triple net leased Walgreens investment property

1. NET LEASED INVESTMENT OFFERING
Walgreens
3909 Mormon Coulee Road
La Crosse, WI
CONFIDENTIAL OFFERING MEMORANDUM
www.bouldergroup.com

2. TABLE OF CONTENTS
NET LEASED INVESTMENT OFFERING
TABLE OF CONTENTS
1) Confidentiality & Disclaimer
2) Executive Summary
3) Property Overview
4) Maps
5) Aerial
6) Tenant Profile
7) Demographic Comparison Report
8) Location Overview
9) Contact Information
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3. CONFIDENTIALITY & DISCLAIMER
NET LEASED INVESTMENT OFFERING
CONFIDENTIALITY & DISCLAIMER
The 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 The Boulder Group and should not be made available to any other person or entity
without the written consent of The Boulder Group. 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. The Boulder Group 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, 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.
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4. EXECUTIVE SUMMARY
NET LEASED INVESTMENT OFFERING
EXECUTIVE SUMMARY
The Boulder Group is pleased to exclusively market for sale a Walgreens built in 2010 located in La Crosse, Wisconsin. This
14,500 square foot Walgreens was recently constructed and is located at a signalized intersection. La Crosse is located
along the western border of the midsection of Wisconsin and is considered one of the top places to live in the country,
according to a 2009 report by U.S. News. La Crosse is home to multiple top companies and the University of Wisconsin-La
Crosse, which has close to 1,000 students.
The property is located on Mormon Coulee Road (Highway 14 & 61), which is a major thoroughfare in La Crosse. Mormon
Coulee Road runs parallel to the Mississippi River through a heavy commercial district abutting the majority of the City’s
residential neighborhoods. The property is located at the signalized intersection of Mormon Coulee Road and Losey
Boulevard. Major retailers in the area include a Wal-Mart Supercenter, Shopko, AutoZone, O’Reilly Auto Parts and Ace
Hardware.
Walgreens original lease term was for 25 years with and the lease expires in December 2035. Walgreens’s annual rental
payment is $384,068 and there are no landlord obligations in the lease. Walgreens is a publicly traded company on the New
York Stock Exchange (WAG), with a market capitalization of $37 Billion. Walgreens is an investment grade company with a
Standard & Poor’s rating of A+.
INVESTMENT HIGHLIGHTS
Investment grade tenant
24 years remain on the lease with ten 5-year renewal options
Property is newly constructed
Located on a hard corner at a signalized intersection
Zero landlord responsibilities
2009 - U.S. News ranked La Crosse 6th best place to live in the country
Adjacent major regional retail attractions including a Wal-Mart Supercenter
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5. PROPERTY OVERVIEW
NET LEASED INVESTMENT OFFERING
PROPERTY OVERVIEW
Price: $5,647,000
Cap Rate: 6.8%
Net Operating Income: $384,068
Rental Escalations: None
Renewal Options: Ten 5-Year
Lease Commencement Date: January 1, 2010
Lease Expiration Date: December 31, 2035
Tenant: Walgreens
Credit Rating: A+
Year Built 2010
Lease Type: NNN
Rentable Square Feet: 14,500
Land Acreage: 1.88
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6. AERIAL
NET LEASED INVESTMENT OFFERING
AERIAL
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7. MAPS
NET LEASED INVESTMENT OFFERING
MAPS
SITE
SITE
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8. TENANT PROFILE
NET LEASED INVESTMENT OFFERING
TENANT PROFILE
Walgreens is engaged in retail drugstore business. As of November 2010, the Company operated 8,131
locations in all 50 states, the District of Columbia, Puerto Rico and Guam. That includes 7,650 drugstores, 503
more than a year ago, including 291 stores acquired over the last 12 months. 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 700 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 January 2010, the Company announced that it has completed the acquisition of the
assets of 12 Eaton Apothecary pharmacies.
Website: www.walgreens.com
Number of Locations: 8,131
Stock Symbol: WAG : NYSE
Standard & Poors Rating: A+
Market Capitalization: $37 Billion
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9. DEMOGRAPHIC COMPARISON REPORT
NET LEASED INVESTMENT OFFERING
DEMOGRAPHIC COMPARISON REPORT
Population 1-mile 3-mile 5-mile
Total Population 8,366 36,124 51,166
Total Households 3,890 15,759 21,153
Income
Median Household Income $42,143 $41,814 $41,354
Average Household Income $60,223 $62,376 $61,095
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10. LOCATION OVERVIEW
NET LEASED INVESTMENT OFFERING
LOCATION OVERVIEW
La Crosse is located on the western border of the
midsection of Wisconsin, on a broad alluvial plain along
the east side of the Mississippi River. Several other cities
and towns are located in the La Crosse area, including
Onalaska, Holmen, and West Salem, Wisconsin. In
2009, U.S. News ranked La Crosse 6th best place to live
in the country.
La Crosse is home to three regional colleges and universities. These include the public University of Wisconsin–La
Crosse and Western Technical College, as well as the Roman Catholic Viterbo University. La Crosse County’s 10
largest employers, as ranked by the Wisconsin Department of Workforce Development and Office of Economic
Advisors, based on March 2007 statistics: Gundersen Lutheran Medical Center, Franciscan Skemp Medical Center,
Trane, School District of La Crosse, La Crosse County government, University of Wisconsin–La Crosse (The university
has about 785 full-time employees and 568 part-time employees, for a total of 1,353 employees), Kwik Trip,
CenturyTel (now CenturyLink), Wal-Mart, and the City of La Crosse.
The La Crosse Municipal Airport provides direct scheduled passenger service to Minneapolis, Detroit and Chicago.
The city is served by several major highways and Interstate, including Interstate 90, U.S. Highway 14, U.S. Highway 53,
U.S. Highway 61, Wisconsin State Highway 35, Wisconsin State Highway 16, and Wisconsin State Highway 33. On the
Mississippi River, cargo is transported to and from this area to St Paul and St Louis, using towboats, primarily moving
dry bulk cargo barges for coal, grain, and other low-value bulk goods.
La Crosse and the surrounding communities form a regional commercial center and shopping hub. In the
northeastern part of the city lies the region's largest shopping center, Valley View Mall. The surrounding area includes
numerous big-box stores, and many restaurants. Other shopping centers in the La Crosse region include Three Rivers
Plaza, Marsh View Center, Shelby Mall, Jackson Plaza, Bridgeview Plaza, and the Village Shopping Center. Downtown
La Crosse has continued to grow in recent years, providing shopping, farmers' markets, hotels, restaurants, specialty
shops, and events at La Crosse Center alongside the Mississippi River.
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11. CONTACT INFORMATION
NET LEASED INVESTMENT OFFERING
CONTACT INFORMATION
666 Dundee Road | Suite 1801
Northbrook, IL 60062
Randy Blankstein Jimmy Goodman
President Partner
847.562.0003 847.562.8500
rblank@bouldergroup.com jimmy@bouldergroup.com
www.bouldergroup.com