NN 15,120 SF $350,000
6301 York Road Baltimore MD 9/30/2030 NNN 13,233 SF $316,000
6700 Ritchie Highway Glen Burnie MD 7/31/2030 NNN 14,430 SF $228,000
3106 Solomons Island Road Edgewater MD 1/31/2031 NNN 22,108 SF $328,000
940 Quaker Lane South West Hartford CT 12/31/2030 NNN 5,477 SF $430,000
2546 Hooper Avenue Brick NJ 7/21/2030 NNN 10,560 SF $450,000
625 West Pershing Road Decatur IL 2/28/2031 NNN 14,000 SF $353,000
115 West 3rd Street Elk City OK 10/31/2030 NNN 14,550 SF $316,000
2 East Street Road Feasterville PA 7/31/2030 NNN 14,950 SF $509,000
4822 Caton Farm Road Plainfield (Joliet) IL 11/30/2019 NNN 14,440 SF $294,996
625 Black Horse Pike Mechanicsville (Blackwood) NJ 10/31/2030 NNN 10,560 SF $463,823
315 North Webster Street Taylorville IL 8/31/2030 NNN 14,550 SF $282,000
5360 Highland Road (CVS) Baton Rouge LA 11/30/2024 NNN 13,813 SF $296,651
TOTAL: 236,899 SF $6,439,970
PRICE: $83,000,000 BLENDED CAP: 7.76%
PORTFOLIO SUMMARY 7 NATIONAL DRUGSTORE PORTFOLIO
investment summary
The DTLA Group of Marcus & Millichap, as an exclusive agent, is pleased to present an opportunity to acquire 16 Walgreens (NASDAQ: WBA) drugstores and one CVS (NYSE: CVS) drugstore in one transaction.
The portfolio offers investors a wide range of diversification among cost-effective pharmacy, health and wellness services and advice. multiple thriving markets with an above-market return on investment. Walgreens operates approximately 8,100 drugstores with a presence All 17 sites are strategically located near large shopping centers, public in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin transit, international airports, hospitals, schools, and other Islands, along with its omnichannel business, Walgreens. major retail tenants. The sites are located along some com. Approximately 400 Walgreens stores offer Healthcare of the busiest corridors within the states of New Jersey, Clinic or other-provider retail clinic services. Illinois, Maryland, Pennsylvania, Connecticut, Louisiana, 17 DRUG STORE Michigan, and Oklahoma. PORTFOLIO CVS Health is a pharmacy company with more than Wide range of 9,800 retail pharmacies and more than 1,100 walk-in diversification among All sites in the portfolio have net-leases that offer investors multiple thriving medical clinics. CVS is also a pharmacy benefits manager passive ownership with minimal landlord responsibilities markets with an with more than 94 million plan members, a dedicated above-market return and have guaranteed lease terms from just under 12 years senior pharmacy care business serving more than 1 on investment remaining to leases with just under two years remaining. million patients per year, expanding specialty pharmacy Walgreens is included in the Retail Pharmacy USA Division of Walgreens services, and a leading stand-alone Medicare Part D prescription Boots Alliance, Inc. (NASDAQ: WBA), the first global pharmacy-led, health drug plan. This unique integrated model increases access to quality and wellbeing enterprise. Approximately 8 million customers interact care, delivers better health outcomes and lowers overall health with Walgreens in stores and online each day, using the most convenient, care costs. multichannel access to consumer goods and services and trusted,
PORTFOLIO SUMMARY 8 NATIONAL DRUGSTORE PORTFOLIO
INVESTMENT HIGHLIGHTS
LOCATED ALONG BUSY CORRIDORS 17-DRUGSTORE PORTFOLIO in New Jersey, Illinois, Maryland, Pennsylvania, 16 Walgreens and 1 CVS Pharmacy Connecticut, Louisiana, Michigan, and Oklahoma
Walgreens Boots Alliance is the largest CVS Health Corporation provides retail pharmacy, health, and daily living integrated pharmacy health care services destination across the U.S. and Europe
ABOVE-MARKET RETURNS 17 NET-LEASES GUARANTEED Wide range of diversification among multiple All 17 drug stores have net-leases— LEASE TERMS thriving markets with an above-market offering investors passive ownership & Range of guaranteed lease terms remaining: 2 to 12 years eturn on investment minimal landlord responsibilities
PORTFOLIO SUMMARY 9 NATIONAL DRUGSTORE PORTFOLIO
SUMMARY OF TERMS
INTEREST OFFERED The DTLA Group of Marcus & Millichap, as an exclusive agent, is pleased to present an opportunity to acquire 16 Walgreens (NASDAQ: WBA) drugstores and one CVS (NYSE: CVS) drugstore in one transaction.
TERMS OF SALE All sites in the portfolio have net-leases that offer investors passive ownership with minimal landlord responsibilities and have guaranteed lease terms from just under 12 years remaining to leases with just under two years remaining.
PROPERTY TOURS Prospective purchasers are encouraged to visit the subject properties prior to submitting offers. However, all property tours must be arranged with the Marcus & Millichap listing agents. At no time shall the tenants, on-site management or staff be contacted without prior approval.
PORTFOLIO SUMMARY 10 PROPERTY SUMMARIES NATIONAL DRUGSTORE PORTFOLIO TAYLOR, MICHIGAN
ADDRESS: 20030 ECORSE ROAD, TAYLOR
VPD: 26,800 ECORSE ROAD / 27,300 PELHAM ROAD
• Drive-thru location with superior site access to parcel
• Well-located on signalized hard corner
• Proximity to Monroe and PNC banks, shopping destinations along Ecorse Road, and Taylor Parks Elementary School
• Located in Taylor, Michigan—about 15 miles southwest of Detroit
• Two of Taylor’s largest employers located within 3 miles of Walgreens—Arrow Uniform & Atlas Oil Company
• Eureka Road is transforming into a retail, dining, and entertainment destination—just 5 miles south of Walgreens
Taylor is located in the southeastern portion of the state of Michigan, about 18 miles southwest of Detroit. In 2016, the city had an estimated population of 61,177, according to the United States Census Bureau. The city is located in the “Downriver” region of Metropolitan Detroit and has excellent highway connectivity, with access to Interstate 94 and Interstate 75 as well as U.S. Route 24. The “jewel of the city” is Heritage Park, a regional park that features a 41,000-square-foot open air pavilion, community library, historical village, petting farm, the Taylor Conservatory and Botanical Gardens, and soccer and baseball fields. Heritage Park is the location for several festive annual events and hosts the Junior League World Series.
The city’s proximity to four interstate freeways and the Detroit Metropolitan Wayne County Airport make it an attractive location for businesses, especially those in logistics-related industries. Two of the city’s largest employers, Atlas Oil Company and Arrow Uniform, are able to leverage the city’s strategic location and are within 2.5 miles of Walgreens. The southern portion of the city has experienced an influx of investment as the region’s major shopping mall, Southland Center, has been recently upgraded and businesses are continuing to expand along Eureka Road, a major commercial corridor where a Menards is set to open in 2018.
NOI $484,800
Years Remaining 3.1 Initial Term Expiration 5/31/2021
Building Square Feet 14,490 SF Lot Size 1.6 AC Year Built 2001
Lease Type Double Net (NN) Store Sales $2.5M $63,807 277,218 Average Household Population Income within 1 mile within 5 miles
PROPERTY SUMMARIES 12 NATIONAL DRUGSTORE PORTFOLIO SAGINAW, MICHIGAN
ADDRESS: 409 WEST GENESEE AVENUE, SAGINAW
VPD: 13,173
• Well-located on signalized hard corner of N. Michigan Avenue & W. Genesee Avenue
• Nearby retailers along Michigan Avenue include Tim Hortons, Family Dollar, Rent-A-Center, Little Caesar’s Pizza, Taco Bell, McDonalds
• Major employers located within 1.5 miles—Covenant Medical Center (4,800 employees), Ascension Health/St. Mary’s of Michigan
(1,930 employees), Department of Veterans’ Affairs (990 employees)
• Proximity to Downtown Saginaw, which has become a quality place to live, work, and play and is experiencing an increase in
development activity
Saginaw is the county seat of Saginaw County in Michigan, located about 38 miles north of Flint. According to United States Census Bureau, the city had an estimated population of 48,984 in 2016. Highway connectivity is provided by Interstate 675 and Michigan Highways 46 and 58. Historically, the economic base for the city has been automotive manufacturing, as the two of city’s major employers include General Motors and Nexteer Automotive. There is also a concentration of employment in healthcare-related services, as the city’s largest employers are Covenant Medical Center and Ascension Health/St. Mary’s of Michigan, both of which are located within 1.5 miles of Walgreens. Downtown Saginaw is a major local attraction that enhances the city’s quality of life, highlighted by the Riverfront District, and has recently experienced an influx of development activity.
NOI $365,000
Years Remaining 2.93 Initial Term Expiration 5/31/2021
Building Square Feet 15,120 SF
Lot Size 1.30 AC Year Built 2001
Lease Type Double Net (NN)
Store Sales $1.2M
$55,916 106,973 Average Household Population Income within 5 miles within 5 miles
PROPERTY SUMMARIES 13 NATIONAL DRUGSTORE PORTFOLIO FLUSHING, MICHIGAN
ADDRESS: 1570 EAST PIERSON ROAD, FLUSHING
VPD: 12,250 ELMS ROAD / 7,813 PIERSON ROAD
• Located about 10 miles west of Flint, Michigan
• Nearby retailers include Kroger, McDonald’s, Taco Bell, AutoZone, Wendy’s, Chase Bank, Advanced Auto Parts
• Walgreens services the Mclaren Flint–Flushing Community Medical Center 1 mile away
Flushing is located in Genesee County in Michigan, about 10 miles northwest of Flint. According to the United States Census Bureau, the city had an estimated population of 8,029. Just a few miles east of the city is the Interstate 75/23 corridor, which traverses the state. Workers in Flushing often commute to major employers in the region such as General Motors, Genesys Health Care System, McLaren Health Care Corporation, and Hurley Medical Center. The city’s proximity to the Flint River and related topography have created visual assets for the local community and are an important part of the downtown along Main Street.
NOI $361,000 Years Remaining 2.93 Initial Term Expiration 5/31/2021 Building Square Feet 15,120 SF Lot Size 1.30 AC
Year Built 2001
Lease Type Double Net (NN) Store Sales $1.2M
$58,474 67,106 Average Household Population Income within 5 miles within 5 miles
PROPERTY SUMMARIES 14 NATIONAL DRUGSTORE PORTFOLIO SOUTHFIELD, MICHIGAN
ADDRESS: 28901 GREENFIELD RD, SOUTHFIELD
VPD: 21,047 GREENFIELD ROAD / 29,842 TWELVE MILE ROAD
• Well-located on signalized corner of Greenfield Road and Twelve Mile Road
• Drive-thru location with superior site access to parcel
• Nearby retailers include Wendy’s, Ace Hardware, and many local and regional retailers
• Surrounded by densely populated homes
• Less than 2 miles from Beaumont Hospital in Royal Oak, which employs more than 13,000 people
Southfield is located in Oakland County in Michigan, about 15 miles northwest of Detroit. According to the United States Census Bureau, the city had an estimated population of 73,100 in 2016. Highway connectivity is provided by Interstate 96, Michigan Highway 10, and U.S. Route 24. Southfield has grown into a bustling city and one of the leading business centers in Michigan, with more than 10,390 firms and more than 100 Fortune 500 companies. Notable companies in Southfield include DENSO, Lear Corporation, HIS Automotive, and the Michigan headquarters for Plante Moran and Federal Mogul. The city boasts more than 27 million square feet of office space, including high rises and skyscrapers that help boost the city’s daytime population to more than 175,000.
Southfield is also one of Michigan’s most desirable residential communities. A wide variety of neighborhood living options exist in Southfield, ranging from luxury high rises, to wooden settings. The city is home to a nationally recognized public school system, multiple private and parochial schools, and 10 colleges and universities. Additionally, Southfield is centrally located near multiple destinations in the Detroit metropolitan area.
NOI $365,000 Years Remaining 3.2
Initial Term Expiration 6/30/2021
Building Square Feet 14,370 SF Lot Size 1.00 AC
Year Built 2001
Lease Type Double Net (NN) Store Sales $2.4M $98,300 306,037 Average Household Population Income within 3 miles within 5 miles
PROPERTY SUMMARIES 15 NATIONAL DRUGSTORE PORTFOLIO STEVENSVILLE, MICHIGAN
ADDRESS: 2485 WEST GLENLORD ROAD, STEVENSVILLE
VPD: 7,047 GLENLORD ROAD / 15,300 RED ARROW HIGHWAY
• Well-located on the signalized corner of Glenlord Road and Red Arrow Highway—just off the I-94
• Closest drugstores are Walgreens (3 miles away) and Rite Aid (7 miles away)
• Nearby retailers include Papa John’s Pizza, Avis, Super 8, and other local and regional retailers
The village of Stevensville is located in Berrien County in the southwest portion of Michigan, about 6 miles southwest of Saint Joseph. Highway connectivity is provided by Interstate 94, which runs directly through the village. Red Arrow Highway is also a major arterial in the village, extending from the Michigan–Indiana border to St. Joseph, and carries the highest volume of traffic within Stevensville. Key employment industries in Berrien County are advanced manufacturing, food processing, and distribution and logistics because of the region’s fertile land, favorable costs of doing business, and proximity to major Midwest markets. Notable companies in the region include Kellogg Company, Robert Bosch, and General Mills.
NOI $350,000 Years Remaining 2.7 Initial Term Expiration 1/31/2021
Building Square Feet 15,120 SF Lot Size 2.68 AC
Year Built 2001
Lease Type Double Net (NN) Store Sales $1.8M
$97,731 42,554 Average Household Population Income within 1 mile within 5 miles
PROPERTY SUMMARIES 16 NATIONAL DRUGSTORE PORTFOLIO BALTIMORE, MARYLAND
ADDRESS: 6301 YORK ROAD, BALTIMORE
VPD: 22,662 YORK ROAD
• Located directly off MD-45
• Superior access to parcel
• Nearby tenants include Panera Bread, Qdoba, Zoes Kitchen, Pei Wei, and Chipotle
• Located within 2 miles of Towson University, University of Maryland St. Joseph Medical Center, and GBMC Healthcare
• Baltimore is the largest city in Maryland with a population of more than 614,000
Baltimore is the largest city in the state of Maryland, with an estimated population of 614,664 in 2016, according to the United States Census Bureau. The city is known for its major seaport and harbor, distinctive neighborhoods, historical landmarks, and the renowned Johns Hopkins Hospital. The city’s thriving port complements its easy access to rail, air, and highways, making the region an attractive location for logistics-related services. Baltimore is also home to Johns Hopkins University and the University of Maryland Medical System, supporting a strong concentration of health care-related jobs in the region. The city’s major attraction is the Inner Harbor, a seaport that has been transformed into a hub of shopping, dining, and entertainment. In addition, the city has a wealth of cultural, sporting, and recreational amenities that serve both the local population and a steady stream of visitors.
NOI $419,000
Years Remaining 12.4 Initial Term Expiration 9/30/2030
Building Square Feet 13,233 SF
Lot Size 0.95 AC Year Built 2005
Lease Type Triple Net (NNN)
Store Sales $2.58M
$112,575 488,804 Average Household Population Income within 1 mile within 5 miles
PROPERTY SUMMARIES 17 NATIONAL DRUGSTORE PORTFOLIO GLEN BURNIE, MARYLAND
ADDRESS: 6700 RITCHIE HIGHWAY, GLEN BURNIE
VPD: 35,110 RITCHIE HIGHWAY / 21,800 ORDNANCE ROAD
• Wells Fargo next door reports $82 million in deposits
• Drive-thru location situated at a signalized intersection
• Provides 24-hour services
• Strong retail trade area—major retailers and restaurants include Target, Office Depot, Best Buy, Lowes Home Improvement, Petco
• Ritchie Highway is the longest state highway in Maryland and a major retail corridor that provides direct access to Baltimore
Glen Burnie is in Anne Arundel County, Maryland, about 13 miles south of Baltimore. According to the United States Census Bureau, the community had an estimated population of 67,639 in 2016. Anne Arundel County comprises a portion of the larger Baltimore- Towson metropolitan area. Highway connectivity is provided by Interstates 695 and 97 and Maryland Routes 2, 100, and 10.
Glen Burnie is considered a residential suburb of Baltimore and is home to two major health care institutions, the University of Maryland Baltimore Washington Medical Center and the Arundel Medical Center. Most of the commercial activity is along either Ordnance Road or Governor Ritchie Highway where national retail and food chains such as Office Depot, Target, Costco, Walmart, Chick-fil-A, Golden Corral, and more are all located within 1 mile of Walgreens. Additionally, Walgreens is about 1.5 miles from the Bay Meadow Industrial Park, which includes a mixture of office and industrial space for local and regional businesses.
NOI $228,000 Years Remaining 12.2
Initial Term Expiration 7/31/2030
Building Square Feet 14,438 SF Lot Size 1.46 AC
Year Built 1997 Lease Type Triple Net (NNN) Store Sales $3M
$76,736 175,891 Average Household Population Income within 3 miles within 5 miles
PROPERTY SUMMARIES 18 NATIONAL DRUGSTORE PORTFOLIO EDGEWATER, MARYLAND
ADDRESS: 3106 SOLOMONS ISLAND ROAD, EDGEWATER
VPD: 41,921 SOLOMONS ISLAND ROAD / 19,332 MAYO ROAD
• Drive-thru location with superior access to parcel
• Just across the road from Lee Airport
• Highly affluent area where household income exceeds $120,000 within 1 mile
• Solomons Island Road is a major thoroughfare in Maryland that connects to Annapolis
Edgewater is in Anne Arundel County, Maryland, about 6 miles southwest of Annapolis and 30 miles south of Baltimore. Anne Arundel County had an estimated population of 573,235 in 2016, according to the United States Census Bureau. The county comprises a portion of the larger Baltimore–Towson metropolitan area.
Edgewater is considered a residential suburb that offers many housing options for people that commute to work in Annapolis. Solomons Island Road is the major commercial corridor in the community, which includes several retail destinations and connects the area to Annapolis. Edgewater is home to Lee Airport, a public use airport that also contains military operations. The community directly borders the South River, offering with average household incomes exceeding $100,000.
NOI $328,000
Years Remaining 12.7
Initial Term Expiration 1/31/2031 Building Square Feet 22,108 SF
Lot Size 3.18 AC
Year Built 2006 Lease Type Triple Net (NNN)
Store Sales $3.1M
$137,278 92,720 Average Household Population Income within 3 miles within 5 miles
PROPERTY SUMMARIES 19 NATIONAL DRUGSTORE PORTFOLIO WEST HARTFORD, CONNECTICUT
ADDRESS: 940 S QUAKER LANE, WEST HARTFORD
VPD: 14,700 QUAKER LANE / 20,400 NEW BRITAIN AVENUE
• Situated at a signalized intersection along a retail thoroughfare
• Unique architecture
• No other Walgreens in trade area
• 10-minute walk from Elmwood Station on CTfastrak Busway
• Located near several major employers, including Wiremold Products, Inc., Colt Manufacturing, and American Medical Response
West Hartford is located in Hartford County in the state of Connecticut, about 5 miles west of Hartford. According to the United States Census Bureau, the city had an estimated population of 62,903 in 2016. Highway connectivity is provided by Interstate 84 and U.S. Route 44. West Hartford is an affluent residential suburb of the Hartford metropolitan area and home to several prominent institutions, including the American School for the Deaf, the University of Hartford, and St. Joseph’s College. Education is a vital component of the city’s economy, as the University of Hartford and St. Joseph’s College are among the city’s top ten employers. Manufacturing is also an important part of the city’s economy, as three manufacturing firms are also among the city’s top 10 employers. including Wiremold Products, UTC–Aerospace Systems/Goodrich Corp., and Colt Manufacturing. The city is also served by CTfastrak, Connecticut’s first Bus Rapid Transit system that provides direct service to multiple communities in the metropolitan area. The Elmwood Station is just a 10-minute walk from Walgreens.
NOI $430,000 Years Remaining 12.6
Initial Term Expiration 12/31/3030
Building Square Feet 5,477 SF Lot Size 1.45 AC
Year Built 2006 Lease Type Triple Net (NNN)
Store Sales $1.8M
$83,455 283,716 Average Household Population Income within 1 mile within 5 miles
PROPERTY SUMMARIES 20 NATIONAL DRUGSTORE PORTFOLIO BRICK, NEW JERSEY
ADDRESS: 2546 HOOPER AVENUE, BRICK
VPD: 14,832 HOOPER AVENUE / 19,372 DRUM POINT ROAD
• Drive-thru location situated at a signalized intersection
• Just 3 miles from Hackensack Ocean Medical Center
• Just 2.0 miles south of Brick Plaza, the largest shopping center in Brick, New Jersey
• Proximity to the New Jersey Shore—hotbed of tourist activity
Brick Township is in Ocean County, New Jersey, about 43 miles southeast of Trenton. According to the United States Census Bureau, the township had an estimated population of 74,969 in 2016. Highway connectivity is provided by U.S. Route 70 and New Jersey Route 88. The township is centrally located in Ocean County and provides easy access to the shore towns of Pt. Pleasant and Bayhead. Ocean County comprises a portion of the acclaimed New Jersey Shore, which contains a host of popular tourist attractions, highlighted by its beaches and boardwalks. The Jersey Shore provides a diverse array of activities for families to enjoy, from quiet towns and quaint villages to vibrant cities and amusement piers.
NOI $450,000 Years Remaining 12.2 Initial Term Expiration 7/21/2030
Building Square Feet 10,560 SF
Lot Size 2.8 AC Year Built 2005
Lease Type Triple Net (NNN)
Store Sales $2.9M
$96,597 165,141 Average Household Population Income within 5 miles within 5 miles
PROPERTY SUMMARIES 21 NATIONAL DRUGSTORE PORTFOLIO DECATUR, ILLINOIS
ADDRESS: 625 WEST PERSHING ROAD, DECATUR
VPD: 18,300 PERSHING ROAD / 10,500 MONROE STREET
• Drive-thru location with superior access to parcel
• Situated on a major retail corridor in Pershing Road
• Decatur is the largest city in Macon County, with a population of more than 72,700
• Proximity to major employers such as Decatur Memorial Hospital, Caterpillar, Inc., and Millikin University
Decatur is the largest city in Macon County, Illinois, about 41 miles east of Springfield. The city had an estimated 2016 population of 72,706, according to the United States Census Bureau. For Macon County, Decatur is the center of trade and commerce. The city offers excellent highway connectivity, provided by Interstate 72, U.S. Routes 51 and 36, and Illinois Routes 48, 121, and 105. Decatur is also home to the Decatur Airport. There is a rich history of manufacturing and agricultural processing in the city, which is home to firms such as Archer Daniels Midland Company, Caterpillar, Inc., and Tate & Lyle. Higher education facilities in Decatur include Millikin University and Richland Community College. The two major hospitals in Decatur are Decatur Memorial Hospital, about 1 mile from Walgreens, and St. Mary’s Hospital.
NOI $353,000 Years Remaining 12.8
Initial Term Expiration 2/28/2031 Building Square Feet 14,000 SF
Lot Size 1.57 AC
Year Built 2005 Lease Type Triple Net (NNN)
Store Sales $1.2M
$60,954 76,692 Average Household Population Income within 5 miles within 5 miles
PROPERTY SUMMARIES 22 NATIONAL DRUGSTORE PORTFOLIO ELK CITY, OKLAHOMA
ADDRESS: 115 WEST 3RD STREET, ELK CITY
VPD: 412,200 STATE HIGHWAY 66
• Just 1.2 miles from Great Plains Regional Medical Center
• Proximity to urgent care, family medical clinic, and a dialysis center
• Drive-thru location with superior site access
• Located right off Historic Route 66 in Elk City, Oklahoma
Elk City is in Beckham County, Oklahoma, about 112 miles west of Oklahoma City. According to the United States Census Bureau, the city had an estimated population of 11,997 in 2016. Highway connectivity is provided by Interstate 40 and Oklahoma State Highway 66. The historic Route 66, a major east-west thoroughfare across the United States, once traversed the city and is responsible for many of the historical landmarks that honor Elk City’s western heritage. While the economy originally focused on farming in the city’s early years, the city now has a strong concentration in jobs related to the oil and natural gas industry. The city is also home to the Elk City Regional Business Airport. Elk City is served by the Great Plain Regional Medical Center, which is about 1 mile from Walgreens.
NOI $316,000 Years Remaining 12.5
Initial Term Expiration 10/31/2030 Building Square Feet 14,550 SF
Lot Size 1.74 AC
Year Built 2005 Lease Type Triple Net (NNN)
Store Sales $3M
$62,847 13,988 Average Household Population Income within 5 miles within 5 miles
PROPERTY SUMMARIES 23 NATIONAL DRUGSTORE PORTFOLIO FEASTERVILLE, PENNSYLVANIA
ADDRESS: 2 EAST STREET ROAD, FEASTERVILLE
VPD: 41,119 EAST STREET ROAD / 23,370 BUSTLETON PIKE
• Situated at signalized intersection with strong traffic counts
• Across the street from Patient First Urgent Care
• Drive-thru location
• Nearby retailers and restaurants include Dunkin’ Donuts, Panera Bread, Staples, and T.J. Maxx
Feasterville is in Bucks County, Pennsylvania, about 22 miles northwest of Philadelphia and 16 miles southeast of Trenton. Bucks County had an estimated population of 628,341 in 2016, according to the United States Census Bureau. Highway connectivity is provided by Interstate 276 and Pennsylvania Route 132. The town features the Bucks Crossing Shopping Center, just down the street from Walgreens, which includes name brand retailers such as Petco, Staples, Five Below, and T.J. Maxx. Feasterville is also served by rail transit via the Trevose Station along the West Trenton Line as part of the Southeastern Pennsylvania Transportation Authority (SEPTA). The region provides businesses with access to the large metropolitan areas in the northeastern United States.
NOI $509,000
Years Remaining 12.2 Initial Term Expiration 7/31/2030
Building Square Feet 14,950 SF Lot Size 1.73 AC
Year Built 2005 Lease Type Triple Net (NNN)
Store Sales $1.8M
$95,426 235,262 Average Household Population Income within 5 miles within 5 miles
PROPERTY SUMMARIES 24 NATIONAL DRUGSTORE PORTFOLIO PLAINFIELD, ILLINOIS
ADDRESS: 4822 CATON FARM ROAD, PLAINFIELD (JOLIET)
VPD: 26,400 CATON FARM ROAD / 29,600 STATE ROUTE 59
• Site includes an Advocate Clinic within the store
• Provides 24-hour services
• Located just off Interstate 59, where traffic counts exceed 29,000 VPD
• Nearby retailers include Kohl’s, Jewel-Osco, and Tony’s Fresh Market
• Highly affluent area, with average household incomes exceeding $102,000 within 1 mile
Plainfield is a village in Will County, Illinois, about 38 miles southwest of Chicago. According to the United States Census Bureau, the village had an estimated population of 42,933 in 2016. Several highways pass through Plainfield, including U.S. Route 30, Illinois Routes 59 and 126, and Interstate 55. Plainfield’s population has grown rapidly since the 1990s and is forecast to continue to experience growth, similar to other southwest Chicago suburbs. The community has a large surplus of land that is ripe for development, while boasting a high quality of life and a strategic location for local business growth. Employment within Plainfield is concentrated in three industries: manufacturing, construction, and retail trade. The largest employers in the community are the Plainfield School District, Chicago Bridge and Iron, and Diageo. Caton Farm Road is considered a major arterial in the region and for the residents of Plainfield. There are multiple local and regional retail establishments at the intersection of Caton Farm Road and Division Street, including Kohl’s, Jewel-Osco, and Tony’s Fresh Market.
NOI $294,996 Years Remaining 1.5
Initial Term Expiration 11/30/2019 Building Square Feet 14,440 SF Lot Size 2.03 AC
Year Built 1999 Lease Type Triple Net (NNN)
Store Sales $4.1M
$102,215 166,584 Average Household Population Income within 1 mile within 5 miles
PROPERTY SUMMARIES 25 NATIONAL DRUGSTORE PORTFOLIO MECHANICSVILLE, NEW JERSEY
ADDRESS: 625 BLACK HORSE PIKE, MECHANICSVILLE (BLACKWOOD)
VPD: 12,954 BLACK HORSE PIKE / 8,946 ALMONESSON ROAD
• Combined traffic counts at intersection of more than 21,000 VPD
• Drive-thru location with superior access to site
• Situated at signalized intersection
• Easy access to Black Horse Pike and New Jersey Route 42
• Black Horse Pike connects Camden to Atlantic City
• About 1 mile from the Gloucester Premium Outlets
Mechanicsville (Blackwood) is located in the Gloucester Township of Camden County in New Jersey. Gloucester is in the southern portion of New Jersey, about 16 miles southeast of Philadelphia. In 2016, the township had an estimated population of 64,049, according to the United States Census Bureau. Highway connectivity in Mechanisville is provided by the North/South Freeway (New Jersey Route 42) and Black Horse Pike, which are both easily accessible from Walgreens. Major employers in the region include Cooper Health System, American Water 5Work, Bancroft Brain Injury Services, and Campbell Soup Company. Gloucester is comprised of several neighborhoods in Southern New Jersey. The township is home to Camden County College, a 2-year college that offers more than 140 programs of study. The Gloucester Premium Outlets are also in the township, about 1 mile from Walgreens.
NOI $463,823 Years Remaining 12.5 Initial Term Expiration 10/31/2030 Building Square Feet 10,560 SF Lot Size 1.00 AC Year Built 2005 est. Lease Type Triple Net (NNN) Store Sales $2.3M
$87,307 221,197 Average Household Population Income within 3 miles within 5 miles
PROPERTY SUMMARIES 26 NATIONAL DRUGSTORE PORTFOLIO TAYLORVILLE, ILLINOIS
ADDRESS: 315 NORTH WEBSTER STREET, TAYLORVILLE
VPD: 13,200 WEBSTER STREET / 12,400 EAST PARK STREET
• Less than ½ mile from Taylorville Memorial Hospital
• Drive-thru location situated at signalized intersection
• Superior access to parcel
• Located along Webster Street, a major commercial corridor in Taylorville
Taylorville is a city in Christian County in central Illinois. According to the United States Census Bureau, Taylorville had an estimated population of 10,650 in July 2017. The city is just 30 miles southeast of Springfield. Highway connectivity is provided by Illinois Routes 29 and 48. Taylorville is home to the Taylorville Municipal Airport. Walgreens is less than 1 mile from the historic Downtown Taylorville, anchored by the Christian County Court House. The downtown district is a 23-block area that is the civic, historic, retail, entertainment, and government center of the city. The Taylorville Memorial Hospital is the major hospital in the city and is also less than 1 mile from Walgreens.
NOI $282,000 Years Remaining 1.5 Initial Term Expiration 8/31/2030 Building Square Feet 14,550 SF
Lot Size 1.08 AC
Year Built 2006 Lease Type Triple Net (NNN)
Store Sales $1.5M
$61,365 15,304 Average Household Population Income within 1 mile within 5 miles
PROPERTY SUMMARIES 27 NATIONAL DRUGSTORE PORTFOLIO BATON ROUGE, LOUISIANA
ADDRESS: 5360 HIGHLAND ROAD, BATON ROUGE
VPD: 22,406 BURBANK DRIVE / 22,297 LEE DRIVE
• Drive-thru location situated at a signalized intersection
• Provides 24-hour services
• Superior access to site
• About 1 mile away from Louisiana State University
Baton Rouge is the capital city of Louisiana and the parish seat of East Baton Rouge Parish, located along the Mississippi River. According to the United States Census Bureau, the city had an estimated population of 227,715 in 2016. Highway connectivity is provided by Interstates, 10, 110, 12, and several other regional highway routes. The city’s most famous landmark is the nationally recognized Louisiana State University (LSU), which is only about 1 mile from CVS Pharmacy. In addition to LSU, the city is home to Southern University, Baton Rouge Community College, and several trade schools, making education an important component of the region’s economy. The economy has been further buoyed by the completion of several industrial projects that totaled more than $16 billion and the ongoing development of four healthcare projects that cost about $500 million. The region also has a burgeoning high-tech sector, anchored by the Louisiana Technology Park. CVS Pharmacy is in proximity to the Mid-City and South Baton Rouge regions of the city, which offer suburban living and a variety of retail and entertainment activities near LSU. Direct access to Louisiana Highways 30, 42, and 47 and Interstate 10 are provided by Lee Road.
NOI $296,651
Years Remaining 6.6 Initial Term Expiration 11/30/2024
Building Square Feet 13,819 SF
Lot Size 2.39 AC Year Built 2012
Lease Type Triple Net (NNN)
Store Sales $1.5M
$76,612 140,399 Average Household Population Income within 3 miles within 5 miles
PROPERTY SUMMARIES 28 TENANT SUMMARIES NATIONAL DRUGSTORE PORTFOLIO tenant summary S&P’s “BBB” CREDIT RATING
HEADQUARTERS: DEERFIELD, IL // 8,100+ LOCATIONS
WEBSITE: WWW.WALGREENS.COM // NASDAQ: WBA
Walgreens is included in the Retail Pharmacy USA Division of Walgreens Boots Alliance, Inc. (NASDAQ: WBA), the first global pharmacy-led, health and wellbeing enterprise. Approximately 8 million customers interact with Walgreens in stores and online each day, using the most convenient, multichannel access to consumer goods and services and trusted, cost- effective pharmacy, health and wellness services and advice. Walgreens operates approximately 8,100 drugstores with a presence in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands, along with its omnichannel business, Walgreens.com. Approximately 400 Walgreens stores offer Healthcare Clinic or other provider retail clinic services.
$118.2B 235,000 $64.0B Annual Sales Number Market Revenue of Employees Cap
TENANT SUMMARIES 30 NATIONAL DRUGSTORE PORTFOLIO tenant summary S&P’s “BBB” CREDIT RATING
HEADQUARTERS: WOONSOCKET, RI // 9,800+ LOCATIONS
WEBSITE: WWW.CVS.COM // NASDAQ: CVS
CVS Health is a pharmacy company with more than 9,800 retail pharmacies and more than 1,100 walk-in medical clinics. CVS is also a pharmacy benefits manager with more than 94 million plan members, a dedicated senior pharmacy care business serving more than 1 million patients per year, expanding specialty pharmacy services, and a leading stand-alone Medicare Part D prescription drug plan. This unique integrated model increases access to quality care, delivers better health outcomes and lowers overall health care costs.
$184.8B 160,000 $67.2B Annual Sales Number Market Revenue of Employees Cap
TENANT SUMMARIES 31 EXCLUSIVELY LISTED BY:
DAVID BEROOKHIM LOS ANGELES Tel: (213) 943-1893 [email protected] License: CA 01984125
YANNIS PAPADAKIS LOS ANGELES Tel: (213) 943-1827 [email protected] License: CA 01957169
ARMOND AIVAZYAN PALO ALTO Tel: (650) 391-1828 [email protected] License: CA 01954384