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Strong Sales Outparcel to the Mall at Wellington Green (1.273M Sq Ft) (S&P: Bbb) Wellington, Fl (Miami Msa)

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Strong Sales Outparcel to the Mall at Wellington Green (1.273M Sq Ft) (S&P: Bbb) Wellington, Fl (Miami Msa) STRONG SALES OUTPARCEL TO THE MALL AT WELLINGTON GREEN (1.273M SQ FT) (S&P: BBB) WELLINGTON, FL (MIAMI MSA) OFFERED AT: $9,950,000 | NOI: $464,000 Actual Property EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW TABLE OF CONTENTS EXECUTIVE SUMMARY 4 Executive Summary 5 Investment Highlights 6 Lease Summary & Rent Overview 7 Lease Abstract PROPERTY INFORMATION 9 Location Maps 10 Surrounding Aerial 11 Demographics 12 Property Photos 13 Neighboring Tenants 16 Aerials TENANT OVERVIEW 22 About Walgreens AREA OVERVIEW 24 Wellington Overview 25 Palm Beach County Overview 26 Miami Overview Confidentiality Agreement & Disclosures EXCLUSIVELY LISTED BY RYAN BARR RYAN BENNETT Principal Principal 760.448.2446 760.448.2449 [email protected] [email protected] Color Scheme RGB R:145 / G:0 / B:40 CMYK C:0 / M:100 / Y:65 / K:47 RGB R:119 / G:120 / B:123 CMYK C:0 / M:0 / Y:0 / K65 Fonts GOTHAM/ BLACK GOTHAM/ MEDIUM GOTHAM/ LIGHT BROKER OF RECORD: South Investment Property, LLC dba Lee & Associates South Florida Actual Property FL Broker’s Lic# BK3088290 WALGREENS | Wellington, FL (Miami MSA) | 2 EXECUTIVE SUMMARY WELLINGTON, FL (MIAMI MSA) WALGREENS | Wellington, FL (Miami MSA) | 3 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW • Offering Summary • Investment Highlights Lease Summary & Rent Schedule Lease Abstract -- OFFERING SUMMARY -- INVESTMENT HIGHLIGHTS PROPERTY OVERVIEW Offering Price: $9,950,000 Address: 10420 Forest Hill Blvd Wellington, FL 33414 Net Operating Income: $464,000 Property Size: Approx 15,101 Sq. Ft. Cap Rate: 4.66% Land Size: 1.93 Acres Price/SF: $659 Ownership: Fee Simple (Land, Building) Lease Type: Absolute Triple-Net (NNN) Year Built: 2006 Store #: 9384 Lee & Associates is pleased to exclusively offer for sale, the fee simple interest (land & building) in a trophy Walgreens property located in Wellington, FL within the Miami MSA (the “Property”). Built in 2006, the Property consists of a 15,101-square-foot retail building with a drive-thru that sits on an approximately 1.93-acre parcel. The building is leased to Walgreens Co. who is owned by parent company Walgreens Boots Alliance, Inc. (NYSE: WBA) Walgreens Boots Alliance, Inc. is currently the largest retail pharmacy in the US and Europe, with 13,200 stores in over 11 countries and an impressive $50B market CAP. Walgreens Co. also carries an investment grade credit rating of “BBB” from Standard & Poor’s. There are 12 years of firm lease term remaining on the lease with ten (10) Five-year renewal options. In addition, the lease is absolute triple-net (NNN), where the tenant pays for taxes, insurance, and 100% of the maintenance of the land & building. The landlord has zero maintenance responsibilities on this asset. The lease provides an investor with a strong corporate guaranty from Walgreens Co. who carries an investment grade credit rating of “BBB” from Standard & Poor’s. The subject property is strategically located across from the Wellington Regional Medical Center, a 233-bed, acute care hospital, owned by a subsidiary of Universal Health Services, Inc., one of the largest healthcare management companies in the nation. In 2018, WRMC admitted nearly 12,000 patients and had 51,000 emergency visits. Sales at this location are very strong due to the proximity of the Wellington Regional Medical Center and the dense surrounding housing population (see agent for unit level sales report), alleviating future vacancy risk concerns knowing this is a profitable location for Walgreens. The site offers strong surrounding demographics, with over 68,000 people living within a 3-mile radius of the subject property with an average household income over $114,000, lending well to the tenant’s concept and supporting its continued success. The subject property is ideally located at the entrance to the 1,273,000 square foot Mall at Wellington Green on the hard corner signalized intersection of Forest Hill Blvd and Hunter Dr (47,000+ CPD). The Mall at Wellington Green is a two-level super-regional shopping mall featuring over 170 stores including Dillard’s, Macy’s, JCPenney, City Furniture, H&M, Apple, CMX Theaters, and Ashley Furniture, and eateries California Pizza Kitchen, Chick-fil-A, and Cask + Shaker Craft Bar and Kitchen. The Mall at Wellington Green is the premier year-round shopping destination for both residents and South Florida visitors, providing an outstanding customer draw to the trade area. The property is located within the Village of Wellington, Florida, just west of West Palm Beach. Wellington is part of Palm Beach County, one of the nation’s wealthiest counties, with per capita personal income levels nearly 50% higher than state and national averages. Located just 66 miles north of Miami, the city had a population of nearly 65,000 in 2017, making it the fifth-largest municipality in Palm Beach County. Wellington is recognized as the winter equestrian capital of the world, hosting forty-two weeks of equestrian events, notably show jumping, hunting, dressage and polo annually. Every year, from January to April, Wellington is host to the Winter Equestrian Festival, the largest and longest running horse show in the world. In 2010 Wellington was named Money Magazine’s “Top 100” Best Places to Live. WALGREENS | Wellington, FL (Miami MSA) | 4 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW Offering Summary • Investment Highlights • Lease Summary & Rent Schedule Lease Abstract -- INVESTMENT HIGHLIGHTS -- WALGREENS (NYSE: WBA) • LARGEST RETAIL PHARMACY IN THE U.S. & EUROPE • 13,200 LOCATIONS IN LOCATED AT ENTRANCE TO THE SUPER REGIONAL MALL AT WELLINGTON GREEN (1.273 MILLION SF) • 11 COUNTRIES • $50B+ MARKET CAP DENSE RETAIL TRADE AREA DRAWS DESTINATION SHOPPERS The building is leased to Walgreens who is owned by parent company Walgreens Boots Alliance, Inc. (NYSE: WBA). The subject property is located at the entrance of the 1,273,000 square foot Mall at Wellington Green on the hard This parent company is currently the largest retail pharmacy in the US and Europe, with 13,200 stores in over 11 corner signalized intersection of Forest Hill Blvd and Hunter Dr (47,000+ CPD). The super-regional Mall at Wellington countries and an impressive $50B market CAP. Green is a two-level super-regional shopping mall featuring over 170 stores including Dillard’s, Macy’s, JCPenney, LA Fitness, City Furniture, H&M, Apple, CMX Theaters, and Ashley Furniture, and eateries California Pizza Kitchen, TROPHY ASSET • STRONG STORE SALES AT THIS LOCATION • CORPORATE LEASE GUARANTY FROM Chick-fil-A, and Cask + Shaker Craft Bar and Kitchen. Other shopping centers - the Shoppes of Wellington Green, WALGREENS CO • INVESTMENT GRADE CREDIT (S&P RATED BBB) a lifestyle center, and Wellington Green Commons, a Whole Foods Market-anchored power center - encircle the Sales at this location are very strong due to the proximity of the Wellington Regional Medical Center and the dense shopping mall, providing an outstanding customer draw to the trade area. surrounding housing population (see agent for unit level sales reports). This alleviates any future vacancy risk concerns knowing this is a profitable location for Walgreens. LOCATED IN WELLINGTON • HOME TO PALM BEACH INTERNATIONAL EQUESTRIAN CENTER: MOST RECOGNIZABLE EQUESTRIAN SPORT VENUE IN THE U.S. • PROXIMITY TO BEACHES, PALM BEACH INT’L The lease provides an investor with a strong corporate guaranty from Walgreens Co. who carries an investment AIRPORT • WITHIN MIAMI MSA grade credit rating of “BBB” from Standard & Poor’s. The property is located within the Village of Wellington, Florida, just west of West Palm Beach. Wellington is part LOCATED ACROSS FROM WELLINGTON REGIONAL MEDICAL CENTER • BUILT IN CUSTOMER BASE AND of Palm Beach County, within the Miami metropolitan area, which is the seventh-largest metropolitan area in the SALES DRIVER FOR THIS LOCATION United States with approximately 6.198 inhabitants as of the 2018 census. The subject property is strategically located across from the Wellington Regional Medical Center, a 233-bed, acute Located just 66 miles north of Miami, the city had a population of nearly 65,000 in 2017, making it the fifth-largest care hospital, owned by a subsidiary of Universal Health Services, Inc., one of the largest healthcare management municipality in Palm Beach County. Wellington is recognized as the winter equestrian capital of the world, hosting companies in the nation. In 2018, WRMC admitted nearly 12,000 patients and had 51,000 emergency visits. forty weeks of equestrian events, notably show jumping, hunting, dressage and polo annually. Every year, from January to April, Wellington is host to the Winter Equestrian Festival, the largest and longest running horse show in OVER 68,000 PEOPLE & $114,000 AVERAGE HH INCOME WITHIN 3 MILE RADIUS • ABSOLUTE NNN LEASE the world. Wellington has been named Money Magazine’s “Top 100” Best Places to Live. • ZERO LL RESPONSIBILITIES Palm Beach County is one of the nation’s wealthiest counties, with per capita personal income levels nearly 50% The site offers strong surrounding demographics, with over 68,000 people living within a 3-mile radius of the subject higher than state and national averages. Tourism is a major economic driver in the County. According to the County property with an average household income over $114,000, lending well to the tenant’s concept and supporting its Clerk & Comptroller, the county collected $1.1 billion in property tax revenue in FY 2018, an increase of 6 percent continued success. over the previous year. Sales tax collections rose to $175.8 million, marking the eighth consecutive year of growth. Walgreens has 12 years of firm lease term remaining. In addition, the lease is absolute triple-net (NNN), where Revenue from Tourist Development Tax receipts was $53.8 million, up from $48.5 million in FY 2017. the tenant pays for taxes, insurance, and 100% of the maintenance of the land & building.
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