walgreens (milwaukee msa) 9909 w loomis road...
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Walgreens (Milwaukee MSA)9909 W Loomis RoadFranklin, WI 53132
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 Franklin, Wisconsin. The property is strategically located at the signalized intersection of two primary thoroughfares in an affluent residential area. The Walgreens features a drive-thru and has excellent visibility and signage. Walgreens has successfully operated at this location since 2000 and has 2 years remaining on their lease that features eight 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 15,120 square foot Walgreens is strategically positioned on the southeast corner of Loomis Road and St Martins Road in the city of Franklin. This intersection experiences traffic counts in excess of 35,800 vehicles per day. The surrounding area is affluent with average household incomes within a three mile radius exceeding $115,645 per year. Retailers located in the area include Target, Pick ‘n Save, Starbucks and Marcus Movie Theatres.
Walgreens has 2 years remaining on their lease which expires December 31, 2019 and features eight 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
• Located within the Milwaukee MSA
• Investment grade tenant (S&P: BBB)
• Long operating history at this location (since 1999) with an established customer base
• Positioned at the hard corner of a heavily trafficked signalized intersection
• Over 27,360 people live within three miles of the property earning an average household income of $115,645 per year
• Excellent visibility and convenient access
• Drive-thru pharmacy
INVESTMENT HIGHLIGHTS:
NET LEASE INVESTMENT OFFERING
PROPERTY OVERVIEW
PROPERTY OVERVIEW:
Price: $3,953,600
Cap Rate: 6.75%
Net Operating Income: $266,868
Renewal Options: Eight 5-Year
Lease Commencement Date: January 1, 2000
Lease Expiration Date: December 31, 2019
Tenant: Walgreens
Year Built: 1999
Lease Type: NN (Roof, Structure & Parking Lot Replacement)
Parking: 74 Spaces
Building Size: 15,120 SF
Land Size: 2.50 Acres
DRIVE
THRU
W ST M
ARTINS ROAD (16,600 VPD)
W LOOMIS ROAD (19,200 VPD)
NET LEASE INVESTMENT OFFERING
SITE PLAN
N
AERIAL
NET LEASE INVESTMENT OFFERING
W Loom
is Road (19,200 V
PD)
W St Martins Road (16,600 VPD)
N
NET LEASE INVESTMENT OFFERING
MAP
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MAP
N
NET LEASE INVESTMENT OFFERING
EXTERIOR PHOTOS
NET LEASE INVESTMENT OFFERING
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
TENANT PROFILE:
NET LEASE INVESTMENT OFFERING
LOCATION OVERVIEW
Franklin is a city in Milwaukee County; roughly 15 miles southwest of downtown Milwaukee. Franklin has a population of over 35,500 people, an increase of over 20 percent since the 2000 U.S. census. That percentage increase is the largest among cities of more than 20,000 in southeast Wisconsin. Franklin, named for Benjamin Franklin, was one of two towns formed out of the original Town of Kinnickinnic by the Wisconsin Territorial Legislature in 1838.
Franklin is four miles from General Mitchell International Airport and close to Interstate 94. Running through the city are U.S. Highway 45, and WIS 36, WIS 100, and WIS 241. Franklin was bounded by Greenfield to the north, Oak Creek to the east, and Racine and Waukesha Counties to the south and west.
www.franklinwi.gov
LOCATION OVERVIEW:
NET LEASE INVESTMENT OFFERING
LOCATION OVERVIEW
Milwaukee is the largest city in Wisconsin, the 28th most populous city in the United States and comprises nearly one-third of the state’s entire population. Milwaukee is located on the southwestern shore of Lake Michigan and has a population of more than 595,000 people with an MSA population of more than 1,752,000.
Milwaukee and its suburbs are the home to the international headquarters of 13 Fortune 1000 companies, including Johnson Controls, Northwestern Mutual, Manpower Inc., Jefferson Wells, Kohl’s, Harley-Davidson, Rockwell Automation, Fiserv, Inc., Hal Leonard, Wisconsin Energy, Briggs & Stratton, Joy Global, Bucyrus International, A.O. Smith, GE Healthcare Diagnostic Imaging and Clinical Systems and MGIC Investments. The Milwaukee metropolitan area ranks fifth in the United States in terms of the number of Fortune 500 company headquarters per capita.
Milwaukee is ideally located in the heart of the Upper Midwest. Situated on the western shores of Lake Michigan, one of the five Great Lakes, it is a 90-minute drive from downtown Chicago, a five-hour drive from Minneapolis-St. Paul and Indianapolis, and slightly more than an hour away from Madison, the capital of Wisconsin.
Three of Wisconsin’s Interstate highways intersect in Milwaukee. Interstate-94 travels north from Chicago to enter Milwaukee and continues west to Madison. Interstate-43 enters Milwaukee from the southwest and continues north along Lake Michigan to Green Bay. Interstate-41 follows Interstate-94 north from the state line before turning west and north to head to Green Bay.
Milwaukee is home to two airports, General Mitchell International Airport on the southern edge of the city, and the regional Timmerman Field on the north side. Mitchell is served by 8 airlines, which offer roughly 240 daily departures and 245 daily arrivals. Approximately 35 cities are served nonstop or direct from Mitchell International. It is the largest airport in Wisconsin and the 34th largest in the nation.
Milwaukee has historically been a hub for rail traffic and the metro area is served by five rail operators, including the Canadian National Railway, Canadian Pacific Railway and Union Pacific Railroad. Milwaukee’s mass transit needs are served primarily by the Milwaukee County Transit System (MCTS), which has more than 50 routes and is often ranked among the nation’s best transit systems. Amtrak provides passenger rail service to all parts of the US and Canada from its downtown Milwaukee terminal. Amtrak serves as a vital link to Chicago via the Hiawatha Service line which carriages roughly 800,000 transporters a year.
www.visitmilwaukee.org
LOCATION OVERVIEW:
NET LEASE INVESTMENT OFFERING
DEMOGRAPHICS
DEMOGRAPHIC REPORT: Population 1 Mile 3 Mile 5 Mile
Total Population 4,550 27,360 84,893
Total Households 2,180 10,567 33,925
Income 1 Mile 3 Mile 5 Mile
Median Household Income $75,659 $78,075 $76,294
Average Household Income $92,154 $101,589 $96,601
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666 Dundee Road, Suite 1801Northbrook, IL 60062
www.bouldergroup.com