offering memorandum - loopnet...2010 population - census 98,891 198,231 479,251 2000 population -...

OFFERING MEMORANDUM

Capital Markets | Net Lease Properties

CBRE, Inc. | Licensed Real Estate Broker

30328 US HWY 19, CLEARWATER, FL 33761

PRIME RETAIL DEVELOPMENT SITE WITH WALGREENS CORPORATE GUARANTY

Aerial Photo

MARK DRAZEKSenior Vice PresidentCapital Markets | Net Lease Properties

+1 407 39 [email protected]


© 2018 CBRE, Inc. All Rights Reserved.

EXCLUSIVELY MARKETED BY

RAY ROMANOFirst Vice PresidentCapital Markets | Net Lease Properties

+1 407 404 [email protected]

US Hig

hway 19 (91,0

00 AADT)

Curlew Road / FL-586 (35,500 AADT)

1INVESTMENT SUMMARY

2AREA OVERVIEW

4AERIAL PHOTOGRAPHS

Investment Highlights City OverviewLocal & Regional Maps

Aerial Photographs Tenant Description

8TENANT SUMMARY

US H

ighway 19 (91,000 A

AD

T)Curlew

Pharmacy


Dick Norris Buick GMC Palm

Harbor

Image Depot

Dream Nails & Spa

Paradise Nail and Spa

1

WALGREENS PARKING | CLEARWATER FL

CBRE is pleased to present this long term absolute NNN single tenant investment property located in Clearwater Florida and 100% leased to Walgreens Co. The 0.86 acre parcel is positioned at the signalized SW hard corner of US 19 and Curlew Road. This is one of the most heavily traveled intersections in the Tampa/Clearwater market. The property is a critical component to the high performing Walgreens store, serving as the store’s only parking field. There are 16 years remaining on the initial 25 year lease and the lease provides for fixed rental increases in the initial term as well as each of the (10) 5-year options.

investment highlights

• Investment grade credit -Walgreens Corporate Guaranty

• No landlord management obligations

• Critical parking field for Walgreens - Prime hard corner signalized intersection with over 120,000 cars passing by daily

• Long term lease – 16 years remaining on 25 year lease coterminous with Walgreens building lease

• Tremendous traffic / High profile retail corridor

• Rare fixed rental increases in initial lease and options

• Absolute critical component to high performing Walgreens store

• No debt to assume

• Florida has NO STATE INCOME TAX

INVESTMENT SUMMARY

PRICE: $4,340,000

ANNUAL RENT: $230,000

CAP RATE: 5.30%

TENANT: Walgreens

RENT INCREASES: 5% increase in January 2030 and 5% every 5 years

INITIAL LEASE TERM: 25 years

REMAINING TERM: 16 years

OPTIONS: (10) 5-year options

LANDLORD OBLIGATIONS: None, absolute NNN

EXISTING FINANCING: No debt to assume

LAND SIZE: 0.86± acres

PARKING SPACES: 43 spaces

DRIVE THRU: N/A

YEAR BUILT: N/A

Aerial Photo

2


AREA OVERVIEW

Clearwater, FLClearwater is known for its internationally famous beach, semitropical climate and cool breezes off the Gulf of Mexico. The city has a high coastal bluff which accentuates a picturesque view of the Intracoastal Waterway and the Gulf of Mexico. World famous Clearwater Beach is at the heart of Pinellas County tourism market, drawing 5 million visitors each year. Based on millions of reviews, the 2018 TripAdvisor Travelers’ Choice Award ranked Clearwater Beach No. 1 in the United States and No. 7 in the world.

As the county seat, the city hosts a large number of government offices. Clearwater also attracts a vibrant and successful business community through its strong local workforce and a coastal lifestyle that offers variety of outdoor recreational activities, world-class entertainment and professional and college sporting events. In a 2017 survey of U.S. corporate executives, the state of Florida ranked No. 2 in the nation for Best Business Climate for the state’s pro-business environment, favorable tax climate and strategic location.

Centrally located on the Pinellas County peninsula, Clearwater is only a 20-minute drive to Tampa International Airport and near the cities of Tampa and St. Petersburg. Clearwater is home to a growing and diverse business climate with established businesses in finance, information technology, software, insurance, marine science, medical technology, tourism and manufacturing. As the county seat, it also supports a large number of county and municipal offices, including the Pinellas County Clerk of the Circuit Court Clearwater Courthouse.

distance to

229Jacksonville

miles

117Downtown

Orlando

miles 25Tampa

miles

163Daytona

Beach

miles

290Miami

miles

113Winter Park

miles

CLICK FRAME TO SEE PROPERTY VIDEO

https://players.brightcove.net/34044489001/rkFcLJbDG_default/index.html?videoId=5971765432001

3


DEMOGRAPHIC BRIEF

30328 US-19 S

NAME LATITUDE LONGITUDE

30328 US-19 S 28.048464 -82.7391825

©2018 CBRE. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are forexample only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the propertyfor your needs. Source: Esri ProjectID:393830

AREA OVERVIEW

DEMOGRAPHIC BRIEF

30328 US-19 S 3 MILES 5 MILES 10 MILES

2018 Population - Current Year Estimate 102,342 206,264 513,095

2023 Population - Five Year Projection 106,086 213,992 538,575

2010 Population - Census 98,891 198,231 479,251

2000 Population - Census 102,281 201,224 453,037

2010-2018 Annual Population Growth Rate 0.42% 0.48% 0.83%

2018-2023 Annual Population Growth Rate 0.72% 0.74% 0.97%

2018 Households - Current Year Estimate 47,871 94,003 223,802

2023 Households - Five Year Projection 49,536 97,261 233,750

2010 Households - Census 46,933 91,656 212,594

2000 Households - Census 46,358 90,019 199,063

2010-2018 Annual Household Growth Rate 0.24% 0.31% 0.62%

2018-2023 Annual Household Growth Rate 0.69% 0.68% 0.87%

2018 Average Household Size 2.12 2.18 2.26

2018 Average Household Income $78,353 $79,298 $77,190

2023 Average Household Income $91,652 $92,553 $90,454

2018 Median Household Income $55,784 $54,816 $52,443

2023 Median Household Income $63,340 $62,030 $59,244

2018 Per Capita Income $36,856 $36,353 $34,138

2023 Per Capita Income $42,960 $42,257 $39,717

2018 Housing Units 54 ,580 107 ,976 262 ,539

2018 Vacant Housing Units 6,709 12.3% 13,973 12.9% 38,737 14.8%

2018 Occupied Housing Units 47,871 87.7% 94,003 87.1% 223,801 85.2%

2018 Owner Occupied Housing Units 34,467 63.1% 65,904 61.0% 143,505 54.7%

2018 Renter Occupied Housing Units 13,404 24.6% 28,099 26.0% 80,296 30.6%

2018 Population 25 and Over 82 ,216 161 ,790 389 ,453

HS and Associates Degrees 48,724 59.3% 94,713 58.5% 230,780 59.3%

Bachelor's Degree or Higher 28,764 35.0% 56,554 35.0% 125,673 32.3%

2018 Businesses 3,858 7,803 17,892

2018 Employees 37,903 78,244 189,836

©2018 CBRE. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are forexample only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the propertyfor your needs. Source: Esri Page 1 ProjectID:392529

POPULAT ION

HOUSEHOLDS

HOUSEHOLD INCOME

HOUS ING UN ITS

EDUCAT ION

PLACE OF WORK

US

Hig

hway

19

(91,

000

AAD

T)

VIEW SOUTH

Curlew Pharmacy


N.Y. Diamond Center

Tampa Bay Millworks

VIEW EAST

US Highway 19 (91,000 AADT)

Curlew

Road /

FL-586 (3

5,500 A

ADT)

6


VIEW NORTHEAST

US Highway 19 (91,000 AADT)



Image Depot

Dream Nails &

SpaDick Norris Buick GMC Palm

Harbor

7


VIEW NORTHWEST

US Hig

hway 19 (91,0

00 AADT)


Suncoast Academy of

Dance

Jim Terry Music


8


Walgreen Co. (NYSE: WAG ) S&P Rating: BBB www.walgreens.com

Walgreens is the largest, most successful drugstore chain in the US. Founded in 1901 and headquartered in Deerfield, IL, Walgreen Co. operates 8,582 locations in 50 US states, the District of Columbia, Guam, and Puerto Rico. With the goal to establish an unprecedented and efficient global pharmacy-led, health and wellbeing network, Walgreens and Alliance Boots recently announced that they had entered into a strategic, long-term relationship with AmerisourceBergen, one of North America’s largest pharmaceutical services companies. This relationship will enable Walgreens, Alliance Boots and AmerisourceBergen to benefit from greater scale and global opportunities and work together on programs to improve service levels and efficiencies, while reducing costs and increasing patient access to pharmaceuticals. Together these three companies will help address global health care challenges by making it easier for manufacturers to bring products to market; increasing accessibility to the benefits of global sourcing and best practices for community pharmacies; and providing patients with better access to health care. The collaboration will also generate opportunities to attract partners in new markets and prospects in existing markets around the globe.

TENANT DESCRIPTION

http://www.walgreens.com

9


AFFILIATED BUSINESS DISCLOSURE

CBRE operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offerer or prospective offerer, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum.

CONFIDENTIALITY AGREEMENT

This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property.

This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the property or the owner of all Property (the”Owner”), to be all-inclusive or to contain all or part of the information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors being the control of the Owner and CBRE,Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner. Neither the Owner or CBRE, Inc., nor any of their respectful directors, officers, Affiliates or representatives make an representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property.

The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived.

By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc.

If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc.

DISCLAIMER

©2018 CBRE, Inc. The information containing in this document has been obtained for sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property, The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.

CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the Property of their respective owners.

CONFIDENTIAL MEMORANDUM & DISCLAIMER

Aerial Photo

© 2018 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.CBRE, and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners.

MARK DRAZEKSenior Vice President +1 407 839 3123Capital Markets | Net Lease Properties


EXCLUSIVELY MARKETED BY

RAY ROMANOFirst Vice President+1 407 404 5022 Capital Markets | Net Lease Properties

offering memorandum - loopnet...2010 population - census 98,891 198,231 479,251 2000 population -...

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