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Walgreens ™ 4181 Oceanside Blvd | Oceanside, CA Walgreens, Oceanside CA | 1 ™

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Walgreens ™ 4181 Oceanside Blvd | Oceanside, CA Walgreens, Oceanside CA | 1 ™ OFFERING MEMORANDUM Walgreens ™ 4181 Oceanside Blvd | Oceanside, CA Walgreens, Oceanside CA | 1 ™ ® college boulevard SUBJECT PROPERTY oceanside boulevard traffic counts OCEANSIDE BOULEVARD......±31,792 VPD ™ COLLEGE2 | BOULEVARD...........±40,116Matthews Retail VPDAdvisors contents ® 04 EXECUTIVE SUMMARY 06 financial OVERVIEW 10 tenant overview college boulevard 14 area OVERVIEW exclusively listed by SUBJECT PROPERTY CAITLIN ZIRPOLO college boulevard ASSOCIATE SHOPPING CENTERS [email protected] DIR (949) 432-4518 MOB (760) 685-6873 LIC # 01987844 SUBJECT PROPERTY el warner SVP & NATIONAL DIRECTOR SHOPPING CENTERS [email protected] DIR (310) 579-9690 oceanside boulevard oceanside boulevard MOB (858) 752-3078 LIC # 01890271 kyle matthews CHAIRMAN AND CEO BROKER OF RECORD [email protected] DIR (310) 919-5757 MOB (310) 622-3161 LIC # 01469842 Walgreens, Oceanside CA | 3 executive summary offering summary Matthews National Retail Investment Group-West is pleased to present the absolute triple-net (NNN) ground lease sale of Walgreens, located in North County San Di- ego, city of Oceanside, California. Situated on the hard corner of College Boulevard and Oceanside Boulevard, this asset benefits from its location in a densely popu- lated submarket with strong demographics. This is an excellent opportunity for an investor to acquire an attractive, low risk-asset in the heart of Southern California. Outparceled to Del Oro Marketplace, this irreplaceable retail location provides an investor a long 19-year lease term with rare 10% rental increases every ten years. investment highlights property overview • Highly sought after North County San Diego real estate 4184 Oceanside Blvd WALGREENS Oceanside, CA 92056 • Extremely rare 10% increases every 10 years Gross Leasable Area ± 14,319 SF • More than 19 years remaining on original lease term Lot Size ± 1.19 Acres (51,836 SF) • Absolute NNN investment with zero landlord responsibilities Year Built 2011 Assessor’s Parcel Number 162-241-18-00 • Unparalleled density with over 141,558 Residents within a 3-mile and 327,171 Residents within a 5-mile radius Zoning PD-1 • Prime real estate located on the desirable hard corner of College Number of Stories One Boulevard and Oceanside Boulevard with an average of ±76,000 VPD Type of Ownership Leased Fee (Improvements owned by Walgreens) • Strong retail synergy out parceled to a neighborhood shopping center Lease Structure Absolute NNN Ground Lease Parking ±28 Free Surface Spaces • Oceanside is the largest city in North County San Diego with a population of over 183,095 people Parking Ratio* ±2 : 1,000 SF Rental Increases 10% increases (see lease abstract for details) Options 10 x 5 yr *Walgreens customers are permitted to park in the remainder of the shopping center spaces subject to the CC&Rs. 4 | Matthews Retail Advisors Walgreens, Oceanside CA | 5 financial overview6 | Matthews Retail Advisors walgreens 4181 Oceanside Blvd Oceanside, CA 92056 List Price .........................................................................................$10,000,000 CAP Rate - Current ...................................................................................4.00% Gross Leasable Area ......................................................................± 14,319 SF Lot Size ............................................................................................ ± 1.19 Acres Year Built .........................................................................................................2011 Annualized Operating Data Monthly Rent Annual Rent Rent/SF Increases Current - 8/31/2020 $33,333.33 $400,000 $2.33 9/1/2020-8/31/2030 $36,666.66 $440,000 $2.56 10% 9/1/2030-8/31/2035 $40,333.33 $484,000 $2.82 10% Tenant Summary Tenant Trade Name Walgreen Boots Alliance Type of Ownership Ground Lease Lease Guarantor Walgreen Boots Alliance Lease Type NNN Rent Commencement Date 9/1/2010 Lease Expiration Date 8/31/2035 Increases 10% increases Options 10 x 5 yr Walgreens, Oceanside CA | 7 lease abstract Landlord Del Oro Wal G LLC, A Delaware Limited Liability Co Tenant: Walgreen Co. Guarantor: Walgreen Co. Address: 4181 Oceanside Blvd, Oceanside, CA 92056 Size: ±14,319 Ownership type: Leased Fee Date of Lease: 6/1/2009 Rent Commencement: 9/1/2010 Lease Expiration: 8/31/2035 Remaining Renewal Options: 10 x 5 yr Required Advance Notice of If Tenant shall elect to exercise any such termination option, Tenant shall send written notice thereof to Landlord, at least twelve (12) months prior to the effective date Exercise Options: of such termination, but no notice shall be required to terminate this Lease upon the expiration of the Term Current Rent: $400,000 Primary Term: 9/1/2020: $440,000 9/1/2030: $484,000 Option Periods: Option 1 (9/1/2035): same rent as previous term Option 2 (9/1/2040): $532,400 Rent Increases: Option 3 (9/1/2045): same rent as previous term Option 4 (9/1/2050): increase @ FMV Option 5 (9/1/2055): same rent as previous term Option 6 (9/1/2060): same rent as previous term Option 7 (9/1/2065): increase @ FMV Option 8 (9/1/2070): same rent as previous term Option 9 (9/1/2075): same rent as previous term Option 10 (9/1/2080): increase @ FMV This Lease is a triple net ground lease. Tenant is responsible for all repairs and maintenance to the Property and Improvements. Tenant is Net Lease: responsible for the payment of Taxes, Utilities, and Insurance. Tenant will pay all taxes, assessments, water, sewer or other rents, rates and charges, excises, levies, license fees, permit fees, inspection fees and similar taxes with Real Estate Taxes: respect to the property. Tenant shall, at Tenant's sole cost and expense, maintain and repair all portions of the Building, including all appurtenant improvements, service, loading and delivery Repairs and Maintenance: areas, sidewalks, ramps, any drive-through area and related improvements, and all improvement within the perimeter sidewalk (including curbs) around the Building (collectively, the "Building Area"), in good condition and repair and in a manner consistent with Tenant's other stores in San Diego, California. Alterations and Conditions: Tenant at its expense may make reasonable alterations of and additions to the Improvements or any part thereof subject to certain conditions. Insurance: Tenant at its expense shall maintain insurance. Tenant shall pay when due all bills for water, sewer rents, sewer charges, heat, gas and electricity and all other utilities and related services, and trash and refuse Utilities: removal, used in the Leased Premises from the Possession Date until expiration of the Term Tenant Assignment and Subletting: Tenant may assign or sublet the lease without Landlord consent. Tenant to remain liable. 8 | Matthews Retail Advisors ® carlsbad oceanside boulevard SUBJECT PROPERTY Walgreens, Oceanside CA | 9 SUBJECT PROPERTY oceanside boulevard tenant overview10 | Matthews Retail Advisors tenant overview Company Name Walgreens Boots Alliance No. of Locations 8,300 No. of Employees 253,400 Headquartered Deerfield, IL Website www.walgreens.com Year Found 1909 Stock Symbol WBA Market Cap 92.06B walgreens The nation’s #1 drugstore chain, Walgreens, operates close to 8,300 stores in all 50 US states, the District of Columbia, the Virgin Islands, and Puerto Rico. Prescription drugs are the focus as they account for close to two-thirds of sales with the rest coming from general merchandise, over-the-counter medications, cosmetics and groceries. Most locations offer drive-through pharmacies and one-hour photo processing, which separates them from competition. Recently, Walgreens fully acquired Alliance Boots, Europe’s leading drug wholesaler, to create Walgreens Boots Alliance. WALGREENS HEALTH FOCUS Walgreens’ overall value proposition differentiates it from competitors in valuable ways. Reducing the shopping time by putting health at the forefront of all aspects of the business places Walgreens in a league of their own as competition aims their focus on things such as convenience, design, or low prices. Walgreens’ focus on health gives them a competitive advantage. MARKETING STRATEGY Walgreens focuses on customer need and satisfaction. For example, curbside pick-up stemmed from the need of their customers who are busy working mothers who don’t have the time to go into the store, pick out what they need, and check out. Loyalty is a priority as it turns into return visits as well as more money spent by customers. Walgreens, Oceanside CA | 11 parcel map the offering Property Name Walgreens 4181 Oceanside Blvd Property Address Oceanside, CA 92056 Assessor’s Parcel Number 162-241-18-00 Zoning PD-1 Oceanside Blvd ± 31,792 Site Description Number of Stories One Year Built 2011 Gross Leasable Area (GLA) ± 14,319 SF Lot Size ± 1.19 Acres (51,836 SF) Leased Fee Type of Ownership (Improvements Owned by Walgreens) 40,116 ± Blvd College Lease Structure Absolute NNN Ground Lease Parking ±28 free Surface Spaces Parking Ratio1 ±2.00 : 1,000 SF *Walgreens customers are permitted to park in the remainder of the shopping center spaces subject to the CC&Rs. 12 | Matthews Retail Advisors bird’s eye aerial college boulevard SUBJECT PROPERTY oceanside boulevard Walgreens, Oceanside CA | 13 area overview oceanside, california Oceanside, commonly known as San Diego’s North Shore, is a classic beach city that allows people to escape the hustle and bustle of city life. If the consistent 70-degree year-round weather wasn’t enough, Oceanside is central to LEGOLAND, SeaWorld, Disneyland and the San
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