walgreens 301 30th avenue east moline, il 61244€¦ · the boulder group is pleased to exclusively...
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Walgreens301 30th AvenueEast Moline, IL 61244
NET LEASE INVESTMENT OFFERING
NET LEASE INVESTMENT OFFERING
TABLE OF CONTENTS
I. Executive Summary
Executive SummaryInvestment HighlightsProperty Overview
II. Location Overview
Site PlanAerialMapsPhotos
III. Market & Tenant Overview
Tenant ProfileLocation OverviewDemographics
NET LEASE INVESTMENT OFFERING
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:
NET LEASE INVESTMENT OFFERING
EXECUTIVE SUMMARY
The Boulder Group is pleased to exclusively market for sale a single tenant net leased Walgreens property located in East Moline, Illinois. The property is strategically located at the signalized intersection in a densely populated residential area. The Walgreens features a drive-thru and has excellent visibility and signage. Walgreens has successfully operated at this location since 1997 and recently executed a 5 year option. There are 5 years remaining on the Walgreens lease that features seven 5-year renewal option periods. Walgreens is the largest drug retailing chain in the United States and has over 8,175 locations in the United States.
The 13,779 square foot Walgreens is strategically positioned on the northeast corner of 30th Avenue and Kennedy Drive in the city of East Moline. East Moline is one of the five “Quad Cities”, along with the cities of Rock Island, Moline, and the Iowa cities of Davenport and Bettendorf. There are approximately 59,000 people living within a three mile radius of the property earning an average household income of more than $66,000 per year. The Walgreens is located within one-mile of Avenue of the Cities, accessible by Kennedy Drive. Avenue of the Cities is the primary thoroughfare and retail corridor in the area experiencing traffic counts in excess of 25,900 vehicles per day.
Walgreens serves as a primary pharmacy and convenience shopping destination for residents in the area. The subject property is located within close proximity to multiple residential communities, local businesses and schools. Retailers in the area include Jewel-Osco, Save-A-Lot, O’Reilly Auto Parts, Kmart, Dollar Tree and a number of quick service restaurants. The property is situated along the route to a number of the schools in the area such as Glenview Middle School, Ridgewood Elementary School and Woodrow Wilson Middle School.
Walgreens has 5 years remaining on their lease which expires October 31, 2022 and features seven 5-year renewal option periods. Walgreens is publicly traded on the Nasdaq Stock Market (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.
EXECUTIVE SUMMARY:
NET LEASE INVESTMENT OFFERING
INVESTMENT HIGHLIGHTS
• Investment grade tenant (S&P: BBB)
• Long operating history at this location (since 1997)
• Committed to the location as evidenced by recent lease extension
• Approximately 59,000 people live within three miles of the property earning an average household income of more than $66,000 per year
• Retailers in the area include Jewel-Osco, Save-A-Lot, O’Reilly Auto Parts, Kmart, Dollar Tree and a number of quick service restaurants
• Excellent visibility and convenient access
• Drive-thru pharmacy
INVESTMENT HIGHLIGHTS:
NET LEASE INVESTMENT OFFERING
PROPERTY OVERVIEW
PROPERTY OVERVIEW:
Price: $3,021,429
Cap Rate: 7.00%
Net Operating Income: $211,500
Renewal Options: Seven 5-Year
Lease Commencement Date: November 1, 1997
Lease Expiration Date: October 31, 2022
Tenant: Walgreens
Year Built: 1997
Lease Type: NN (Roof & Structure)
Parking: 67 Spaces
Building Size: 13,779 SF
Land Size: 1.61 Acres
DR
IVE
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HR
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30TH AVENUE (9,600 VPD)
KE
NN
ED
Y D
RIV
E (9,300 V
PD)
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SITE PLAN
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AERIAL
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Kenne
dy D
rive (
9,300
VPD
)
30th Avenue (9,600 VPD)
Avenue of the Cities (25,900 VPD)
Glenview Middle SchoolRidgewood Elementary School
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MAPS
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MAPS
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EXTERIOR PHOTOS
NET LEASE INVESTMENT OFFERING
TENANT PROFILE
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.com
Number of Locations: 8,175
Stock Symbol: WBA (NASDAQ)
Standard & Poor’s Rating: BBB
Market Capitalization: $88 Billion
NET LEASE INVESTMENT OFFERING
LOCATION OVERVIEW
East Moline is a city in Rock Island County, Illinois with a population of over 21,300 people. The city is located along the Mississippi River, in the southeast quadrant of the Quad Cities. East Moline is one of the five Quad Cities, along with the cities of Rock Island, Moline, and the Iowa cities of Davenport and Bettendorf.
East Moline grew very slowly in its initial years. It was only from 1900, when Deere & Company built a large factory called Union Malleable Iron Company that things started taking off. The factory employed hundreds of people and subsequent years saw the entry of manufacturers of many other products. The area prospered economically and its population grew rapidly. It was incorporated as a village in 1903.
East Moline is a popular recreation destination. The city has more than a dozen parks, all of which offer excellent amenities for young and old alike. The city has a walking trail running alongside the river. Boating facilities are also available.
www.eastmoline.com
The Quad Cities is a region of four counties in northwest Illinois and Southeastern Iowa. The urban core consists of five principal cities: Davenport and Bettendorf in Iowa, and Rock Island, Moline and East Moline in Illinois. These cities are the center of the Quad Cities Metropolitan Area, which has a population of more than 383,780 people and a Combined Statistical Area (CSA) population of roughly 475,000 people, making it the 90th largest CSA in the nation.
Four interstate highways serve the Quad Cities: Interstate 80, Interstate 280, Interstate 74 serve both states while Interstate 88 serves just Illinois. United States highways include U.S. Route 6 and U.S. Route 67 which run through both Iowa and Illinois, while U.S. Route 61 serves just Iowa and U.S. Route 150 serves just Illinois. The Quad Cities are served by the Quad City International Airport, Illinois’ third-busiest airport, located in Moline. The airport is marketed as a regional alternative to the larger airports in Chicago, nearly 200 miles away. The smaller Davenport Municipal Airport is the home of the Quad City Air Show.
www.quadcities.com
LOCATION OVERVIEW:
NET LEASE INVESTMENT OFFERING
DEMOGRAPHICS
DEMOGRAPHIC REPORT: Population 1 Mile 3 Mile 5 Mile
Total Population 11,341 58,936 119,691
Total Households 4,908 25,681 50,567
Income 1 Mile 3 Mile 5 Mile
Median Household Income $51,884 $47,045 $51,997
Average Household Income $72,475 $66,121 $71,905
Randy [email protected]
Jimmy [email protected]
666 Dundee Road, Suite 1801Northbrook, IL 60062
www.bouldergroup.com