WALGREENS - Matthews · 2019-05-16 · services, pharmacy, and health and wellness services through drugstores, as well as through mail, and by telephone and online. The company sells

OFFERING MEMORANDUM

WALGREENS 1223 ST. ANDREWS RD, COLUMBIA, SC 29210

Matthews Retail Group

CONFIDENTIALITY & DISCLAIMER STATEMENTThis Of fer ing Memorandum contains se lec t in format ion per ta in ing to the bus iness and af fa i rs of Walgreens located at 1223 St Andrews Rd, Columbia, SC 29210 (“Proper ty”). I t has been prepared by Mat thews Retai l Group . This Of fer ing Memorandum may not be al l - inc lus ive or contain a l l o f the in format ion a prospect ive purchaser may desi re. The in format ion contained in th is Of fer ing Memorandum is conf ident ia l and furn ished sole ly for the purpose of a rev iew by a prospect ive purchaser of the Proper ty. I t i s not to be used for any other purpose or made avai lable to any other person wi thout the wr i t ten consent of Sel le r or Mat thews Retai l Group . The mater ia l i s based in par t upon in format ion suppl ied by the Sel ler and in par t upon f inancia l in format ion obtained f rom sources i t deems re l iable. Owner, nor thei r of f icers, employees, or agents makes any representa t ion or warranty, express or impl ied, as to the accuracy or comple teness of th is Of fer ing Memorandum or any of i t s contents and no legal l iabi l i ty i s assumed or shal l be impl ied wi th respect there to. Prospect ive purchasers should make thei r own projec t ions and form thei r own conclus ions wi thout re l iance upon the mater ia l contained herein and conduct thei r own due di l igence.

By acknowledging your receipt of th is Of fer ing Memorandum for the Proper ty, you agree:

1. The Of fer ing Memorandum and i t s contents are conf ident ia l ;

2. You wi l l ho ld i t and t reat i t in the s t r ic tes t o f conf idence; and

3. You wi l l not , di rec t ly or indi rec t ly, disc lose or permi t anyone e lse to disc lose th is Of fer ing Memorandum or i t s contents in any fashion or manner det r imenta l to the in teres t of the Sel ler.

Owner and Mat thews Retai l Group express ly reser ve the r igh t , a t thei r so le discre t ion, to re jec t any and al l express ions of in teres t or of fers to purchase the Proper ty and to terminate discuss ions wi th any person or ent i ty rev iewing th is Of fer ing Memorandum or making an of fer to purchase the Proper ty un less and unt i l a wr i t ten agreement for the purchase and sale of the Proper ty has been fu l ly executed and del ivered.

I f you wish not to pursue negot ia t ions leading to the acquis i t ion of the Proper ty or in the fu tu re you discont inue such negot ia t ions, then you agree to purge al l mater ia ls re la t ing to th is Proper ty inc luding th is Of fer ing Memorandum.

A prospect ive purchaser ’s so le and exc lus ive r igh ts wi th respect to th is prospect ive t ransact ion, the Proper ty, or in format ion provided herein or in connect ion wi th the sale of the Proper ty shal l be l imi ted to those express ly provided in an executed Purchase Agreement and shal l be subjec t to the terms thereof. In no event shal l a prospect ive purchaser have any other c la ims agains t Sel le r or Mat thews Retai l Group or any of thei r af f i l ia tes or any of thei r respect ive of f icers, Di rec tors, shareholders, owners, employees, or agents for any damages, l iabi l i ty, or causes of act ion re la t ing to th is so l ic i ta t ion process or the market ing or sa le of the Proper ty.

This Of fer ing Memorandum shal l not be deemed to represent the s ta te of af fa i rs of the Proper ty or cons t i tu te an indicat ion that there has been no change in the s ta te of af fa i rs of the Proper ty s ince the date th is Of fer ing Memorandum.

EXCLUSIVELY L ISTED BY:

Table of ContentsPRICING & FINANCIAL ANALYSIS

Investment Highlights ................................................... 2Executive Summary ..................................................... 3Company Overview ................................................... 4

PROPERTY DESCRIPTIONPhysical Description ..................................................... 7Tenant Map ................................................................ 8Regional Map ............................................................. 9Bird’s Eye ................................................................. 10

DEMOGRAPHICSCity Overview | Columbia, SC ................................... 12Demographics Report ................................................ 13

Lawrence ShawBroker of Record License No. 26145

Sam MandelbaumAssociate DIRECT +1.310.919.5839 MOBILE +1.310.283.5866 [email protected] License No. 01979802

Jordan UttalPartner DIRECT +1.310.919.5707 MOBILE +1.818.231.4670 [email protected] License No. 01512755

Matthews Retail Group

Patrick ToomeyManaging Partner DIRECT +1.310.919.5765 MOBILE +1.310.403.4984 [email protected] License No. 00881133

Pricing & Financial Analysis

OFFERING MEMORANDUM | WalgreensP. 2 Matthews Retail Group

PRICING AND FINANCIAL ANALYSIS PROPERTY DESCRIPTION DEMOGRAPHICS

Investment Highlights• Stand Alone / Signalized Corner with over 57,000

cars passing by daily

• 15 years remaining on an absolute NNN lease (Zero

Landlord Responsibilities)

• Dense population of over 16,000 people in a 1 mile

radius and over 115,000 people in a 5 mile radius

• Over 8% population growth since 2010

• Newer construction (Built in 2010)

• Sales have continued to steadily increase at this

location since it was built

• Large land parcel, situated on 1.85 acres

Matthews Retail Group P. 3Walgreens | OFFERING MEMORANDUM

PRICING AND FINANCIAL ANALYSIS PROPERTY DESCRIPTION DEMOGRAPHICS PRICING AND FINANCIAL ANALYSIS PROPERTY DESCRIPTION DEMOGRAPHICS

Executive Summary

WALGREENS1223 ST. ANDREWS RD COLUMBIA, SC 29210

List Price .........................................................................$5,672,727CAP Rate - Current .................................................................. 5.50%Gross Leasable Area ......................................................... 14,820 SFLot Size ........................................................... 1.85 Acres (80,586 SF)Year Built ..................................................................................2005

Annualized Operating DataMonthly Rent Annual Rent

Current - 11/1/2029 $26,000.00 $312,000.00

Ten (10) Five (5) Year Options $26,000.00 $312,000.00

Tenant Summary

Tenant Trade Name WAG

Type of Ownership Fee Simple

Lease Guarantor Walgreens Co.

Lease Type NNN

Roof and Structure Tenant Responsible

Original Lease Term 25 Years

Lease Commencement Date 09/28/2005

Lease Expiration Date 09/30/2030

Term Remaining on Lease 15 Years

Increases None

Options Ten (10) Five (5) Year Options



Company Overview

Property Name Walgreens

Gross Leasable Area 14,820

Property Type Drug Store

Parent Company Trade Name Walgreens Boots Alliance, Inc.

Ownership Public

Credit Rating BBB-

Rating Agency Standard & Poor’s

Revenue $76.392 B

Net Income $1.932 B

Stock Symbol WBA

Board NASDAQ

No. of Locations ± 8,229

No. of Employees ± 370,000

Headquartered Deerfield, Illinois

Web Site www.walgreens.com

Year Founded 1901

Walgreens Boots Alliance, Inc., together with its subsidiaries, operates a network of drugstores in the United States. It provides consumer goods and services, pharmacy, and health and wellness services through drugstores, as well as through mail, and by telephone and online. The company sells prescription and non-prescription drugs; and general merchandise, including convenience and fresh foods, household items, personal care, photofinishing and candy, and beauty care. It also provides specialty pharmacy services for managing complex and chronic health conditions; customers infusion therapy services consisting of administration of intravenous medications for cancer treatments, chronic pain, heart failure, and other infections and disorders; and clinical services, such as laboratory monitoring, medication profile review, nutritional assessments, and patient and caregiver education. In addition, the company manages in-store convenient care clinics (Healthcare Clinics). As of October 20, 2014, it operated 8,207 locations in 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. The company also managed approximately 400 Healthcare Clinics and provider practice locations. The company was founded in 1901 and is based in Deerfield, Illinois.


Property Description





Physical Description

THE OFFERINGProperty Name ..................................................................... Walgreens

Property Address ...................................................1223 St. Andrews Rd

Columbia, SC 29210

Assessor’s Parcel Number ................................................R06113-01-01

SITE DESCRIPTIONNumber of Stories ...........................................................................One

Year Built ...................................................................................... 2010

Gross Leasable Area (GLA) .................................................... 14,820 SF

Lot Size ............................................................ 1.85 Acres (80,586 SF)

Type of Ownership ................................................................ Fee Simple

Parking ...................................................................±62 Surface Spaces

Parking Ratio ................................................................4.18 : 1,000 SF

Landscaping ........................................................................Professional

Topography ....................................................................Generally Level

CONSTRUCTIONFoundation .......................................................................Concrete Slab

Framing ...................................................................................... Wood

Exterior ......................................................................................... Brick

Parking Surface .........................................................................Asphalt

Roof ................................................................................................Flat



Tenant Map



Regional Map



Bird’s Eye

36,000+ CPD

21,000+ CPD


Demographics



City Overview | Columbia, SCColumbia is the capital of and largest city in the U.S. state of South Carolina. The city is located approximately 13 miles northwest of the geographic center of South

Carolina, and is the primary city of the Midlands region of the state. Columbia is also the center of the Columbia metropolitan statistical area, which has a population of

over 800,000 people according to 2014 U.S. Census estimates.

Being that Columbia is a major city, it is known as a tourist and entertainment hub of the state. It is home to several entertainment districts with outdoor cafes, coffee

shops, art galleries and shops that present year-round opportunities for socializing and enjoying the outdoors. Common attractions for visitors include historical sites,

recreation areas, museums, and sporting events.

Columbia has a diversified economy with a wide range of employers. Top employers include the South Carolina State Government the Palmetto Health hospital system,

Blue Cross Blue Shield of South Carolina, Palmetto GBA, and the University of South Carolina. In addition, many top Fortune 500 companies have regional or global

headquarters within Columbia. Columbia is also home to the University of South Carolina, the state’s flagship and largest university, and is also the site of Fort Jackson,

the largest United States Army installation for Basic Combat Training.

The city of Columbia has recently accomplished a number of

urban redevelopment projects and has several more

planned. The historic Congaree Vista, a 1,200-acre district

running from the central business district toward the

Congaree river, features a number of historic buildings that

have been rehabilitated since its revitalization begun in the

late 1980s. Of note is the adaptive reuse of the Confederate

Printing Plant on Gervais and Huger, used to print

Confederate bills during the American Civil War. This won

Columbia an award from the International Downtown

Association. The Vista district is also where the region’s

convention center and anchor Hilton hotel with a Ruth’s

Chris Steakhouse restaurant are located. Other notable

developments under construction and recently completed include high-end condos and townhomes, hotels, and mixed use structures.



Demographics ReportPopulation 1-Mile 3-Mile 5-Mile2020 Projection 17,575 56,787 124,7632015 Estimate 16,662 53,851 117,9002010 Census 15,422 50,716 110,5782000 Census 12,936 49,773 108,781Growth 2015-2020 5.48% 5.45% 5.82%Growth 2010-2015 8.04% 6.18% 6.62%Growth 2000-2010 -1.26% 2.41% 3.22%

Households2020 Projection 6,977 23,400 52,1252015 Estimate 6,529 22,027 49,0792010 Census 5,904 20,822 46,4102000 Census 6,299 20,839 44,445Growth 2015-2020 6.86% 6.23% 6.21%Growth 2010-2015 10.53% 7.29% 7.05%Growth 2000-2010 -6.28% -0.08% 4.42%

Income$0 - $15,000 22.13% 15.98% 15.12%$15,000 - $24,999 19.83% 14.90% 13.63%$25,000 - $34,999 13.68% 11.99% 12.02%$35,000 - $49,999 19.55% 18.96% 17.00%$50,000 - $74,999 14.00% 18.38% 18.18%$75,000 - $99,999 5.57% 8.87% 10.34%$100,000 - $124,999 3.15% 5.45% 6.29%$125,000 - $149,999 1.09% 2.30% 3.11%$150,000 - $199,999 0.87% 2.21% 2.95%$200,000 - $249,999 0.10% 0.55% 0.76%$250,000 - $499,999 0.02% 0.36% 0.52%$500,000+ 0.02% 0.06% 0.08%2015 Est. Average Household Income $38,168 $50,698 $55,3452015 Est. Median Household Income $30,888 $40,638 $43,137

Matthews Retail Group | 841 Apollo Street, Suite 150 | El Segundo, CA 90245 | www.MatthewsRetailGroup.com

WALGREENS1223 St. Andrews RdColumbia, SC 29210OFFERING MEMORANDUM

Lawrence ShawBroker of Record License No. 26145

Sam MandelbaumAssociate DIRECT +1.310.919.5839 MOBILE +1.310.283.5866 [email protected] License No. 01979802

Jordan UttalPartner DIRECT +1.310.919.5707 MOBILE +1.818.231.4670 [email protected] License No. 01512755

Documents

WALGREENS - Matthews · 2019-05-16 · services, pharmacy, and health and wellness services through drugstores, as well as through mail, and by telephone and online. The company sells