walgreens · 2018-08-28 · carlsbad caverns np white sands nm chickasaw nra hot springs np...

OFFERING MEMORANDUM

10 Year Lease Extension

SAN ANTONIO TEXAS

Walgreens

CONFIDENTIALITY AND DISCLAIMERThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure 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. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap 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.

NON-ENDORSEMENT NOTICEMarcus & Millichap Real Estate Investment Services, Inc. (“M&M”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of w, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOURMARCUS & MILLICHAP AGENT FOR MORE DETAILS.

Walgreens

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Palo Alto Battlefield NHS

Padre Island NS

Big Bend NP

Amistad NRA

Lyndon B. Johnson NHP

Big Thicket N PRES

GuadalupeMountains NP

Carlsbad Caverns NP

White Sands NM

Chickasaw NRA Hot Springs NP

Petroglyph NM

Alibates Flint Quarries NM

Lake Meredith NRA Bandelier NM

Buffalo NR

Pea Ridge NMP

North Fork

Brady Creek

Pedernales River

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L. Houston

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Navarro Mills L.

Nimrod L.

Oologah L.

Pine Creek L.

L. Stamford

L. Sumner

L. Tawakoni

Tenkiller Ferry L.

L. Thunderbird

Twin Buttes Res.

Ute Res.

Calcasieu L.

Amistad Res.

Beaver L.

Conchas L.

Falcon Res.

Lake of the Cherokees

L. Livingston

Table Rock L.

L. Texoma

L. Whitney

L. Dardanelle

Eufaula Res.

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W I N K L E R

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Y O A K U M

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Bernalillo

Bosque Farms

Clayton

Corrales

Eunice

Jal

Ruidoso

Santa Rosa

Santo Domingo Pueblo

Taos

Tularosa

White Sands

Belen

Espanola

Holloman AFBLovington

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White Rock

Antlers

Arkoma

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Broken Bow

Carnegie

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Cherokee

Cleveland

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Marietta

New Cordell

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Pawhuska

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Stigler

Stilwell

Tishomingo

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Walters

Watonga

Waurika

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Alva

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Elk City

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Holdenville

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Marlow

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Turley

Vinita

Wewoka

Branson

Cassville

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Bella Vista

Berryville

Booneville

De Queen

Greenwood

Hot Springs Village

Nashville

Prescott

Waldron

Clarksville

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Siloam Springs

Homer

Many

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Leesville

Mansfield

Springhill

Abernathy

Albany

Alvarado

Anson

Anthony

Bacliff

Ballinger

Bastrop

Bellville

Bessmay-Buna

Big Lake

Bishop

Boerne

Burnet

Caldwell

Canadian

Canton

Cedar Park

Cisco

Clarendon

Clarksville

Clifton

Clyde

Comanche

Cooper

Cotulla

Crane

Crosbyton

De Kalb

De Leon

Decatur

Devine

Dilley

Dublin

Eldorado

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Fabens

Fairfield

Floresville

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Friona

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George West

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Glen Rose

Groesbeck

Hale Center

Hallettsville

Hamilton

Haskell

Hebbronville

Henrietta

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Karnes City

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Madisonville

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Marble Falls

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Mason

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Winnsboro

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Bowie

Brady

Breckenridge

Cameron

Carrizo Springs

Center

Childress

Cleveland

Coleman

Colorado City

Crockett

Crystal City

Cuero

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Diboll

Dimmitt

Edna

Falfurrias

Fort Stockton

Gatesville

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Gonzales

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Lockhart

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Monahans

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Raymondville

Rio Grande City

San Diego

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Carlsbad

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Las Cruces

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Las Vegas

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Bartlesville

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Fayetteville

Hot Springs

Arkadelphia

Hope

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Russellville

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Del Rio

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Kingsville

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Nacogdoches

Paris

Sherman

Temple

Texas City

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Andrews

Athens

Beeville

Belton

Big Spring

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Brenham

Brownfield

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Burkburnett

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Canyon

Champions

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Eagle Pass

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Fort Bliss

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Gainesville

Greenville

Groves

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Huntsville

Jacksonville

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Lackland AFB

Lamesa

Lancaster

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Lewisville

McKinney

Mission

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New Braunfels

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Palestine

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Plainview

Port Lavaca

Portland

Rosenberg

Round Rock

San Benito

San Marcos

Seguin

Snyder

Stephenville

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Zaragoza

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Lawton

NormanFort Smith

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GarlandIrving

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Longview

McAllen

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Tyler

Victoria

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Matamoros

Reynosa

Albuquerque

Tulsa

Shreveport

Corpus Christi

Dallas

El Paso

Fort Worth

Houston

San Antonio

Santa Fe

Oklahoma City

Austin

Chihuahua

Monterrey

Saltillo

Arkansas

Louisiana

New Mexico

Oklahoma

Missouri

TEXAS

Mexico

Investment Summary .........................................1Investment Highlights.........................................3Aerial Map .........................................................7Tenant Summary ................................................8Site Plan ..........................................................11Area Map .........................................................13 Location Overview ............................................14Location Highlights ...........................................17Demographics ..................................................18

TABLE OF CONTENTS

Walgreens

Walgreens

O V E R V I E WPrice $3,708,750

Gross Leasable Area (GLA) 14,004 SF

Lot Size (approx.) 1.17 Acres

Net Operating Income $222,480

CAP Rate 6.00%

Year Built / Renovated 1999

L E A S E A B S T R A C TLease Type NN

Lease Term Remaining 11.2 Years

Lease Start 10/30/1999

Lease Expiration 10/31/2029

Renewal Options 7x5

Increases Percentage Rent

Roof & Structure* Landlord Responsible

* Landlord had roof inspected 10/2017 which received an “A” rating and has a life expectancy thru 2028. Minor maintenance performed 1/2018.

5760 WALZEM ROAD, SAN ANTONIO, TX 78218

PRICE: $3,708,750 CAP: 6.00% RENT: $222,480

INVESTMENT SUMMARY

A N N U A L I Z E D O P E R AT I N G D ATA

Lease Term Annual Rent

Current Term $222,480

1

INVESTMENT HIGHLIGHTSTenant recently extended the lease by ten (10) years in advance of exercising options.

Although the lease is NN in nature, the Seller performed roof inspection in October 2017 wherein the roof received an “A” rating. As per the certified roof inspector the roof should be good through 2028.

Other retailers in the immediate area located along Walzem Road include: McDonald’s, Goodwill, HEB Grocers, First Convenience Bank, Little Cesar’s, YMCA, Harbor Freight, CVS, Domino’s Pizza, Wingstop, Foot Locker, Pizza Hut, Dollar Tree, Game Stop, and IBC Bank.

The region is surrounded by large military installation

presence including Joint Command AFB just a few

blocks from the site

Features excellent visibility: Daily traffic counts exceed

15,477 vehicles per day passing directly in front of the site and over 11,530 on

Montgomery Drive

Strong Barriers to entry due to dense

residential population and military installation

3

WalgreensWalgreens

INVESTMENT HIGHLIGHTS t $3,708,750

t Walgreens has occupied the site since 1999

t Tenant recently extended lease by 10 years (new base term expiration 10/31/2029) followed by 7x5 options

t Site offers larger corner parcel totaling more than 1.17 acres allowing for ease in future redevelopment

t Site offers a drive thru pharmacy and is open daily till 10 PM

15,477 VPD

181,911TOTAL POPULATION WITHIN 5-MILE RADIUS

$53,077AVERAGE HOUSEHOLD INCOME WITHIN 7-MILE RADIUS

- WALZEM ROAD

11,530 VPD - MONTGOMERY DRIVE

Walgreens

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WALZEM RD

WALZEM RD – 15,477 VPD

WALZEM RD

– 15,477 VPD

MONTGOMERY DR – 11,530 VPDEAG

LE CREST BLVD

N IN

TERS

TATE

35

Walzem Elementary

School

McDonald’sBurger King

Walgreens

Theodore Roosevelt

High School

7

Walgreens

TENANT SUMMARYWALGREENSWalgreens Boots Alliance, Inc. operates as a pharmacy led health and well being 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, convenience foods, and more 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 August 31, 2016, this segment operated over 13,700 retail stores under the Walgreens and Duane Reade brands in the United States; 7 specialty pharmacy locations; managed approximately 400 Healthcare Clinics. The Retail Pharmacy International segment sells prescription drugs; and health, beauty, toiletry, and other consumer products through its pharmacy led health and beauty stores, as well as through boots.com and BootsWebMD.com. The Boots segment operated 4,673 retail stores under the No. 7, Boots Pharmaceuticals, Botanics, Liz Earle, Soap & Glory, and only at Boots brand names in the United Kingdom, Mexico, Chile, Thailand, Norway, the Republic of Ireland, the Netherlands, and Lithuania; and 636 optical practices in the United Kingdom. Walgreens Boots Alliance, Inc. was founded in 1901 and is based in Deerfield, Illinois.

RANKINGS t Ranked #19 Fortune 500

t Ranked #177 Forbes Global 2000

t Standard & Poor’s Rated BBB

8

DEERFIELD, ILHEADQUARTERS

OWNERSHIP Tenant Trade Name

LOCATIONSGUARANTOR

WALGREENS BOOTS ALLIANCE, INC.

13,700 +/-CORPORATE

PUBLIC

REVENUE

$103.44(BIL)ANNUAL SALES

$30.86(BIL)

WALGREENS

WEBSITE

WWW.WALGREENS.COM

9

Walgreens

WALZEM RD

WALZEM RD - 15,477 VPD

MONTGOMERY DR - 11,530 VPD

PAR

KC

RE S

T D

R

SITE PLAN

Walgreens

11

San Antonio

Leon ValleyAlamo Heights

Terrell Hills

China Grove

Cibolo

Cross Mountain

AtascosaElmendorf

Selma

Windcrest

Helotes

Universal City

Walgreens

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Walgreens

SAN ANTONIO, TEXASSan Antonio is the seventh most populous city in the United States and the second most populous city in both Texas and the Southern United States. San Antonio’s notable attraction includes the River Walk, the Tower of the Americas, SeaWorld, the Alamo Bowl, and Marriage Island. Commercial entertainment includes Six Flags Fiesta Texas and Morgan’s Wonderland amusement parks. According to the San Antonio Convention and Visitors Bureau, the city is visited by about 32 million tourists a year. It is home to the five-time NBA champion San Antonio Spurs, and hosts the annual San Antonio Stock Show & Rodeo, one of the largest such events in the United States.

The U.S. Armed Forces have numerous facilities in and around San Antonio; Fort Sam Houston is the only one within the city limits. Lackland Air Force Base, Randolph Air Force Base, Lackland AFB/Kelly Field Annex, Camp Bullis, and Camp Stanley are outside the city limits. Kelly Air Force Base operated out of San Antonio until 2001, when the airfield was transferred to Lackland AFB. The remaining parts of the base were developed as Port San Antonio, an industrial/business park and aerospace complex. San Antonio is home to six Fortune 500 companies and the South Texas Medical Center, the only medical research and care provider in the South Texas region.

The subject site is most influenced by: Lackland Air Force Base is home to more than 120 Department of Defense and associate organizations, including the 37th Training Wing, the largest training wing in the U.S. Air Force. Lackland is the Air Force’s only site for enlisted basic military training, and also offers professional and technical skills, and English language training for members of the U.S. Air Force, other military services, government agencies, and allies. Its four primary training functions graduate more than 86,000 students annually. In 2005, Lackland was recommended for joint basing for the three major installations around the city: Fort Sam Houston, Lackland AFB and Randolph AFB. In 2009, all 3 bases were included into Lackland AFB.

San Antonio has a diversified economy with a gross domestic product (GDP) of approximately $96.8 billion. This ranks the city fourth in Texas and 38th in the United States. San Antonio’s economy focuses primarily on military, health care, government-civil service, financial services, oil and gas, and tourism. Within the past twenty years, the city has become a significant location for American-based call centers and has added a sizable manufacturing sector centered around automobiles.

Located about 10 miles northwest of Downtown is South Texas Medical Center, a conglomerate of various hospitals, clinics, and research (Southwest Research Institute and Texas Biomedical Research Institute) and higher educational institutions.

LOCATION OVERVIEW

14

Walgreens

Over twenty million tourists visit the city and its attractions every year, contributing substantially to its economy, primarily due to The Alamo and the River Walk. The Henry B. Gonzalez Convention Center alone hosts over 300 events annually with more than 750,000 convention delegates from around the world. Tourism provided over 130,000 jobs, and it had an economic impact of $13.6 billion in the local economy. The City of San Antonio received $195 million in the same year from the hospitality industry, with revenues from hotel occupancy tax, sales taxes and others.

San Antonio is the headquarters of six Fortune 500 companies: Valero Energy, Andeavor (formerly Tesoro Corp), USAA, iHeartMedia, NuStar Energy, and CST Brands, Inc., H-E-B, the 13th-largest private company in the US is also based in San Antonio. Other companies headquartered in the city include Bill Miller Bar-B-Q Enterprises, Carenet Healthcare Services, Security Service Federal Credit Union, Visionworks of America, Frost Bank, Harte Hanks, Kinetic Concepts, SWBC, NewTek, Rackspace, Taco Cabana, Broadway Bank, Zachry Holdings/Zachry Construction Company, Randolph-Brooks Federal Credit Union, SAS, and Whataburger. The North American Development Bank, a development institution jointly held by the governments of the U.S. and Mexico, is headquartered in San Antonio as well. Other notable companies that maintain sizable presences in the city include Hulu, OCI, Kaco New Energy, Silver Spring Networks, Toyota, Argo Group, EOG Resources, Microsoft, Cogeco Peer1, and Boeing.

In 2015, San Antonio was ranked at No. 50 by Forbes magazine on their list of the Best Places for Business and Careers, while being listed as the 15th best market for job growth.

LOCATION OVERVIEW (CONTINUED)

15

San Antonio

Leon ValleyAlamo Heights

Terrell Hills

China Grove

Cibolo

Cross Mountain

AtascosaElmendorf

Selma

Windcrest

Helotes

Universal City

M A J O R E M P L O Y E R S : 2 0 1 7S A N A N T O N I O , T X

Joint Base San Antonio (JBSA) 75,972

H.E.B. Food Stores 22,000

USAA 17,163

Northside Independent School District 13,969

City of San Antonio 12,231

North East Independent School District 9,292

Methodist Health Care System 8,960

San Antonio Independent School District 7,374

Baptist Health Systems 6,432

Wells Fargo 5,010

LOCATION HIGHLIGHTS

Strong population density with over

279,173 residents in the immediate area

Adjacent to a WalMart Supercenter which also draws shoppers to the

immediate area

SAN ANTONIO, TXSTRATEGICALLY LOCATED NEAR JOINT COMMAND AFB

Good visibility with more than 15,477 vehicles

passing in front of site daily

Located 6.2 miles from Joint San Antonio Air Force Base (In joint

command with Lackland Air Force Base)

11 Miles from Downtown San Antonio

17

262,061Total Population Within 5-Mile Radius

$67,281Average Household Income

Within 5-Mile Radius

$53,261Median Household Income

Within 5-Mile Radius

9 6,131Total Households in 5-Mile Radius

29.12% From 2000

DEMOGRAPHICS / SAN ANTONIO, TX

Walgreens

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POPULATION 1 MILE 3 MILES 5 MILES2022 Projection

Total Population 13,389 111,678 279,0712017 Estimate

Total Population 12,649 106,515 262,0612010 Census

Total Population 11,469 97,488 240,5012000 Census

Total Population 9,337 81,653 198,205Current Daytime Population

2017 Estimate 11,125 106,259 264,650

HOUSEHOLDS 1 MILE 3 MILES 5 MILES2022 Projection

Total Households 5,059 40,117 104,7932017 Estimate

Total Households 4,658 37,174 96,131

Average (Mean) Household Size 2.66 2.79 2.672010 Census

Total Households 4,281 34,523 89,2492000 Census

Total Households 3,659 29,442 74,449Occupied Units

2022 Projection 5,059 40,117 104,7932017 Estimate 4,886 38,548 98,635

HOUSEHOLDS BY INCOME 1 MILE 3 MILES 5 MILES2017 Estimate

$150,000 or More 6.45% 4.09% 5.21%

$100,000 - $149,000 10.91% 9.72% 11.54%$75,000 - $99,999 12.72% 14.20% 14.30%$50,000 - $74,999 19.89% 21.83% 22.32%$35,000 - $49,999 14.03% 15.42% 15.53%Under $35,000 36.00% 34.73% 31.09%

Average Household Income $65,503 $61,157 $67,281

Median Household Income $49,979 $49,855 $53,261

Per Capita Income $24,311 $21,507 $24,821

HOUSEHOLDS BY EXPENDITURE 1 MILE 3 MILES 5 MILESTotal Average Household Retail Expenditure $60,624 $61,410 $64,240

Consumer Expenditure Top 10 Categories 0.0694 $16,287 $16,150 $16,838 Shelter $11,833 $12,289 $12,858 Transportation $8,444 $8,525 $8,905 Food $6,585 $6,680 $6,996 Personal Insurance and Pensions $5,124 $5,172 $5,546 Health Care $4,479 $4,180 $4,351 Utilities $4,089 $4,056 $4,181 Apparel $2,380 $2,251 $2,380 Entertainment $1,942 $1,847 $1,941 Household Operations $1,763 $1,578 $1,632

POPULATION PROFILE 1 MILE 3 MILES 5 MILESPopulation By Age

2017 Estimate Total Population 12,649 106,515 262,061Under 20 27.92% 29.04% 28.84%20 to 34 Years 19.36% 21.31% 22.22%35 to 39 Years 5.60% 6.48% 6.74%40 to 49 Years 10.79% 12.34% 12.63%50 to 64 Years 17.61% 17.99% 17.53%Age 65+ 18.71% 12.85% 12.05%

Median Age 37.37 34.76 34.29Population 25+ by Education Level

2017 Estimate Population Age 25+ 8,300 68,535 168,701Elementary (0-8) 5.01% 4.78% 3.53%Some High School (9-11) 7.51% 8.37% 6.68%High School Graduate (12) 27.33% 27.69% 26.97%Some College (13-15) 27.04% 29.08% 28.45%Associate Degree Only 9.57% 9.52% 9.69%Bachelors Degree Only 13.53% 12.44% 15.45%Graduate Degree 9.07% 6.99% 8.12%

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SAN ANTONIO TEXAS

Walgreens

LIOR REGENSTREIFSENIOR MANAGING DIRECTOR INVESTMENTS

SENIOR DIRECTOR, NET LEASED PROPERTIES GROUPENCINO OFFICE

Tel: (818) 212-2730Fax: (818) 212-2710

[email protected]: CA 01267761

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