Triple Net Walgreens for sale

8/7/2019 Triple Net Walgreens for sale

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NET LEASED INVESTMENT OFFERING

www.bouldergroup.com

TABLE OF CONTE

TABLE OF CONTENTS

1)

2)

3)

4)

5)

6)

7)

8)

9)

10)

Confidentiality & Disclaimer

Executive Summary

Property Overview

Assumable Financing

Aerial

Maps

Tenant Profile

Demographic Comparison Report

Location Overview

Contact Information


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CONFIDENTIALITY & DISCLAIM

CONFIDENTIALITY & DISCLAIMER

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to

reviewed only by the party receiving it from The Boulder Group and should not be made available to any other person or ent

without the written consent of The Boulder Group. This Marketing Brochure has been prepared to provide summa

unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject prope

The information contained herein is not a substitute for a thorough due diligence investigation. The Boulder Group has

made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subj

property, the future projected financial performance of the property, the size and square footage of the property a

improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State a

Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects

any tenant, or any tenants plans or intentions to continue its occupancy of the subject property. The information contained

this Marketing Brochure has been obtained from sources we believe to be reliable; however, The Boulder Group has n

verified, and will not verify, any of the information contained herein, nor has The Boulder Group conducted any investigat

regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of t

information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.


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The Boulder Group is pleased to exclusively market for sale a recently constructed Walgreens located in the Milwaukee MSThis 14,490 square foot Walgreens was built in 2008 in a dense area of West Allis. West Allis is Milwaukee's largest subuand the seventh largest city in the state. West Allis is home to the Wisconsin State Fair and is located adjacent to Miller P(home of the Milwaukee Brewers). Furthermore, 1.25 miles east of the property is the Clement J. Zablocki VA Medical CentThis center is located on 125 acres and receives 500,000 visits annually through an extensive outpatient program.

The property is located just east of the intersection of two of West Alliss major roadways, Greenfield Avenue and WeNational Avenue. Each of these roadways provides a steady flow of traffic near the Walgreens property. The property

surrounded by single family homes and other commercial users with multiple barriers to entry. Major employers in the arinclude Quad Graphics, Siemens Power and a variety of other industrial and service companies. The property is furthbenefited by its close proximity to three major interstates: I-894, I-43 and I-94. Major retail attractions in the area includTarget, Big Kmart, and a Pick n Save grocery. Additionally, four blocks to the west of the property is the Six Points FamMarket Neighborhood project. The first phase of this $60 million dollar project is now under construction and will feature ncondominiums, apartments, fresh market building and a community facility. (click for more information

The rental commencement date for the Walgreens was August 1, 2008 with a 25 year lease and fifty 1-year renewal optioWalgreenss annual rental payment is $380,000 and there are no landlord obligations in the lease. Walgreens is a publtraded company on the New York Stock Exchange (WAG), with a market capitalization of $35 Billion. Walgreens is investment grade company with a Standard & Poors rating of A+.

http://bit.ly/htE2iz

Investment Highlights



EXECUTIVE SUMMA

EXECUTIVE SUMMARY

Zero cash flow debt with no phantom income until 2024Attractive assumable debt with only 11.5% equity requirementInvestment grade tenant with a long term leaseProperty is located within the Milwaukee MSARecently constructed property with high barriers to entryLocated near Miller Park and three interstatesWest Allis is the largest city within Milwaukee


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PROPERTY OVERV

PROPERTY OVERVIEW

Price:

Cap Rate:

Net Operating Income:

Rental Escalations:

Renewal Options:Lease Commencement Date:

Lease Expiration Date:

Tenant:

Credit Rating:

Year Built

Lease Type:

Rentable Square Feet:

Land Size:

Financing:

$5,111,800

7.43%

$380,000

None

Fifty 1-Year

August 1, 2008

July 31, 2033

Walgreens

A+

2008

NNN

14,490

1.54 acres

The existing debt must be assumed: See next

page


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ASSUMABLE FINANC

The property has existing financing in place that must be assumed.

There is an underlying first mortgage of $4,523,683 at a 6.64% interest rate, with annual debt service of $373,763 payain monthly installments starting April 2009 and fully amortized as of October 2033 (balance $4,374,115 as of Februa2011). This loan is wrapped by an interest only loan of $4,523,683 at an 8.405563% interest rate, with annual debt servof $373,763 payable in monthly in interest only installments on a monthly basis due April 2024 and open to pre-paymeafter April 2019 until April 2024 when it balloons. The wrap loan has no pre-payment penalty, except underlying yiemaintenance if owner elects to prepay the underlying loan. Loan may be assigned three times with a 1% loan assumption paid to underlying lender plus legal review of purchaser entity.

For instance as of May 2019, underlying loan balance will be $3,591,000. Owner may elect to either (i) pay off ent$4,523,683 loan including yield maintenance on the $3,591,000 underlying, (ii) pay off wrap loan balance of $932,6($4,523,683 less $3,591,000) and leave existing underlying loan in place or (iii) leave wrap debt in place for up to five mo

years.

Walgreens directly deposits monthly rent into Trustee account with excess balance remitted to Owner. Underlying lendeannual trustee account fee is $2,700. Throughout term of wrap loan, Owners assumption of the wrap mortgage confirthat all Owners debt payments are interest only. This allows for no phantom income until 2024. The underlying lender rema year end statement to wrap lender with wrap lender's tax ID. Wrap lender issues a statement to Owner's tax ID confirmthat Owner has paid $373,763 of interest (no principal).

ASSUMABLE FINANCING

Annual Rent

First Mortgage Debt Service

Trustee Fee

Cash Flow

$380,000

($373,763)

($2,700)

$3,537


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AER

AERIAL

163,000 VPD

WoodNational

Cemetery

120,000VPD

14,700VPD

13,800 VPD

VA Medical Center

12,400VPD


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MA

MAPS

SITE

SITE

SITE


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DEMOGRAPHIC COMPARISON REP

DEMOGRAPHIC COMPARISON REPORT

Population

Total Population

Total Households

Income

Median Household Income

Average Household Income

1-mile

22,923

10,372

$43,018

$53,595

3-mile

188,275

79,777

$42,629

$56,803

5-mile

470,410

191,082

$42,272

$57,846


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LOCATION OVERV

LOCATION OVERVIEW

West Allis is served by the Milwaukee County Expressway/Freeway System and several local bus routes, making a

avel fast and convenient. West Allis is served centrally by the Chicago and Northwestern Railroad and Soo L

ailroad along its northern border for easy access to downtown Milwaukee and Lake Michigan.

n June, West Allis sponsors Western Days at the Wisconsin State Fair Grounds. The four-day celebration, the sec

argest event held at the fairgrounds, attracts 150,000 people and starts with a parade of 500 horses plus anti

arriages and marching bands. State Fair Park is also the home of the West Allis Expo, sponsored by the West A

hamber of Commerce. The event gives local businesses the opportunity to show their goods and services and for

ty to attract new businesses.

West Allis is thriving economically with service-oriented businesses such as; Siemens Power Corporat

uad/Graphics, First Data Processing, Sullivan Dental, Poblocki and Sons Inc., C&H Distributors, Inc. Each represe

uccessful, dynamic and growing industries that have established a corporate residence in West Allis.

West Allis is the second largest city in Milwaukee Cou

and the seventh largest city in the state. West Allis

city within a city, located in the virtual center of

Milwaukee Metropolitan Area. It is bounded on the no

by the city of Wauwatosa; on the west by New Berlin

the south by Greenfield and on the east by Milwaukee


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CONTACT INFORMAT

CONTACT INFORMATION

666 Dundee Road Suite 1801

Northbrook, IL 60062

|

Randy Blankstein

President

847.562.0003

[email protected]

Jimmy Goodman

Partner

847.562.8500

[email protected]

Triple Net Walgreens for sale

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