This document is a marketing brochure for the sale of a single-tenant net leased Walgreens property located in Houston, Texas. The 15,020 square foot Walgreens has 18 years remaining on its lease and was recently extended by Walgreens through January 2031. The property benefits from strong demographics including a population over 323,000 within five miles and an average household income over $91,000 within one mile. The marketing brochure provides details on the property, tenant, financials, location, and contact information for the listing agent.
2. NET LEASED INVESTMENT OFFERING
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Confidentiality & Disclaimer
Executive Summary
Property Overview
Aerial
Site Plan
Map
Tenant Profile
Demographic Comparison Report
Location Overview
Contact Information
TABLE OF CONTENTS
TABLE OF CONTENTSTABLE OF CONTENTSTABLE OF CONTENTSTABLE OF CONTENTS
3. NET LEASED INVESTMENT OFFERING
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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
CONFIDENTIALITY & DISCLAIMERCONFIDENTIALITY & DISCLAIMERCONFIDENTIALITY & DISCLAIMERCONFIDENTIALITY & DISCLAIMER
4. NET LEASED INVESTMENT OFFERING
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The Boulder Group is pleased to exclusively market for sale a single tenant net leased Walgreens property located in
Houston, Texas. The 15,020 square foot Walgreens has 18 years remaining on its primary lease term. This is a proven
location for Walgreens as evidenced by a recent lease extension. The recent extension solidifies Walgreens’ lease through
January 2031. Additionally, average household incomes are in excess of $91,000 within one mile of the property.
The property is located on the northwest corner of the signalized intersection of Highway 6 South and Bissonnet Street.
Highway 6 South is a major thoroughfare, with traffic counts in excess of 56,400 vehicles per day. The property is located
in a primary retail trade area across the street from a Kroger anchored shopping center with other tenants including Bank
of America, Starbucks and Mattress Firm. Other retailers in the immediate area include Home Depot, LA Fitness, and Ace
Hardware. Additionally, the property benefits from a population in excess of 323,000 within five miles of the property and
an average household income in excess of $91,000 within one mile of the property.
Walgreens recently extended the primary term of the lease through January 2031. The lease has eight 5-year renewal
options and the lease expires January 2031. Walgreens is a publicly traded company on the New York Stock Exchange
(WAG), with a market capitalization of $46 billion. Walgreens is an investment grade company with a Standard & Poor’s
rating of BBB.
• Located within the Houston MSA
• Proven location for Walgreens as evidenced by recent lease
extension (18 years remaining)
• Investment grade tenant (S&P: BBB)
• Positioned on a hard corner of a signalized intersection
• Traffic volume along Highway 6 South in excess of 56,400 VPD
• Average household income in excess of $91,000 within one
mile of the property
• Over 323,000 people living within five miles of the property
• Positioned across the street from a Kroger anchored shopping
center
• Retail trade area includes Home Depot and LA Fitness
INVESTMENT HIGHLIGHTS
EXECUTIVE SUMMARY
EXECUTIVE SUMMARYEXECUTIVE SUMMARYEXECUTIVE SUMMARYEXECUTIVE SUMMARY
5. NET LEASED INVESTMENT OFFERING
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Price: $5,280,000
Cap Rate: 6.00%
Net Operating Income: $316,800
Renewal Options: Eight 5-Year
Lease Commencement Date: January 21, 2001
Lease Expiration Date: January 31, 2031
Tenant: Walgreens
Credit Rating: BBB (Standard & Poor’s)
Year Built 2001
Lease Type: NN (Roof, Structure and Parking Lot Replacement)
Rentable Square Feet: 15,020
Land Acreage: 1.92
PROPERTY OVERVIEW
PROPERTY OVERVIEWPROPERTY OVERVIEWPROPERTY OVERVIEWPROPERTY OVERVIEW
9. NET LEASED INVESTMENT OFFERING
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Website: www.walgreens.com
Number of Locations: 8,300
Stock Symbol: WAG : NYSE
Standard & Poor’s Rating: BBB
Market Capitalization: $46 billion
Walgreens is engaged in the retail drugstore business. As of April 30, 2011, the Company operated nearly 8,300
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
March 2011, Walgreens announced that it has completed the acquisition Drugstore.com.
TENANT PROFILE
TENANT PROFILETENANT PROFILETENANT PROFILETENANT PROFILE
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PopulationPopulationPopulationPopulation 1111----mi.mi.mi.mi. 3333----mimimimi 5555----mimimimi
Total Population 19,005 157,535 323,439
Total Households 5,544 46,728 105,095
IncomeIncomeIncomeIncome
Median Household Income $67,617 $55,985 $52,373
Average Household Income $91,192 $74,058 $70,633
DEMOGRAPHIC COMPARISON REPORT
DEMOGRAPHIC COMPARISONDEMOGRAPHIC COMPARISONDEMOGRAPHIC COMPARISONDEMOGRAPHIC COMPARISON REPORTREPORTREPORTREPORT
11. HoustonHoustonHoustonHouston is the largest city in Texas and the fourth largest city in the United States.
According to the 2010 US Census, Houston had a population of 2.1 million people.
The Houston MSA is the sixth largest metropolitan area in the US with nearly 6 million
people. Houston is recognized worldwide as a major part of the energy industry, more
specifically oil and natural gas. The Houston MSA has an unemployment rate of 8.6%,
which is 0.50% lower than the national average. In August 2011, the Texas Workforce
Commission
The Houston metropolitan area is projected to grow by 2.66 million people from 2000
to 2033 by Woods & Poole Economics, ranking it fifth in the nation. Houston is
second, only to New York City, in Fortune 500 Com
They include ConocoPhillips, Marathon Oil and Sysco. The Texas Medical Center, the largest medical center in the
world, is also located in Houston.
www.houstontx.gov
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LOCATION OVERVIEW
LOCATION OVERVIEWLOCATION OVERVIEWLOCATION OVERVIEWLOCATION OVERVIEW
is the largest city in Texas and the fourth largest city in the United States.
According to the 2010 US Census, Houston had a population of 2.1 million people.
The Houston MSA is the sixth largest metropolitan area in the US with nearly 6 million
Houston is recognized worldwide as a major part of the energy industry, more
specifically oil and natural gas. The Houston MSA has an unemployment rate of 8.6%,
which is 0.50% lower than the national average. In August 2011, the Texas Workforce
Commission reported year over year job growth of 2.6%.
The Houston metropolitan area is projected to grow by 2.66 million people from 2000
to 2033 by Woods & Poole Economics, ranking it fifth in the nation. Houston is
second, only to New York City, in Fortune 500 Company headquarter locations.
They include ConocoPhillips, Marathon Oil and Sysco. The Texas Medical Center, the largest medical center in the
LOCATION OVERVIEW
is the largest city in Texas and the fourth largest city in the United States.
According to the 2010 US Census, Houston had a population of 2.1 million people.
The Houston MSA is the sixth largest metropolitan area in the US with nearly 6 million
Houston is recognized worldwide as a major part of the energy industry, more
specifically oil and natural gas. The Houston MSA has an unemployment rate of 8.6%,
which is 0.50% lower than the national average. In August 2011, the Texas Workforce
The Houston metropolitan area is projected to grow by 2.66 million people from 2000
to 2033 by Woods & Poole Economics, ranking it fifth in the nation. Houston is
pany headquarter locations. They
They include ConocoPhillips, Marathon Oil and Sysco. The Texas Medical Center, the largest medical center in the
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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 INFORMATIONCONTACT INFORMATIONCONTACT INFORMATIONCONTACT INFORMATION