Single Tenant, Net Leased ... Walgreens - Anoka, MN Net-Leased Single Tenant, Net Leased PROPERTY...

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Transcript of Single Tenant, Net Leased ... Walgreens - Anoka, MN Net-Leased Single Tenant, Net Leased PROPERTY...

  • Walgreens with Redevelopment Potential

    Walgreens - Anoka, MN Net-Leased Single Tenant, Net Leased

  • PROPERTY HIGHLIGHTS

    • Excellent Walgreens with Very High Store Sales

    • Purchase Cap Rate: 6.04%

    • Property in a Qualified Opportunity Zone (QOZ)

    • Assumable Mortgage

    • Direct Purchase-1031 Investment

    • DST Structure Available

    PROPERTY DESCRIPTION

    Free-standing Walgreens located at the intersection of Highway 169 (Ferry Street) and Main Street in downtown Anoka, MN; known as one of the busiest intersections in Anoka County. The building is a +/-13,450 SF retail property and was constructed in 1994. The Walgreens net lease has an original term through December 31, 2064. Walgreens has a continuous lease termination option every five (5) years with the next option available on 12/ 31/2024. The below-market rent is at $15.04 PSF. The property is located in a Qualified Opportunity Zone (QOZ) and may eventually be redeveloped into a mixed-use concept.

    Garrett Farmer C: 612 201 6282 [email protected]

    Michael Houge, CCIM, SIOR C: 612 701 7454 [email protected]

    OFFERING SUMMARY

    Sale Price $3,350,000

    Lot Size 1.72 Acres

    Building Size 13,450 SF

    DEMOGRAPHICS

    Stats Population Avg. HHIncome

    1 Mile 8,693 $60,098

    3 Miles 61,832 $74,367

    5 Miles 127,510 $80,012

    275 Market Street Minneapolis, MN 55405 612 383 2590 tel www.nailegacy.com/

    275 Market Street, Suite #561 Minneapolis, MN 55405

    612 383 2590 tel nailegacy.com

    Property Summary

    Walgreens - Anoka, MN Net-Leased 1911 S Ferry St

    https://www.linkedin.com/in/garrett-farmer-a1a02a27/ http://www.nailegacy.com/ https://www.facebook.com/nailegacypartners/ https://twitter.com/nailegacy https://www.instagram.com/nailegacy/ https://www.linkedin.com/company/nai-legacy/

  • 275 Market Street, Suite #561 Minneapolis, MN 55405

    612 383 2590 tel nailegacy.com

    Walgreens - Anoka, MN Net-Leased

    http://www.nailegacy.com/ https://www.facebook.com/nailegacypartners/ https://twitter.com/nailegacy https://www.instagram.com/nailegacy/ https://www.linkedin.com/company/nai-legacy/

  • 275 Market Street, Suite #561 Minneapolis, MN 55405

    612 383 2590 tel nailegacy.com

    LOCATION INFORMATION

    Building Name Walgreens - Anoka, MNNet-Leased

    Street Address 1911 S Ferry St

    City, State, Zip Anoka, MN 55303

    County Anoka

    Market NW Metro Retail

    Sub-market Anoka County

    Cross-Streets Ferry Street (US Hwy 169) &Main Street

    Township ANOKA CITY OF

    Side of the Street West

    Signal Intersection Yes

    Road Type Highway Interchange

    Market Type Large

    Nearest Highway US Hwy 10

    Nearest Airport MSP

    BUILDING INFORMATION

    NOI $202,270.00

    Cap Rate 6.04

    Occupancy % 100.0%

    Tenancy Single

    Number of Floors 1

    Average Floor Size 13,450 SF

    Year Built 1994

    Year Last Renovated 2019

    Gross Leasable Area 13,450 SF

    Construction Status Existing

    Condition Excellent

    Free Standing Yes

    Number of Buildings 1

    PROPERTY HIGHLIGHTS

    • Excellent Walgreens with Very High Store Sales

    • Purchase Cap Rate: 6.04%

    • Property in a Qualified Opportunity Zone (QOZ)

    • Assumable Mortgage

    • Direct Purchase-1031 Investment

    • DST Structure Available

    Walgreens - Anoka, MN Net-Leased

    http://www.nailegacy.com/ https://www.facebook.com/nailegacypartners/ https://twitter.com/nailegacy https://www.instagram.com/nailegacy/ https://www.linkedin.com/company/nai-legacy/

  • 275 Market Street, Suite #561 Minneapolis, MN 55405

    612 383 2590 tel nailegacy.com

    Walgreens - Anoka, MN Net-Leased

    http://www.nailegacy.com/ https://www.facebook.com/nailegacypartners/ https://twitter.com/nailegacy https://www.instagram.com/nailegacy/ https://www.linkedin.com/company/nai-legacy/

  • 275 Market Street, Suite #561 Minneapolis, MN 55405

    612 383 2590 tel nailegacy.com

    Walgreens - Anoka, MN Net-Leased

    http://www.nailegacy.com/ https://www.facebook.com/nailegacypartners/ https://twitter.com/nailegacy https://www.instagram.com/nailegacy/ https://www.linkedin.com/company/nai-legacy/

  • 275 Market Street, Suite #561 Minneapolis, MN 55405

    612 383 2590 tel nailegacy.com

    POPULATION 1 MILE 3 MILES 5 MILES

    Total Population 8,693 61,832 127,510

    Median age 38.8 36.3 36.4

    Median age (Male) 39.0 36.0 35.6

    Median age (Female) 40.9 37.8 37.5

    HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES

    Total households 3,543 23,280 46,540

    # of persons per HH 2.5 2.7 2.7

    Average HH income $60,098 $74,367 $80,012

    Average house value $238,331 $234,825 $240,328

    * Demographic data derived from 2010 US Census

    Walgreens - Anoka, MN Net-Leased

    http://www.nailegacy.com/ https://www.facebook.com/nailegacypartners/ https://twitter.com/nailegacy https://www.instagram.com/nailegacy/ https://www.linkedin.com/company/nai-legacy/

  • Old and Newcomers

    Dominant Tapestry Segment

    39.6 Median

    Age

    9,869 Total Population

    $220,107 Median Home Value

    529 Businesses

    13,560 Daytime Population

    $50,044 Median Household

    Income

    $29,733 Per Capita Income

    $3,000

    $2,000

    $1,000

    $0

    FurnitureEntertainmentApparelTransportationTravel

    $2,489.61

    $1,688.96 $1,656.11

    $662.84 $481.08

    Walgreens

    KEY FACTS

    KEY SPENDING FACTS

    2.2 Avg Household

    Size

    0.6% 2010-18 Pop Growth Rate

    © Esri 2018 Spending facts are average annual dollars per household

  • Soccer Moms

    Dominant Tapestry Segment

    38.3 Median

    Age

    62,347 Total Population

    $236,326 Median Home Value

    1,981 Businesses

    60,103 Daytime Population

    $76,665 Median Household

    Income

    $35,426 Per Capita Income

    $4,000

    $3,000

    $2,000

    $1,000

    $0

    FurnitureEntertainmentApparelTransportationTravel

    $3,504.74

    $2,458.27 $2,294.72

    $958.17 $678.31

    Walgreens

    KEY FACTS

    KEY SPENDING FACTS

    2.6 Avg Household

    Size

    0.7% 2010-18 Pop Growth Rate

    © Esri 2018 Spending facts are average annual dollars per household

  • Home Improvement

    Dominant Tapestry Segment

    37.9 Median

    Age

    134,830 Total Population

    $241,709 Median Home Value

    3,235 Businesses

    108,570 Daytime Population

    $81,961 Median Household

    Income

    $36,957 Per Capita Income

    $4,000

    $3,000

    $2,000

    $1,000

    $0

    FurnitureEntertainmentApparelTransportationTravel

    $3,746.67

    $2,646.99 $2,450.37

    $1,031.19 $725.87

    Walgreens

    KEY FACTS

    KEY SPENDING FACTS

    2.7 Avg Household

    Size

    0.9% 2010-18 Pop Growth Rate

    © Esri 2018 Spending facts are average annual dollars per household

  • 275 Market Street, Suite #561 Minneapolis, MN 55405

    612 383 2590 tel nailegacy.com

    ABOUT WALGREENS

    Walgreens is one of the largest drugstore chains in the United States. Walgreens is owned by Walgreens Boots

    Alliance, a healthcare powerhouse created in 2014 from the merger of Walgreens and Alliance Boots. Walgreens

    Boots Alliance is currently the largest retail pharmacy in the US and Europe with 13,200 Stores in over 11 countries.

    Walgreens are typically located on the corner of signalized intersections in over 9,600 locations around the country.

    The company is publicly traded on the NASDAQ (WBA) with a market capitalization in excess of $48 billion. Both

    Walgreens and Walgreens Boots Alliance are investment-grade rated each with a Standard & Poor’s rating of BBB.

    Walgreens - Anoka, MN Net-Leased

    http://www.nailegacy.com/ https://www.facebook.com/nailegacypartners/ https://twitter.com/nailegacy https://www.instagram.com/nailegacy/ https://www.linkedin.com/company/nai-legacy/

  • 275 Market Street, Suite #561 Minneapolis, MN 55405

    612 383 2590 tel nailegacy.com

    LEASE SUMMARY

    Tenant: Walgreens

    Lease Documents: Original Lease entered into Dec. 10, 1994, and subsequently amended with two (2) amendments.

    Leased Area: 13,450 SF

    Lease Term: Seventy (70) Years

    Commencement Date: 12/10/1994

    Expiration Date: 12/31/2064

    Remaining Lease Term: Forty-Five (45) Years

    Monthly Base Rent: $16,855.75

    Annual Base Rent: $202,269 ($15.05 PSF)

    Base Rent Increases: None

    Lease Type: Net, Net

    Landlord Responsibilities: Roof, Structure and Parking Lot (Replacement Only)

    Termination Rights: Tenant has termination rights every five (5) years, which started in 2014. Tenant has waived these rights in 2014 and 2019. Tenant must also provide a 180 day notice.

    Early Termination Dates: 12/31/2024,12/31/2029, 12/31/ 2034,12/31/2039 12/31/ 2044,12/31/2049 12/31/2054 & 12/31/2059

    Guarantor: Walgreens Boots Alliance, Inc.

    TENANT OVERVIEW

    Tenant: Walgreens Boots Alliance, Inc.

    Ownership: Public (WBA-Nasdaq)

    Sales Volume: $137.41 Billion

    Mark