walgreens portfolio zero cash flow leaseholds€¦ · portfolio overview portfolio pricing summary...

Walgreens Portfolio Zero Cash Flow LeaseholdsA Net Lease Investment Opportunity

Confidential Offering MemorandumRepresentative Photo

The information contained in this Offering Memorandum is confidential, furnished solely for the purpose of review by a prospective purchaser of the Walgreens Zero Cash Flow Portfolio in AL, CA, FL, VA, CT, DC, NY, CO, TN, MS presented herein (the “Property,” or “Properties,” or ”Portfolio”) and is not to be used for any other purpose or made available to any other person without the express written con-sent of The Net Lease Group, LLC. (“NLG”). The material is based in part upon information supplied by Owner and in part upon information obtained by The Net Lease Group from sources it deems reasonably reliable. Summaries of any documents are not intended to be comprehensive or all inclusive but rather only an outline of some of the provisions contained therein. No warranty or representation, expressed or implied, is made by Owner, The Net Lease Group, or any of their respective affiliates, as to the accu-racy or completeness of the information contained herein or any other written or oral communication transmitted to a prospective purchaser in the course of its evaluation of the Portfolio. No legal liability is assumed or implied in connection with the information or such other communications. Without lim-iting the generality of the foregoing, the information shall not be deemed a representation of the state of affairs of any Property or constitute an indication that there has been no change in the business or affairs of any Property since the date of preparation of the information. Prospective purchasers should make their own projections and conclusions without reliance upon the materials contained herein and conduct their own independent due diligence, including engineering and environmental inspections, to determine the condition of any Property and the existence of any potentially hazardous material located at the site. This Offering Memorandum was prepared by The Net Lease Group and has been reviewed by the Owner. It contains select information pertaining to each Property and does not purport to be all inclusive or to contain all of the information which a prospective purchaser may desire. All financial pro-jections are provided for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors beyond control and, therefore, are subject to material change or variation. An opportunity to inspect any Property will be made available to qualified prospec-tive purchasers. In this Offering Memorandum, certain documents and other materials are described in summary form. The summaries do not purport to be complete nor, necessarily, accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents. This Offering Memorandum is subject to prior placement, errors, omissions, changes or with-drawal without notice and does not constitute a recommendation, endorsement or advice as to the val-ue of any Property by The Net Lease Group or the Owner. Each prospective purchaser is to rely upon its own investigation, evaluation and judgment as to the advisability of purchasing any Property described herein. Owner and The Net Lease Group expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions with any party at any time with or without notice. Owner shall have no legal commitment or obligation to any interested party reviewing this Offering Memorandum or making an offer to purchase any Property unless a written agreement for the purchase of said Property has been fully executed and delivered by the Owner and such party and any conditions to Owner’s obligations thereunder have been satisfied or waived and then only to the extent expressly provided for therein. The Net Lease Group is not autho-rized to make any representations or agreements on behalf of Owner. This Offering Memorandum is the property of The Net Lease Group and may be used only by parties approved by The Net Lease Group and Owner. The Portfolio is privately offered and, by accept-ing delivery of this Offering Memorandum, the party in possession hereof agrees (i) to return it to The Net Lease Group immediately upon request of The Net Lease Group or Owner and (ii) that this Offering Memorandum and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Offering Memorandum may be copied or otherwise reproduced or dis-closed to anyone without the prior written authorization of The Net Lease Group and Owner. The terms and conditions set forth above apply to this Offering Memorandum in its entirety.

CONFIDENTIALITY & RESTRICTED USE AGREEMENT

EXCLUSIVELY MARKETED BYPhilip WickstromManaging [email protected]

Esmael HillManaging [email protected]

Maxwell SchlesingerAssociate404.551.2013mschlesinger@thenetleasegroup.com

3350 Riverwood Parkway, Suite 700Atlanta, GA 30339

thenetleasegroup.com

TABLE OF CONTENTS

Executive Summary..........................1 The Offering Investment Highlights

Portfolio Overview..........................3 Loan & Lease Summary Paydown-Readvance Map of Properties Portfolio Pricing

Tenant Overview..............................6 Tenant Summary Tenant Facts & Figures

Location Overviews .......................8 Map and Demographics Lease & Loan Summary Trade Area Aerial

Bid Instructions...............................34

Representative Photo

The Net Lease Group is pleased to exclusively offer for sale a portfolio of thirteen (13) leasehold Walgreens retail properties with in-place, fully amortizing, assumable, zero cash flow debt financing. The properties are located in ten states: New York, Connecticut, the District of Columbia, Florida, California, Alabama, Virginia, Colorado, Tennessee, and Mississippi.

Each property is leased to Walgreens through an absolute triple net lease which is 100% guaranteed by Walgreen Company and provides that there are no Landlord responsibilities whatsoever. Each lease has over 22 years remaining of firm term and will continue to run unless the tenant exercises its right to terminate. The tenant’s first option to terminate is April 30, 2039, and the tenant must provide 18 months written notice.

The properties may be acquired as a portfolio, individually, or in a smaller pool of properties.

EXECUTIVE SUMMARY

THE OFFERING

Representative Photo 1

EXECUTIVE SUMMARYINVESTMENT HIGHLIGHTS

ABSOLUTE NET LEASES The leases are absolute net leases with No Landlord Responsibilities Whatsoever. The tenant is responsible for all taxes, insurance, maintenance, repair and operating costs associated with the property.

CORPORATE GUARANTY All the leases are completely guaranteed by Walgreen Company (NYSE: WBA), an investment grade tenant (S&P: BBB/Stable) with Annual Revenues exceeding $117.4 Billion.

SCALABILITY TO SATISFY EXCHANGE NEEDS OF ALL SIZES This portfolio of properties offers ease and scalability to satisfy large and small exchange needs while enabling investors to replace large amounts of debt, if needed.

PAYDOWN RE-ADVANCE An investor can satisfy the equity and debt portion of the investor’s exchange through the acquisition and subsequently extract the equity in excess of the required purchase equity with no tax liability.

PASSIVE LOSSES The passive losses generated by the zerocash flow structure may enable an investor to offset or reduce passive income, and thereby reduce the investor’s tax liability.

EXCELLENT VISIBILITY AND INGRESS/EGRESS Each property was strategically selected and approved by Walgreens to be well located in its respective market and provide excellent visibility and accessibility.

POTENTIAL APPRECIATION AT LEASE RENEWAL High probability for appreciation upon lease renewal given the fixed option period rent provided for in the lease combined with Walgreens historically low exit cap rates.

POTENTIAL APPRECIATON OF THE REAL ESTATE Through its site selection process, Walgreens obtains desirable and valuable locations that tend to appreciate over time.


PORTFOLIO OVERVIEW


LEASE GUARANTOR Walgreen Company

INITIAL LEASE TERM 25 Years

LEASE COMMENCEMENT April 3, 2014

LEASE EXPIRATION See Individual Lease Summary

FIRST TERMINATION OPTION April 30, 2039

LANDLORD RESPONSIBILITIES None Whatsoever

RENT HOLIDAY None

LOAN BALANCE

INTEREST RATE 5.15%

LOAN MATURITY DATE April 5, 2039

BALLOON BALANCE $0.00 (Fully Amortizing Loan)

PAYDOWN-READVANCE Borrower can utilize the paydown-readvance feature

LEASE SUMMARY

LOAN SUMMARY

$8,342,001.57 (07/01/2017)

3

PORTFOLIO OVERVIEW

A Section 1031 Exchange Investor in the Walgreens property or properties can utilize the paydown-readvance feature of the existing debt to cover any debt and equity requirements associated with the trade, and extract cash from the transaction. The following hypothetical illustrates how the paydown-readvance feature could be utilized:

HYPOTHETICAL An Investor with a $9 million downleg trade ($4 million of equity and $5 million of debt) is seeking a property or properties to acquire in order to accomplish an I.R.C. Section 1031 Exchange.

SOLUTION The Investor can purchase the Walgreens Portfolio by assuming the in-place debt of $8 million and investing the required equity of $1.5 million.

STEP ONE The Investor’s $4 million of equity is applied to the purchase of the Walgreens Portfolio which covers the required equity of the transaction.

STEP TWO $2.5 million of the Investor’s equity (the excess of the Investor’s $4 million of equity from the downleg trade over the $1.5 million required to purchase the Walgreens Portfolio) is applied to temporarily paydown the current debt balance of the portfolio. The resulting interim debt balance is $5.5 million, which covers the replacement debt required to satisfy the Investor’s exchange.

STEP THREE The debt is readvanced from the interim debt balance of $5.5 million to the previous debt balance of $8.38 million, and the Investor’s $2.5 million of excess equity is return to the Investor without any tax liability.

THE RESULT The Investor has satisfied 100% of his exchange need (both debt and equity) and extracted $2.5 million of non-taxable cash proceeds to be used as the Investor chooses without any tax liability.

PAYDOWN-READVANCE


PORTFOLIO OVERVIEWPORTFOLIO PRICING SUMMARY

13

2

4

9

11

3

11477

12980

9004

11612

12885

10321

4470 Royal Pine Dr.

7425 Tazewell Pike

8955 Lantana Rd

12 W. Hanford-Armona Rd

2495 Sandy Point Rd

348 Highway 90

Colorado Springs

Corryton

Lake Worth

Lemoore

Palm Harbor

Waveland

CO

TN

FL

CA

FL

MS April 3, 2014

April 3, 2014

April 3, 2014

April 3, 2014

April 3, 2014

April 3, 2014

April 30, 2039

April 30, 2039

April 30, 2039

April 30, 2039

April 30, 2039

April 30, 2039

$232,782.72

$223,418.64

$178,324.68

$196,525.08

$205,326.00

$200,103.24

$3,056,221.92

$2,921,067.82

$2,330,581.94

$2,568,907.80

$2,684,153.83

$2,615,765.50

$35,424,745.75

$504,276.62

$525,792.21

$384,546.02

$436,714.33

$442,885.38

$431,601.31

$6,042,860.44

$3,560,498.54

$3,446,860.03

$2,715,127.96

$3,005,622.13

$3,127,039.21

$3,047,366.81

$41,467,606.19

Pool

A

B

C

D

E

StoreNumber

Street Address City StateLease

CommencementFirst Termination

OptionLeasehold

Annual RentLoan Balance(07/01/2017)

RequiredEquity

PurchacePrice

1

8

10

7

12

6

5

2257 1973 Forest Avenue Staten Island NY April 3, 2014

April 3, 2014

April 3, 2014

April 3, 2014

April 3, 2014

April 3, 2014

April 3, 2014

April 30, 2039

April 30, 2039

April 30, 2039

April 30, 2039

April 30, 2039

April 30, 2039

April 30, 2039

$226,816.68 $2,965,567.73 $533,802.19 $3,499,369.92

12361 25421 Eastern Marketplace Chantilly VA $205,950.60 $2,692,333.83 $457,696.75 $3,150,030.58

11651 4700 US Highway 280 Birmingham AL $230,501.28 $3,013,817.02 $512,348.89 $3,526,165.91

10397 1715 N. Bristol Street Santa Ana CA $203,297.88 $2,657,597.86 $451,791.64 $3,109,389.50

10647 284 South Colony Road Wallingford CT $193,120.20 $2,524,324.33 $416,513.51 $2,940,837.84

10311 3524 Connecticut Avenue Washington DC $212,970.36 $2,784,254.86 $501,165.87 $3,285,420.73

7883 3975 A1A Street St. AugustineBeach

FL $199,674.60 $2,610,151.31 $443,725.72 $3,053,877.03

5

TENANT SUMMARYTENANT OVERVIEW

Walgreens (S&P: BBB) headquartered in Deerfield, IL, is the second largest drugstore chain in the U.S., with more than 8,100 stores in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. In addition, the company operates more than 400 in-store and worksite health and wellness centers that offer immunizations, prevention and wellness programs, as well as treatments for minor injuries, illnesses and skin conditions, which managing and monitoring ongoing health conditions. Walgreens provides consumer goods, pharmacy and wellness services through its retail drugstores, direct mail, telephone and online platforms. The company sells prescription and non-prescription drugs and general merchandise including household products, convenience and fresh foods, personal care, beauty care, photo finishing, as well as home medical equipment, contact lenses, vitamins, supplements and other health and wellness solutions. Walgreens also provides specialty pharmacy services for managing complex and chronic health conditions. In December 2014, Walgreens completed its strategic combination with Alliance Boots to establish Walgreens Boots Alliance, Inc. (NASDAQ: WBA), the first global pharmacy-led, health and wellbeing enterprise. The combination brought together two leading companies with iconic brands, complementary geographic footprints, shared values and a heritage of trusted health care services through community pharmacy care and pharmaceutical wholesaling. Both companies have more than a century’s worth of experience in customer and patient care. Today, Walgreens is part of the Retail Pharmacy USA division of Walgreens Boots Alliance. In fiscal year 2016, Walgreens filled 928 million prescriptions (including immunizations). With stores located within five-miles of approximately 76 percent of Americans, and through popular online offerings and its awardwinning mobile app, Walgreens interacts with 10 million customers per day. In fiscal year 2016, Walgreens reported annual revenues of $117.4 billion, which equated to a 13.4% year-over-year increase in annual sales.


TENANT SUMMARY

GUARANTOR Walgreen Co.

HEADQUARTERS

STOCK SYMBOL WBA

CREDIT RATING (S&P) BBB

BUSINESS Retail Pharmacy

LOCATIONS 8,100+

ANNUAL REVENUE $117.35 Billion

$4.17 Billion

EARNINGS/SHARE (TTM) $3.82

WEBSITE www.walgreens.com

OPERATING PROFIT

Deerfield, IL

6

TENANT FACTS & FIGURES

TENANT OVERVIEW

8,175+ PHARMACY STORE LOCATIONS Walgreens has more than 8,175+ retail drug stores in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands.

245,000+ EMPLOYEES Walgreens employs more than 245,000 colleagues across all 50 states, Washington, D.C., Puerto Rico and the U.S. Virgin Islands.

928 MILLION PRESCRIPTIONS Walgreens fills or manages 928 million prescriptions on a 30-day adjusted basis in 2016.

76,000 HEALTHCARE SERVICE PROVIDERS Walgreens has more than 76,000 healthcare service providers, including pharmacists, pharmacy technicians, nurse practitioners and other health-related professionals.

87 MILLION BALANCE REWARD MEMBERS Walgreens has approximately 87 million Balance Reward active members as of August 2016.

10 MILLION CUSTOMERS SERVED DAILY Every day, Walgreens serves 10 million customers in its retail pharmacies and on-line.


LOCATION OVERVIEW STATEN ISLAND, NYDEMOGRAPHICS 1 MILE 3 MILES 5 MILES

TOTAL POPULATION

AVERAGE HOUSEHOLD INCOME

PERCENTAGE OF POPULATION 45+ 37.70% 40.10% 40.60%

$83,268 $86,767 $81,637

42,934 207,200 552,782

LEASE SUMMARY

STREET ADDRESS

CITY, STATE

STORE NUMBER

LAND AREA (ACRES)

BUILDING SIZE (SQUARE FEET)

YEAR BUILT

LEASE GUARANTOR

LEASE COMMENCEMENT

LEASE EXPIRATION

FIRST TERMINATION OPTION

LEASEHOLD ANNUAL RENT

LANDLORD RESPONSIBILITIES

RENT HOLIDAY

GROUND LEASE COMMENCEMENT

GROUND LEASE EXPIRATION


INTEREST RATE


LOAN SUMMARY

Walgreen Co.

April 3, 2014

April 30, 2039

None Whatsoever

None

5.15%

1973 Forest Avenue

Staten Island, NY

2257

0.6646

8,299

2008

July 31, 2056

$226,816.68

April 1, 2006

March 31, 2055

August 31, 2039

LOAN BALANCE (07/01/2017) $2,965,567.73

8

STATEN ISLAND, NY

9

LOCATION OVERVIEW COLORADO SPRINGS, CO

DEMOGRAPHICS 1 MILE 3 MILES 5 MILES

TOTAL POPULATION


PERCENTAGE OF POPULATION 45+ 35% 35% 35%

$132,165 $110,227 $101,546

11,945 65,204 156,440

LOAN BALANCE (07/01/2017)

STREET ADDRESS

CITY, STATE

STORE NUMBER

LAND AREA (ACRES)


YEAR BUILT

LEASE GUARANTOR

LEASE COMMENCEMENT

LEASE EXPIRATION




RENT HOLIDAY




INTEREST RATE


Walgreen Co.

April 3, 2014

April 30, 2039

None Whatsoever

None

5.150%

4470 Royal Pine Dr.

Colorado Springs, CO

11477

1.77

14,550

2010

November 29, 2085

$232,782.72

Nov 10, 2010

Nov 30, 2085

Eleven, 5 Year Periods

$3,056,221.92

LEASE SUMMARY

LOAN SUMMARY

10

COLORADO SPRINGS, CO

11

LOCATION OVERVIEW LAKE WORTH, FLDEMOGRAPHICS 1 MILE 3 MILES 5 MILES

TOTAL POPULATION



$100,270 $94,807 $83,037

5,370 64,838 183,858


STREET ADDRESS

CITY, STATE

STORE NUMBER

LAND AREA (ACRES)


YEAR BUILT

LEASE GUARANTOR

LEASE COMMENCEMENT

LEASE EXPIRATION




RENT HOLIDAY




INTEREST RATE


Walgreen Co.

April 3, 2014

April 30, 2039

None Whatsoever

None

5.150%

8955 Lantana Rd

Lake Worth, FL

9004

2.02

14,748

2010

December 30, 2079

$178,324.68

Feb 23, 2005

December 31, 2079

Ten, 5 Year Periods

$2,330,581.94

LEASE SUMMARY

LOAN SUMMARY

12

LAKE WORTH, FL

13

LOCATION OVERVIEW CHANTILLY, VA


TOTAL POPULATION



$196,341 $160,520 $164,100

6,936 36,132 132,749

LEASE SUMMARY

LOAN SUMMARY


STREET ADDRESS

CITY, STATE

STORE NUMBER

LAND AREA (ACRES)


YEAR BUILT

LEASE GUARANTOR

LEASE COMMENCEMENT

LEASE EXPIRATION




RENT HOLIDAY




INTEREST RATE


Walgreen Co.

April 3, 2014

April 30, 2039

None Whatsoever

None

5.150%

25421 Eastern Marketplace Plaza

Chantilly, VA

12361

1.40

10,900

2010

June 29, 2085

$205,950.60

June 25, 2010

June 30, 2085


$2,692,333.83

14

CHANTILLY, VA

15

STREET ADDRESS

CITY, STATE

STORE NUMBER

LAND AREA (ACRES)


YEAR BUILT

LEASE GUARANTOR

LEASE COMMENCEMENT

LEASE EXPIRATION




RENT HOLIDAY




INTEREST RATE


Walgreen Co.

April 3, 2014

April 30, 2039

None Whatsoever

None

5.150%

2495 Sandy Point Rd

Palm Harbor, FL

12885

1.50

13,548

2010

March 30, 2085

$205,326.00

March 11, 2010

March 31, 2085

One, 5 Year Periods

$2,684,153.83

LOCATION OVERVIEW PALM HARBOR, FLDEMOGRAPHICS 1 MILE 3 MILES 5 MILES

TOTAL POPULATION



$98,367 $84,909 $85,736

4,616 57,121 152,462


LEASE SUMMARY

LOAN SUMMARY

16

PALM HARBOR, FL

17


TOTAL POPULATION



$75,497 $97,189 $121,797

8,892 39,254 88,967

LOCATION OVERVIEW BIRMINGHAM, AL LEASE SUMMARY

LOAN SUMMARY

STREET ADDRESS

CITY, STATE

STORE NUMBER

LAND AREA (ACRES)


YEAR BUILT

LEASE GUARANTOR

LEASE COMMENCEMENT

LEASE EXPIRATION




RENT HOLIDAY




INTEREST RATE


Walgreen Co.

April 3, 2014

April 30, 2039

None Whatsoever

None

5.150%

4700 US Highway 280

Birmingham, AL

11651

0.38

11,359

2008

August 30, 2083

$230,501.28

Nov 1, 2008

October 31, 2083

One, 5 Year Periods

LOAN BALANCE (07/01/2017) $3,013,817.02

1818

BIRMINGHAM, AL

19


TOTAL POPULATION



$76,746 $70,126 $78,329

41,963 370,604 751,992

LOCATION OVERVIEW SANTA ANA, CA LEASE SUMMARY

LOAN SUMMARY

STREET ADDRESS

CITY, STATE

STORE NUMBER

LAND AREA (ACRES)


YEAR BUILT

LEASE GUARANTOR

LEASE COMMENCEMENT

LEASE EXPIRATION




RENT HOLIDAY




INTEREST RATE


Walgreen Co.

April 3, 2014

April 30, 2039

None Whatsoever

None

5.150%

1715 N. Bristol Street

Santa Ana, CA

10397

1.05

11,560

2009

March 30, 2083

$203,297.88

April 1, 2008

March 31, 2083

One, 5 Year Periods

LOAN BALANCE (07/01/2017) $2,657,597.86

2020

SANTA ANA, CA

21

LOCATION OVERVIEW WAVELAND, MSDEMOGRAPHICS 1 MILE 3 MILES 5 MILES

TOTAL POPULATION



$50,620 $53,266 $51,873

3,981 18,475 24,023

STREET ADDRESS

CITY, STATE

STORE NUMBER

LAND AREA (ACRES)


YEAR BUILT

LEASE GUARANTOR

LEASE COMMENCEMENT

LEASE EXPIRATION




RENT HOLIDAY




INTEREST RATE


Walgreen Co.

April 3, 2014

April 30, 2039

None Whatsoever

None

5.150%

348 Highway 90

Waveland, MS

10321

1.52

14,857

2008

July 30, 2083

$200,103.24

July 2, 2008

July 31, 2083

Twelve, 5 Year Periods

$2,615,765.50LOAN BALANCE (07/01/2017)

LEASE SUMMARY

LOAN SUMMARY

22

WAVELAND, MS

23


TOTAL POPULATION



$70,807 $95,447 $101,060

12,134 40,247 84,226

LOCATION OVERVIEW WALLINGFORD, CT LEASE SUMMARY

LOAN SUMMARY

STREET ADDRESS

CITY, STATE

STORE NUMBER

LAND AREA (ACRES)


YEAR BUILT

LEASE GUARANTOR

LEASE COMMENCEMENT

LEASE EXPIRATION




RENT HOLIDAY




INTEREST RATE


Walgreen Co.

April 3, 2014

April 30, 2039

None Whatsoever

None

5.150%

284 South Colony Road

Wallingford, CT

10647

2.6767

14,738

2008

August 30, 2083

$193,120.20

July 1, 2008

June 30, 2083

June 30, 2033

LOAN BALANCE (07/01/2017) $2,524,324.33

2424

WALLINGFORD, CT

25


TOTAL POPULATION



$77,758 $78,180 $76,580

4,256 25,076 49,710

LOCATION OVERVIEW ST. AUGUSTINE BEACH, FL LEASE SUMMARY

LOAN SUMMARY

STREET ADDRESS

CITY, STATE

STORE NUMBER

LAND AREA (ACRES)


YEAR BUILT

LEASE GUARANTOR

LEASE COMMENCEMENT

LEASE EXPIRATION




RENT HOLIDAY




INTEREST RATE


Walgreen Co.

April 3, 2014

April 30, 2039

None Whatsoever

None

5.150%

3975 A1A Street

St. Augustine Beach, FL

7883

1.67

13,800

2008

March 30, 2083

$199,674.60

March 19, 2008

March 31, 2083


LOAN BALANCE (07/01/2017) $2,610,151.31

2626

ST. AUGUSTINE BEACH, FL

27

LOCATION OVERVIEW CORRYTON, TNDEMOGRAPHICS 1 MILE 3 MILES 5 MILES

TOTAL POPULATION



$67,894 $66,635 $65,574

2,468 13,041 33,872

STREET ADDRESS

CITY, STATE

STORE NUMBER

LAND AREA (ACRES)


YEAR BUILT

LEASE GUARANTOR

LEASE COMMENCEMENT

LEASE EXPIRATION




RENT HOLIDAY




INTEREST RATE


Walgreen Co.

April 3, 2014

April 30, 2039

None Whatsoever

None

5.150%

7425 Tazewell Pike

Corryton, TN

12980

1.94

14,820

2010

April 29, 2070

$223,418.64

May 1, 2010

April 30, 2070

Eight, 5 Year Periods

$2,921,067.82LOAN BALANCE (07/01/2017)

LEASE SUMMARY

LOAN SUMMARY

28

CORRYTON, TN

29

LOCATION OVERVIEW LEMOORE, CADEMOGRAPHICS 1 MILE 3 MILES 5 MILES

TOTAL POPULATION



$67,555 $73,666 $71,713

14,003 28,001 34,922

STREET ADDRESS

CITY, STATE

STORE NUMBER

LAND AREA (ACRES)


YEAR BUILT

LEASE GUARANTOR

LEASE COMMENCEMENT

LEASE EXPIRATION




RENT HOLIDAY




INTEREST RATE


Walgreen Co.

April 3, 2014

April 30, 2039

None Whatsoever

None

5.150%

12 W. Hanford-Armona Rd

Lemoore, CA

11612

1.09

11,439

2009

September 29, 2083

$205,950.60

Sept 11, 2008

Sept 30, 2083

One, 5 Year Periods

$2,568,907.80LOAN BALANCE (07/01/2017)

LEASE SUMMARY

LOAN SUMMARY

30

LEMOORE, CA

31


TOTAL POPULATION



$165,714 $145,155 $142,910

31,595 353,573 742,001

LOCATION OVERVIEW WASHINGTON, DC

LOAN SUMMARY

LEASE SUMMARY

STREET ADDRESS

CITY, STATE

STORE NUMBER

LAND AREA (ACRES)


YEAR BUILT

LEASE GUARANTOR

LEASE COMMENCEMENT

LEASE EXPIRATION




RENT HOLIDAY




INTEREST RATE


Walgreen Co.

April 3, 2014

April 30, 2039

None Whatsoever

None

5.150%

3524 Connecticut Avenue NW

Washington, DC

10311

0.22

8,000

2008

November 29, 2057

$212,970.36

Nov 29, 2007

November 30, 2057

November 30, 2017

LOAN BALANCE (07/01/2017) $2,784,254.86

3232

WASHINGTON, DC

33

BID INSTRUCTIONSAll purchase offers must be submitted to The Net Lease Group and should include written responses to the following:

1. Confirm that the Purchaser will assume the in-place debt.

2. Indicate the amount of equity over the debt and the resulting purchase price being offered by the investor.

3. Provide any comments to the Letter of Intent provided for this transaction.

4. Provide the name of the firm(s)/attorney(s) that will act as legal counsel for the Purchaser.

5. Provide an overview of the Purchaser’s structure and source of equity that will be used to make the acquisition.

6. Provide the Purchaser’s relevant history and experience acquiring zero cash flow assets.

Please contact us with any questions or comments.


Philip WickstromManaging [email protected]

Esmael HillManaging [email protected]

Maxwell SchlesingerAssociate404.551.2013mschlesinger@thenetleasegroup.com

3350 Riverwood Parkway, Suite 700Atlanta, GA 30339

thenetleasegroup.com


walgreens portfolio zero cash flow leaseholds€¦ · portfolio overview portfolio pricing summary...

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