NET LEASE INVESTMENT OFFERING
WALGREENS 630 Blanding Blvd. Orange Park, FL 32073 (Jacksonville MSA) TABLE OF CONTENTS
TABLE OF CONTENTS
I. Executive Profile II. Location Overview III. Market & Tenant Overview Executive Summary Photographs Demographic Report Investment Highlights Aerial Market Overview Property Overview Site Plan Tenant Overview Maps
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 net leased Walgreens located within the Jacksonville SUMMARY: MSA. The property is strategically located at a heavily trafficked signalized intersection in a strong retail corridor. Walgreens is committed to this location as evidenced by their recent execution of their first five year renewal option. The Walgreens roof was replaced in 2017 and has a 15 year warranty. The Walgreens lease expires February 28, 2022 and features seven more 5-year renewal option periods.
The 13,905 square foot Walgreens is strategically located at the heavily trafficked signalized intersection of Blanding Boulevard and Constitution Drive. This intersection experiences traffic counts in excess of 59,000 vehicles per day. Blanding Boulevard is the primary north-south thoroughfare in the trade area that connects Orange Park to Jacksonville. The Walgreens is located approximately three miles south of Interstate 295. The property is located across the street from an Academy Sports and LA Fitness anchored shopping center. Other national retailers in the immediate trade area include Walmart Supercenter, BJ’s Wholesale Club, Ross, Bealls, Lowe’s, and Publix. There are over 130,000 people living within a five mile radius of the property.
Walgreens is the largest drug retailing chain in the United States and has over 8,100 locations in the U.S.A. Walgreens is publicly traded on the New York Stock Exchange (WBA) with a market capitalization in excess of $90 billion. Both Walgreen Co. and Walgreens Boots Alliance, Inc. are investment grade rated each with a Standard & Poor’s rating of BBB.
NET LEASE INVESTMENT OFFERING INVESTMENT HIGHLIGHTS
INVESTMENT • Located within the Jacksonville MSA HIGHLIGHTS: • Walgreens is committed to this location as evidenced by their recent execution of their first 5 year renewal option
• Long operating history at this location (since 1997) with an established customer base
• Investment grade rated tenant (S&P: BBB)
• Positioned at the hard corner of a heavily trafficked signalized intersection (59,300 VPD)
• Across the street from an Academy Sports & LA Fitness shopping center
• Additional retailers located in the immediate area include Walmart Supercenter, BJ’s Wholesale Club, Ross, Bealls, Lowe’s, and Publix
• Strategically located along a primary north-south thoroughfare that connects Orange Park to Jacksonville
• Over 130,000 people live within 5 miles of the property earning in excess of $75,000 annually
• New roof in 2017 with 15 year warranty
• Drive-Thru Pharmacy
• Income tax free state
NET LEASE INVESTMENT OFFERING PROPERTY OVERVIEW
PROPERTY Price: $3,757,575 OVERVIEW: Cap Rate: 6.60%
Net Operating Income: $248,000
Rent Commencement Date: February 9, 1997
Lease Expiration Date: February 28, 2022
Renewal Options: Seven 5-Year remaining
Tenant: Walgreens
Credit Rating: Investment Grade (S&P: BBB)
Year Built: 1997
Lease Type: NN (Roof, Structure & Parking Lot Replacement)*
Building Size: 13,905 SF
Land Size: 2.50 Acres
* New roof in 2017 with 15 year warranty
NET LEASE INVESTMENT OFFERING PHOTOGRAPHS
NET LEASE INVESTMENT OFFERING AERIAL
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NET LEASE INVESTMENT OFFERING SITE PLAN