"Triple net leased Walgreens"
NET LEASED INVESTMENT OFFERING Walgreens 1090 High Street Hamilton, OH (Cincinnati MSA) CONFIDENTIAL OFFERING MEMORANDUM www.bouldergroup.com TABLE OF CONTENTS NET LEASED INVESTMENT OFFERING TABLE OF CONTENTS 1) Confidentiality & Disclaimer 2) Executive Summary 3) Property Overview 4) Site Plan 5) Aerial 6) Maps 7) Tenant Profile 8) Demographic Comparison Report 9) Location Overview 10) Contact Information www.bouldergroup.com CONFIDENTIALITY & DISCLAIMER NET LEASED INVESTMENT OFFERING CONFIDENTIALITY & DISCLAIMER The information contained in the following Marketing Brochure 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 Marketing Brochure 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, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure 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. www.bouldergroup.com EXECUTIVE SUMMARY NET LEASED INVESTMENT OFFERING EXECUTIVE SUMMARY The Boulder Group is pleased to exclusively market for sale a single tenant net leased Walgreen’s located within the Cincinnati metropolitan area. This 13,905 square foot Walgreen’s was built in 1999 and is located in northern Cincinnati. Hamilton is located less than twenty miles north of downtown Cincinnati. Hamilton is on the border of Fairfield Township, one of the fastest-growing areas of the greater Cincinnati market. The property is located on High Street also known as State Route 129. State Route 129 is a four lane east-west highway that becomes a two lane street in Hamilton. The subject property is benefited by a traffic signal at State Road 129 and Erie Street. Over 23,800 vehicles per day pass the site daily with two points of ingress and egress. One mile south of the property is Miami University–Hamilton Campus (regional campus of Miami University in Oxford, Ohio). Miami University-Hamilton is a commuter campus with current enrollment (2010) of approximately 5,000 students. Walgreen’s original lease term was for 20 years with eight 5-year renewal options and the lease expires in September 2019. Walgreen’s is a publicly traded company on the New York Stock Exchange (WAG), with a market capitalization of $35 Billion. Walgreen’s is an investment grade company with a Standard & Poor’s rating of A+. Investment Highlights Investment grade tenant Property is located within the Cincinnati MSA Signalized intersection with high traffic volumes Located within close proximity to Miami University-Hamilton Campus Dense area with high barriers to entry Irreplaceable location along one of the most heavily trafficked roadways of Hamilton www.bouldergroup.com PROPERTY OVERVIEW NET LEASED INVESTMENT OFFERING PROPERTY OVERVIEW Price: $4,580,645 Cap Rate: 7.75% Net Operating Income: $355,000 Rental Escalations: None Renewal Options: Eight 5-Year Lease Commencement Date: September 26, 1999 Lease Expiration Date: September 30, 2019 Tenant: Walgreens Credit Rating: A+ Year Built 1999 Lease Type: NN (roof, structure, parking lot replacement) Rentable Square Feet: 13,905 Land Acreage: 1.58 Acres www.bouldergroup.com SITE PLAN NET LEASED INVESTMENT OFFERING SITE PLAN Al Steward St. High Street (SR 129) (SR 4) Erie Blvd www.bouldergroup.com AERIAL NET LEASED INVESTMENT OFFERING AERIAL D VP 0 , 50 10 LJ Smith Park 13,300 VPD www.bouldergroup.com MAPS NET LEASED INVESTMENT OFFERING MAPS SITE SITE SITE www.bouldergroup.com TENANT PROFILE NET LEASED INVESTMENT OFFERING TENANT PROFILE Walgreens is engaged in retail drugstore business. As of November 2010, the Company operated 8,131 locations in all 50 states, the District of Columbia, Puerto Rico and Guam. That includes 7,650 drugstores, 503 more than a year ago, including 291 stores acquired over the last 12 months. The company also operates worksite health centers, home care facilities, and specialty and mail service pharmacies. Its Take Care Health Systems subsidiary manages more than 700 in-store convenient care clinics and worksite health and wellness centers. The Company’s drugstores are engaged in the retail sale of prescription and non-prescription drugs and general merchandise. General merchandise includes, among other things, household items, personal care, convenience foods, beauty care, photofinishing, candy, and seasonal items. Walgreens offers customers the choice to have prescriptions filled at the drugstore counter, as well as through the mail, by telephone, and through the Internet. In January 2010, the Company announced that it has completed the acquisition of the assets of 12 Eaton Apothecary pharmacies. Website: www.walgreens.com Number of Locations: 8,131 Stock Symbol: WAG : NYSE Standard & Poors Rating: A+ Market Capitalization: $35 Billion www.bouldergroup.com DEMOGRAPHIC COMPARISON REPORT NET LEASED INVESTMENT OFFERING DEMOGRAPHIC COMPARISON REPORT Population 1-mile 3-mile 5-mile 2009 Total Population 12,573 69,917 122,293 2009 Total Households 4,533 27,751 47,308 2009 Daytime Population 13,040 51,462 87,797 Income 2009 Median Household Income $33,499 $42,184 $48,259 2009 Average Household Income $42,887 $56,049 $63,122 www.bouldergroup.com LOCATION OVERVIEW NET LEASED INVESTMENT OFFERING LOCATION OVERVIEW Cincinnati is a city in the U.S. state of Ohio and the third largest city in the state. According to a 2008 Census Bureau estimate, the Cincinnati metropolitan area had a population of 2,155,137 making it the largest MSA in Ohio (surpassing Cleveland, which ranks 26th), and the 24th most populous in the United States. Cincinnati is home to major sports teams, including the Cincinnati Reds and the Cincinnati Bengals, and it sponsors annual events such as the Cincinnati Masters tennis tournament, the Ohio Valley Jazz Festival, and the Thanksgiving Day race. Cincinnati is home to the University of Cincinnati and Xavier University. Altogether, nine Fortune 500 companies and fifteen Fortune 1000 companies are headquartered in the Cincinnati area. With nine Fortune 500 company headquarters in Cincinnati, the region ranks in the nation's Top 10 markets for number of Fortune 500 headquarters per million residents, higher than New York, Boston, Chicago, or Los Angeles. The largest employer in Cincinnati is the University of Cincinnati, with 15,862 employees. Kroger is the second largest, with 15,600 employees. The City of Hamilton, the County Seat of Butler County, is an important regional center of business, industry, culture, and government. Located in Southwest Ohio, the City of Hamilton is part of the Cincinnati metropolitan area. With big city amenities and small town charm, Hamilton continues to retain the character of the city's past while sharpening its focus for the future. www.bouldergroup.com CONTACT INFORMATION NET LEASED INVESTMENT OFFERING CONTACT INFORMATION 666 Dundee Road | Suite 1801 Northbrook, IL 60062 Randy Blankstein Jimmy Goodman President Partner 847.562.0003 847.562.8500 firstname.lastname@example.org email@example.com www.bouldergroup.com