National Drugstore Portfolio
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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