net lease walgreens for sale

1. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
Walgreens
603 Uniondale Avenue
Uniondale, NY 11553 (Long Island)

2. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
1) Confidentiality & Disclaimer
2) Executive Summary
3) Investment Highlights
4) Property Overview
5) Aerial
6) Site Plan
7) Maps
8) Tenant Profile
9) Demographic Comparison Report
10) Location Overview
11) Contact Information
TABLE OF CONTENTS
TABLE OF CONTENTS

3. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
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.
CONFIDENTIALITY & DISCLAIMER
CONFIDENTITALITY & DISCLAIMER

4. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
The Boulder Group is pleased to exclusively market for sale a recently constructed single tenant net leased
Walgreens property located in Long Island. The 12,827 square foot Walgreens was built in 2012 and is located
in a dense area of Long Island with high barriers to entry. The development of this Walgreens required a difficult
assemblage of five separately owned land parcels that began in 2009, three years prior to the store opening.
This newly developed Walgreens features a long term lease with a 25 year primary term, five years longer than
most new construction Walgreens. This property was a development priority for Walgreens and even during the
economic downturn; this property represented one of three high priority sites throughout all of Long Island.
Walgreens acquired the local pharmacy, in the immediate vicinity of the property, thereby solidifying a customer
base and longstanding sales history.
The property is located in a dense infill area of Long Island on the southeast corner of Uniondale Avenue and
Jerusalem Avenue. Uniondale is a highly populated Long Island suburb with higher population and household
densities than Nassau County and neighboring Hempstead. The signalized intersection of Uniondale and
Jerusalem experiences traffic volumes in excess of 38,000 vehicles per day. Uniondale Avenues experiences
high peak volumes and is the only north-south thoroughfare that runs through the community. In a recent survey
conducted by Uniondale, 77% of residents noted that they spent time in the Jerusalem & Uniondale Corridor at
least once per week. There are three Nassau Inter-County Express (NICE) bus stops in immediate vicinity to the
Uniondale and Jerusalem intersection, which is important as Uniondale does not receive direct rail service and
NICE is the primary form of public transportation.
Wal-Mart, ShopRite and the A. Holly Patterson Extended Care facility are located within one mile of the property.
A. Holly Patterson Extended Care is a 589 bed skilled nursing facility with a 95.9% occupancy rate as of August
2013. Additionally, Nassau Community College, Hofstra University, Kellenberg Memorial High School and the
Uniondale High School are located within close proximity of
the property, and have enrollments of approximately 23,500,
8,300, 2,600 and 1,800 students respectively. Residents
living within five miles of the property enjoy household income
levels in excess of $105,000 annually.
The original lease commenced in October 2012 with a primary
term of 25 years with ten 5-year renewal options. Walgreens
is a publicly traded company on the New York Stock Exchange
(WAG), with a market capitalization of $45 billion. Walgreens
is an investment grade company with a Standard & Poor’s
rating of BBB.
EXECUTIVE SUMMARY
EXECUTIVE SUMMARY

5. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
INVESTMENT HIGHLIGHTS
• Located within the New York MSA (Long Island)
• Difficult assemblage of five separately owned land parcels
• Walgreens acquired the local pharmacy, in the immediate vicinity of the property, thereby solidifying a
customer base and longstanding sales history
• Dense Long Island suburb with high barriers to entry
• Investment grade tenant (S&P: BBB)
• Recent construction (2012)
• Long term lease with 24 years remaining
• Positioned on the hard corner of a signalized intersection
• Intersection of Jerusalem and Uniondale experiences traffic volumes in excess of 38,000 VPD
• Zero landlord responsibilities
• Household income in excess of $105,000 annually within five miles of the property
• Located in close proximity to a Wal-Mart, ShopRite and A. Holly Patterson Extended Care (589 beds)
• Ten 5-Year renewal options
INVESTMENT HIGHLIGHTS
INVESTMENT HIGHLIGHTS

6. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
PROPERTY OVERVIEW
PROPERTY OVERVIEW
Price: $12,562,612
Cap Rate: 5.55%
Net Operating Income: $697,225
Lease Commencement Date: October 22, 2012
Lease Expiration Date: October 31, 2037
Renewal Options: Ten 5-Year
Tenant: Walgreens
Credit Rating: BBB (Standard & Poor’s)
Year Built: 2012
Landlord Obligations: None
Rentable Square Feet: 12,827
Land Size: 52,085 SF

7. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
AERIAL
AERIAL
N
18,800 VPD
JERUSALEM AVENUE
19,400VPD
UNIONDALEAVENUE
A. HOLLY PATTERSON
EXTENDED CARE
FACILITY (589 BEDS)
MEADOWBROOK
GARDENS
SUPER SHINE
CAR WASH

8. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
SITE PLAN
SITE PLAN
JERUSALEM AVENUE
JAFFA AVENUE
UNIONDALEAVENUE
DRIVE
THRU
LOADING
N

9. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
MAPS
MAPS

10. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
Walgreens is engaged in retail drugstore business. As of May 31, 2013, the company operated 8,560 locations
in all 50 states, the District of Columbia, Puerto Rico and Guam. 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 715 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 September 2013, Walgreens announced that its acquisition of Kerr Drug and its 76 locations.
Website: www.walgreens.com
Number of Locations: 8,560
Stock Symbol: WAG: NYSE
Standard & Poor’s Rating: BBB
Market Capitalization: $50 billion
TENANT PROFILE
TENANT PROFILE

11. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
Population 1-mi 3-mi 5-mi
Total Population 33,845 218,729 563,645
Total Households 8,413 64,443 180,411
Income
Median Household Income $73,324 $78,199 $85,117
Average Household Income $87,322 $99,386 $105,883
DEMOGRAPHIC COMPARISON REPORT
DEMOGRAPHIC COMPARISON REPORT

12. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
Uniondale is an unincorporated area located in the central portion of the Town of Hempstead
in southwestern Nassau County. Uniondale is located adjacent to the Southern State Parkway,
which provides quick access to the rest of Long Island and New York City. Uniondale Avenue is
the predominate through corridor for motor vehicles. It is the only north-south road that runs
through the community, making it the most direct route between the Southern State Parkway and Hempstead
Turnpike. Front Street and Jerusalem Avenue are the primary east-west roadways through the community.
Jerusalem Avenue is a 57-foot wide, four lane county road.
Based on the 2010 United States Census, Uniondale had a population of 24,759 with an average household
size of 3.96 people and an average family size of 4.13 people. The population density of Uniondale was 9,136
people per square mile, making it twice as dense as Nassau County as a whole. Uniondale’s land use is
primarily single-family residential with scattered commercial strips, making new development very difficult.
Most businesses are small and independent retailers.
Nassau County is a suburban county on Long Island, immediately east of New York City. As of the
2010 census, the population was 1,339,532. In 2012, Forbes magazine reported that Nassau
County was the 12th richest county in America and the wealthiest in the State of New York. Nassau,
together with Suffolk County to its immediate east, are generally referred to as “Long Island” by area
residents—as distinct from the New York City boroughs of Queens (Queens County) and Brooklyn
(Kings County), which are geographically located on the island’s westernmost end. Two cities, three
towns, 64 incorporated villages, and more than 60 unincorporated hamlets are located within the county.
http://www.nassaucountyny.gov
New York City is the most populous city in the United States of America and one of the most populous
metropolitans in the world. New York is the most densely populated major city in the United States.
The New York City Metropolitan Statistical Area has a population in excess of 22.2 million people.
Additionally, there is approximately an additional 50 million people that annually visit New York. New
York City has been ranked first across the globe in attracting capital, business, and tourists.
New York exerts a significant impact upon commerce, finance, media, art, fashion, research, technology,
education, and entertainment. It is a global hub of international business and commerce. New York has been
widely called the leading financial center in the world. It is home to the New York Stock Exchange, the world’s
largest stock exchange by total market capitalization. Many major corporations are headquartered in New York
City, including 45 Fortune 500 companies.
New York City is the top international air passenger gateway to the United States. The area is served by three
major airports, John F. Kennedy International, Newark Liberty International and LaGuardia.
www.nyc.gov
LOCATION OVERVIEW
LOCATION OVERVIEW

13. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
666 Dundee Road, Suite 1801
Northbrook, IL 60062
Randy Blankstein
President
847.562.0003
rblank@bouldergroup.com
Jimmy Goodman
Partner
847.562.8500
jimmy@bouldergroup.com
CONTACT INFORMATION
CONTACT INFORMATION