The Boulder Group- Net Leased Properties for Sale ... - Zebulon...The lease is absolute triple net...

NET LEASE INVESTMENT OFFERING

Walgreens (Raleigh–Durham–Chapel Hill CSA)101 W Gannon AveZebulon, North Carolina 27597


NET LEASE INVESTMENT OFFERINGNET LEASE INVESTMENT OFFERING

TABLE OF CONTENTS

I. Executive Summary

Executive SummaryInvestment HighlightsProperty Overview

II. Location Overview

Site PlanAerialMapPhotos

III. Market & Tenant Overview

Tenant ProfileLocation OverviewDemographics


DISCLAIMER STATEMENT

The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended 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.

DISCLAIMER STATEMENT:


EXECUTIVE SUMMARY

The Boulder Group is pleased to exclusively market for sale a single tenant net leased Walgreens located within the Raleigh–Durham–Chapel Hill CSA in Zebulon, North Carolina. The property is strategically located just off Highway 264 (46,000 VPD) and along West Gannon Avenue (16,000 VPD) which serves as a primary east-west thoroughfare through Zebulon. The Walgreens lease has approximately 16 years remaining and expires August 31, 2034. The lease is absolute triple net and features zero landlord responsibilities.

The 14,550 square foot Walgreens is strategically located at the signalized intersection of North Arendell Avenue and West Gannon Avenue where it benefits from excellent visibility and easy access. National retailers in the immediate area include Walmart Supercenter, Food Lion, PNC and McDonald’s. The Walgreens property serves as a strategic location and has limited competition. The Rite Aid immediately across the street recently closed due to the Walgreens/Rite Aid merger and now the closest Walgreens is more than ten miles away.

The Walgreens property is located within the “Research Triangle” which is anchored by three major research universities: North Carolina State University, Duke University, University of North Carolina at Chapel Hill. The region is the second largest metropolitan area in North Carolina behind Charlotte. Within three miles of the property, the population is projected to growth 2.35% annually through 2023.

Walgreens is the largest drug retailing chain in the United States and has over 8,175 locations in the U.S.A. Walgreens is publicly traded on the New York Stock Exchange (WBA) with a market capitalization in excess of $71 billion. Both Walgreen Co. and Walgreens Boots Alliance, Inc. are investment grade rated each with a Standard & Poor’s rating of BBB.

EXECUTIVE SUMMARY:


INVESTMENT HIGHLIGHTS

• Long lease term with approximately 16 years remaining in the primary term

• Absolute NNN – No Landlord Responsibilities

• Investment grade rated tenant (S&P: BBB)

• Located within the Raleigh–Durham–Chapel Hill CSA and the “Research Triangle” which is anchored by three major research universities: North Carolina State University, Duke University, University of North Carolina at Chapel Hill

• The population is projected to growth 2.35% annually within three miles of the property

• The Rite Aid immediately across the street recently closed due to the Walgreens/Rite Aid merger

• National retailers in the immediate area include Walmart Supercenter, Food Lion, PNC and McDonald’s

• Strategically located at the corner of a signalized intersection just off Highway 264 (46,000 VPD) and along West Gannon Ave (16,000 VPD) which serves as a primary east-west thoroughfare through Zebulon

INVESTMENT HIGHLIGHTS:


PROPERTY OVERVIEW

PROPERTY OVERVIEW:

Price:

Cap Rate:

Net Operating Income:

Lease Commencement Date:

Lease Expiration Date:

Renewal Options:

Tenant:

Credit Rating:

Year Built:

Lease Type:

Building Size:

Land Size:

$6,855,000

6.00%

$411,300

October 5, 2009

October 31, 2034

Fifty Years (with 12 months notice)

Walgreens

Investment Grade (S&P: BBB)

2009

Absolute NNN – No Landlord Responsibilities

14,550 SF

1.34 AC


AERIAL


NORTH

W Gannon Ave (16,000 VPD)

(46,000 VPD)264US

ZEBULON GT MAGNET MIDDLE SCHOOL EAST WAKE ACADEMY

Industrial Park

Industrial Park


W GANNON AVE (16,000 VPD)

N A

RE

ND

ELL AV

EN

UE

DR

IVE

T

HR

U


SITE PLAN

NORTH


MAPS

NORTH


PHOTOS


TENANT PROFILE

Walgreens Boots Alliance, Inc. operates as a pharmacy-led health and wellbeing company. The company operates through three segments: Retail Pharmacy USA, Retail Pharmacy International, and Pharmaceutical Wholesale. The Retail Pharmacy USA segment sells prescription drugs and an assortment of general merchandise, including non-prescription drugs, beauty products, photo finishing, seasonal merchandise, greeting cards, and convenience foods through its retail drugstores and convenient care clinics. It also provides specialty pharmacy services; and manages in-store clinics under the brand Healthcare Clinic. As of January 31, 2017, this segment operated 8,175 retail stores under the Walgreens and Duane Reade brands in the United States; and 7 specialty pharmacy locations, as well as managed approximately 400 Healthcare Clinics. Walgreens Boots Alliance, Inc. was founded in 1901 and is based in Deerfield, Illinois.

The Walgreen Company is the largest drug retailing chain in the United States. The company is publicly traded on the NASDAQ (Symbol: WBA) with a market capitalization in excess of $88 billion. Both Walgreen Co. and Walgreens Boots Alliance, Inc. are investment grade rated each with a Standard & Poor’s rating of BBB. In October 2016 Walgreens Boots Alliance received the United Nations Foundation Global Leadership Award for its commitment to the UN’s Sustainable Development Goals.

Website: www.walgreens.comNumber of Locations: 8,175Stock Symbol: WBA (NASDAQ)Standard & Poor’s Rating: BBBMarket Capitalization: $71 Billion

TENANTPROFILE:


LOCATION OVERVIEW

Zebulon, North Carolina

Zebulon is the easternmost town in Wake County, North Carolina, United States. The population was 4,433 at the 2010 census. Zebulon is part of the Research Triangle metropolitan region. Five County Stadium, home to the Carolina Mudcats minor league baseball team, is located in the town. Zebulon is located in the northeast central region of North Carolina, where the North American Piedmont and Atlantic Coastal Plain regions meet. This area is known as the “Fall Line” because it marks the elevation inland at which waterfalls begin to appear in creeks and rivers. Its central Piedmont location situates Zebulon about three hours by car west of Atlantic Beach, North Carolina, and four hours east of the Great Smoky Mountains.

Raleigh–Durham–Chapel Hill Combined Statistical Area

The Research Triangle, commonly referred to as simply The Triangle, is a region in the Piedmont of North Carolina in the United States, anchored by three major research universities North Carolina State University, Duke University, University of North Carolina at Chapel Hill, and the cities of Raleigh and Durham and the town of Chapel Hill. A 2017 Census estimate put the population at 2,156,253, making it the second largest metropolitan area in the state of North Carolina behind Charlotte.

The “Triangle” name was cemented in the public consciousness in the 1950s with the creation of Research Triangle Park, home to numerous high-tech companies and enterprises. Although the name is now used to refer to the geographic region, “the Triangle” originally referred to the universities, whose research facilities, and the educated workforce they provide, have historically served as a major attraction for businesses located in the region. Anchored by leading technology firms, government and world-class universities, medical centers and schools, the area’s economy has performed exceptionally well. Significant increases in employment, earnings, personal income, and retail sales are projected over the next 15 years.

LOCATION OVERVIEW:


DEMOGRAPHICS

DEMOGRAPHIC REPORT: Population 1 Mile 3 Mile 5 Mile

Total Population 3,252 11,069 25,941

Total Households 1,217 4,026 9,596

Annual Population Growth 2018-2023 1.77% 2.35% 2.16%

Income 1 Mile 3 Mile 5 Mile

Average Household Income $66,603 $71,934 $69,306


Randy [email protected]

Jimmy [email protected]

3520 Lake Avenue, Suite 203Wilmette, IL 60091

www.bouldergroup.com

The Boulder Group- Net Leased Properties for Sale ... - Zebulon...The lease is absolute triple net...

Documents

Transcript of The Boulder Group- Net Leased Properties for Sale ... - Zebulon...The lease is absolute triple net...