Walgreens (Top Performing Location) 3019 W Peterson Avenue Chicago, IL 60659 TABLE of CONTENTS
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NET LEASE INVESTMENT OFFERING Walgreens (Top Performing Location) 3019 W Peterson Avenue Chicago, IL 60659 TABLE OF CONTENTS I. Executive Summary II. Location Overview III. Market & Tenant Overview Executive Summary Site Plan Tenant Profile Investment Highlights Aerial Location Overview Property Overview Maps Demographics Photos NET LEASE INVESTMENT OFFERING DISCLAIMER STATEMENT DISCLAIMER The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended STATEMENT: to be reviewed only by the party receiving it from The Boulder Group and should not be made available to any other person or entity without the written consent of The Boulder Group. This Offering Memorandum 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. The Boulder Group has not made any investigation, and makes no warranty or representation. The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however, The Boulder Group has not verified, and will not verify, any of the information contained herein, nor has The Boulder Group 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. NET LEASE INVESTMENT OFFERING EXECUTIVE SUMMARY EXECUTIVE The Boulder Group is pleased to exclusively market for sale a single tenant Walgreens property located in the SUMMARY: city of Chicago. This Walgreens location has exceptional reported store sales and operates as a 24-hour location. The property is strategically positioned just off of the heavily trafficked signalized intersection of Lincoln Avenue and Peterson Avenue which are both primary thoroughfares. There are approximately 15 years remaining on the Walgreens lease which expires October 31, 2030. The approximately one acre property is strategically positioned just off of the heavily trafficked signalized intersection of Peterson Avenue and Lincoln Avenue which experiences traffic volumes in excess of 68,000 vehicles per day. Peterson Avenue is the primary east-west thoroughfare in the trade area while Lincoln Avenue is a main north- south thoroughfare in Chicago. The immediate area is densely concentrated provided for high barriers to entry. There are approximately 55,000 people living within a one mile radius of the property. Additionally, there are over 955,000 people living within a five mile radius of the property earning average annual household incomes in excess of $77,000. The Walgreens property is centrally located in a retail corridor which features Home Depot, Ross Dress For Less, Office Depot, Bank of America, Fifth Third Bank, Chase Bank and many other national & local retailers. There are approximately 15 years remaining on the absolute triple net Walgreens lease which expires on October 31, 2030. This Walgreens location has exceptional reported store sales. Walgreens is a wholly owned subsidiary of Walgreens Boots Alliance, Inc. which is an investment grade rated company (S&P: BBB) with a market capitalization in excess of $89 billion. NET LEASE INVESTMENT OFFERING INVESTMENT HIGHLIGHTS INVESTMENT • Located in the city of Chicago HIGHLIGHTS: • Top performing Walgreens with exceptional reported store sales • Long term lease with approximately 15 years remaining • Investment grade rated tenant (S&P: BBB) with a market capitalization in excess of $89 billion • Absolute triple net lease with no landlord responsibilities • Positioned just off of the heavily trafficked signalized intersection of Peterson Avenue and Lincoln Avenue (68,000 vehicles per day) • Surrounding area is densely concentrated providing significant barriers to entry • 24-hour location with a drive thru • Densely populated area with approximately 55,000 people living within one mile radius and over 443,000 people living within a three mile radius of the property • Positioned in a retail corridor which features Home Depot, Ross Dress For Less, Office Depot, Bank of America, Fifth Third Bank, Chase Bank and many other national & local retailers • Limited pharmacy competition in the immediate area NET LEASE INVESTMENT OFFERING PROPERTY OVERVIEW PROPERTY Price: $9,519,230 OVERVIEW: Cap Rate: 5.20% Net Operating Income: $495,000 Rent Commencement Date: October 8, 2005 Lease Expiration Date: October 31, 2030 Renewal Options: Ten 5-Year Tenant: Walgreens Credit Rating: Investment Grade (S&P: BBB) Year Built: 2005 Lease Type: Triple Net Building Size: 14,490 SF Land Size: 40,946 SF NET LEASE INVESTMENT OFFERING SITE PLAN SUBJECT OFFERING W PETERSON AVE DRIVE THRU N LINCOLN AVE N NET LEASE INVESTMENT OFFERING AERIALS SUBJECT OFFERING N N Lincoln Ave (32,400 VPD) ve (36,500 VPD) A Peterson W NET LEASE INVESTMENT OFFERING MAPS N NET LEASE INVESTMENT OFFERING MAPS N NET LEASE INVESTMENT OFFERING PHOTOS NET LEASE INVESTMENT OFFERING TENANT PROFILE TENANT Walgreens Boots Alliance, Inc. is an American-based multinational holding company headquartered in Deerfield, PROFILE: Illinois that owns Walgreens, Boots and a number of pharmaceutical manufacturing, wholesale and distribution companies. The company was formed on December 31, 2014 after Walgreens purchased the 55% stake in Switzerland-based Alliance Boots that it did not already own. Walgreens had previously purchased 45% of the company in 2012 with an option to purchase the remaining shares within three years. Under the terms of the merger, the new company was organized into three divisions, of which Walgreens and Boots each became one. The third division is Pharmaceutical Wholesale, incorporating Alliance Healthcare. The new holding company began trading on the NASDAQ on December 31, 2014. The combined business has operations in over 25 countries. Walgreens had formerly operated solely within the United States and its territories, while Alliance Boots operated a more international business. Walgreens Boots Alliance, Inc is an investment grade rated company with a Standard and Poor’s rating of BBB. The company is listed on the NASDAQ (WBA) with a market capitalization in excess of $89 billion. Website: www.walgreensbootsalliance.com Credit Rating: Investment Grade (S&P: BBB) Stock Symbol: NASDAQ: WBA Market Capitalization: $89 Billion Number of Locations: 8,207 Number of Employees: 370,000 Headquarters: Deerfield, IL NET LEASE INVESTMENT OFFERING LOCATION OVERVIEW LOCATION Chicago is the most populous city in the Midwestern United States and the third most OVERVIEW: populous city in the United States with 2,700,000 residents. Chicago is the county seat of Cook County, the second largest county in the United States. The Chicago MSA is the third most populated metropolitan area in the United States with 9,580,567 residents. The MSA covers over 1,300 square miles and six counties. The Chicago metropolitan area is home to the corporate headquarters of 57 Fortune 1000 companies, including Boeing, McDonald’s, Motorola, Discover Financial Services and United Airlines. Chicago is a major hub for industry, telecommunications and infrastructure and O’Hare International Airport is the second busiest airport in the world in terms of traffic movement. The metro is a major financial center in North America, and is home to the largest futures exchange in the United States, the CME Group. Chicago is third in the world on the Global Financial Centers Index which ranks the competitiveness of financial centers based on people, business environment, market access, infrastructure and general competitiveness. www.cityofchicago.org NET LEASE INVESTMENT OFFERING DEMOGRAPHICS DEMOGRAPHIC Population 1 Mile 3 Mile 5 Mile REPORT: Total Population 54,587 443,933 955,933 Total Households 18,724 183,922 398,583 Income 1 Mile 3 Mile 5 Mile Median Household Income $49,607 $49,720 $53,719 Average Household Income $65,195 $69,005 $77,500 NET LEASE INVESTMENT OFFERING Randy Blankstein President 847.562.0003 [email protected] Jimmy Goodman Partner 847.562.8500 [email protected] 666 Dundee Road, Suite 1801 Northbrook, IL 60062 www.bouldergroup.com.