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OFFERING MEMORANDUM • WALGREENS NNN
Actual Photo
ATTRACTIVE WALGREENS ON PRIME CORNER W/ ABSOLUTE NNN LEASE AND 13-YEARS REMAINING ON LEASE
25 Main Street, Bristol, Connecticut 06010
DRONEFOOTAGE
*Borders Are Approximate
NNSOUTH STREET - 15,200 VPD (2018)SOUTH STREET - 15,200 VPD (2018)
MAIN
STREET - 5,400 VPD (2018)
MAIN
STREET - 5,400 VPD (2018)
N MAIN ST - 12,600 VPD
N MAIN ST - 12,600 VPD (2018)
(2018)
SUBJECT PROPERTY16,120 SQ. FT. GLA • 1.55 +/- ACRES
DRIVE-THRU • BUILT 2008
WALGREENSWALGREENS
MAFALES CENTER• MAIN ST. LAUNDROMAT• CRYSTAL DINER• A&E ENGRAVING• MARTY’S PACKAGE STORE
MCDONALDSMCDONALDS CENTRE SQUARE REDEVELOPMENT 15-ACRE LOT ANCHORED BY NEW 62,000 SQUARE-FOOT OUTPATIENT CARE CENTER
MEMORIAL BLVD/CT ROUTE 7212,7000 VPD (2018)
BRISTOL HOSPITAL1 MILE NORTH
ESPN WORLD HEADQUARTERS AND BROADCASTING STUDIOS
3.5 MILES EAST
TEN MAIN STREET61,472 SQ. FT. GLA
94,400 DAYTIME POPULATIONWITHIN 5 MILES (2018)
Walgreens | Bristol, CT 2
*Borders Are Approximate
NN
BRISTOL HOSPITAL • 1 MILE NORTH169 BEDS 24/7 EMERGENCY SERVICES
40,000 PATIENTS ANNUALLY
TEN MAIN STREET61,472 SQ. FT. GLA
CENTRE SQUARE 15-ACRE LOT ANCHORED BY NEW 62,000 SQUARE-FOOT OUTPATIENT CARE CENTER
SUBJECT PROPERTYWALGREENSWALGREENS
MEMORIAL BLVD/CT ROUTE 7212,7000 VPD (2018)
SOUTH ST15,200 VPD (2018)
MAIN ST5,400 VPD (2018)
ESPN WORLD HEADQUARTERS AND BROADCASTING STUDIOS
3.5 MILES EAST
$89,000 AVG. HH INCOMEWITHIN 5 MILES (2018)
MAFALES CENTER• MAIN ST. LAUNDROMAT• CRYSTAL DINER• A&E ENGRAVING• MARTY’S PACKAGE STORE
BIKER’S EDGE BICYCLE SHOP
*Borders Are Approximate
NN
ESPN WORLD HEADQUARTERS AND BROADCASTING STUDIOS
3.5 MILES EAST
MEMORIAL BLVD/CT ROUTE 7212,7000 VPD (2018)
LAKE COMPOUNCE AMUSEMENT PARK AND CT’S LARGEST WATER PARK CROCODILE COVE
3.5 MILES SOUTH • 332 ACRESNEW WATER SLIDE OPENING IN 2020
SUBJECT PROPERTY16,120 SQ. FT. GLA • 1.55 +/- ACRES
DRIVE-THRU • BUILT 2008
WALGREENSWALGREENS
MAFALES CENTER• MAIN ST. LAUNDROMAT• CRYSTAL DINER• A&E ENGRAVING• MARTY’S PACKAGE STORE
MEMORIAL BOULEVARD$64M FUTURE ARTS MAGNET SCHOOL AND
700-SEAT COMMUNITY AUDITORIUM
MAIN ST5,400 VPD (2018)
SOUTH ST15,200 VPD (2018)
AMAZON DELIVERY STATION2.5 MILES EAST
104,000 POPULATIONWITHIN 5 MILES (2018)
Walgreens | Bristol, CT 4
LEASE SUMMARY
Tenant Walgreens Boots Alliance
Lease Type Absolute NNN
Roof & Structure Responsibility Tenant
Lease Commencement 05/01/2008
Base Lease Expiration 04/30/2033
Base Term Remaining 13 Years +/-
Options 10, 5-Year Options
Increases None
Right of First Refusal Yes, Tenant has 30 Days to Respond
VITAL DATA
Price $8,193,000
Cap Rate 6.00%
Store Sales 9/1/18-8/31/19: $1,945,011
Gross Leasable Area 16,120 Sq. Ft +/-
Year Built 2008
Lot Size 1.55 Acres +/-
Parking 62 Surface Free Spaces
Zoning Downtown or Town Center, Commercial
ANNUAL RENT$491,575
PRICE$8,193,000
CAP RATE6.00%
BASE RENT SCHEDULE
Year Annual Rent Monthly Rent Rent/Sq. Ft. Cap Rate
1-25 $491,575 $40,964.58 $30.49 6.00%
Option Years
26-75 $491,575 $40,964.58 $30.49 6.00%
ADDRESS:25 MAIN STREET,
BRISTOL, CT 06010
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2020 Marcus & Millichap ACTIVITY ID:
*If 2.0% of Gross Sales (except food and prescription sales) plus 0.5% of Gross Food and Prescription Sales exceeds fixed rent during the lease year, then Tenant will pay excess amount as additional Percentage Rent. In no event shall the total rent paid exceed twice the amount of fixed rent payable.
Walgreens | Bristol, CT 5
Subject Property is Situated on a Prime Signalized Corner Lot with Great Visibility and Features an Attractive Brick Facade, Electronic Pylon Signage, Large Parking Lot and Drive-Thru
Absolute NNN Lease - Absolutely Zero Landlord Responsibilities
13-Year Lease with Corporate Guarantee with Investment-Grade Tenant Walgreens Boots Alliance (NASDAQ: WBA), The Nations Largest Drugstore Chain with a Current B1 Credit Rating (Source: Creditntell, 2020)
Prime Location: 25 Main Street is Located in the Heart of Downtown Bristol off of Route CT-72 (12,700 VPD), via Exit 33 from I-84 (88,000 VPD), at the Corner of Main Street (5,400 VPD) and South Street (15,200 VPD) (Source: CTDOT, 2019)
Area National Retail Tenants Include Subway, Family Dollar, 7-Eleven, McDonald’s, USPS, CVS Pharmacy, BP Gas, Burger King, Pizza Hut and More
Subject is One Mile from $26M State-of-the-Art, 62,000 Square-Foot Bristol Health Outpatient Center that Anchors a 15-Acre City-Owned Redevelopment Site
Subject is One Mile South of Bristol Hospital, a Leading Area Health Provider, Open 27/4 with 154 Beds that see 40,000 Patients Annually
Subject is 1.5 Miles from Bristol Central High School, which Serves 1,200 Students in Grades 9-12 | Less Than One Mile East, Historic Memorial Boulevard Arts Magnet School Renovation Slated to Cost $64 Million, Will Serve 525 Students Grades 6-12
Subject is Located 3.5 Miles Northeast of the City’s Largest Taxpayer and Employer, ESPN World Headquarters and Broadcast Studios, Situated on a 700-Acre Campus Bustling 24 Hours a Day, 7 Days a Week
Subject Located 2.5 Miles/Five Minutes from New Amazon Delivery Station with Approximately 350 Employees
Subject is Located 3 Miles Northeast of Lake Compounce and Crocodile Cove Water Park, a 332-Acre Family Theme Park and Oldest Operating Amusement Park in the U.S., Opening their Largest Water Slide the Venus Vortex in 2020
Bristol is found Midway Between New York (100 Miles) and Boston (100 Miles) and Features a Stable Population of 61,000 People
Commercial Air is Served Through Bradley International Airport, Connecticut’s Only Airport with National and International Traffic | “BDL” is a 40-Minute Drive from Subject Asset, Approximately 30 Miles North
The Hartford Metro Population is an Estimated 1.2 Million, While a Five-Mile Radius of the Subject Asset has a Population of Approximately 104,000 (Source: US Census Bureau)
Approximately 43,000 Households Have an Average Household Income of $89,000 within a Five-Mile Radius of Subject, as of 2018 Estimates
Subject is Located in a Qualified Opportunity Zone, City Enterprise Zone and a Tax Increment Financing Zone
INVESTMENT HIGHLIGHTS
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2020 Marcus & Millichap ACTIVITY ID:
Walgreens | Bristol, CT 6
DEMOGRAPHICS
2018 5-MILE POPULATION
APPROX. 104,000
2018 5-MILE AVERAGE HOUSEHOLD INCOME
APPROX.$89,000
Map data ©2020 Google, INEGI 100 mi
25 Main St
1 MILE1 MILE
2018 5-MILE HOUSEHOLDS
APPROX. 43,000
Area Population 1 Mile 3 Miles 5 Miles2010 Population 14,637 54,698 104,6142018 Population Estimate 14,549 54,414 103,9532023 Population Projection 14,809 55,134 105,4392018 Daytime Population 12,761 47,629 94,421
Area Households 1 Mile 3 Miles 5 Miles
2010 Households 6,234 22,847 42,7552018 Households Estimate 6,250 22,938 42,8272023 Households Projection 6,386 23,397 43,7762018 Average HH Size 2.3 2.3 2.4
Area Income 1 Mile 3 Miles 5 Miles
Median HH Income $50,277 $63,505 $69,712Per Capita Income $29,061 $34,731 $36,802
Average HH Income $66,998 $81,984 $88,958
Source: Marcus & Millichap Analytics, U.S. Census Bureau (2020)10
5 MILES5 MILES
2018 5-MILE DAYTIME POPULATION
APPROX. 94,000
3 MILES3 MILES
Walgreens | Westbrook, CT 7
Imagery ©2020 Google, Imagery ©2020 CNES / Airbus, Landsat / Copernicus, Maxar Technologies, U.S. Geological Survey, USDA Farm Service Agency, Map data ©2020 2000 ft
NN*Borders Are Approximate
AREA MAP • 25 MAIN STREET, BRISTOL, CONNECTICUT 06010
BRISTOLBRISTOL
LAKE COMPOUNCE & CROCODILE COVENEW ENGLAND’S PREMIER FAMILY THEME
PARK & CT’S LARGEST WATER PARK3.5 MILES SOUTH • 332 ACRES
NEW 6-STORY WATER SLIDE IN 2020
BRISTOL HOSPITAL
1 MILE NORTH
HARTFORD, CT20 Miles Northeast
LAKE LAKE COMPOUNCECOMPOUNCE
MEMORIAL BLVD/CT ROUTE 7212,7000 VPD (2018)
INTERSTATE I-8489,000 VPD (2018)
DOWNTOWNOPPORTUNITY
ZONE
AMAZON DELIVERY STATIONAPPROX. 350 EMPLOYEES
2.5 MILES EAST
LARGEST AREA EMPLOYER • 4,000 EMPLOYEESLARGEST TAXPAYER • 700 ACRES
3.5 MILES EAST
ESPN WORLD HEADQUARTERS AND BROADCASTING STUDIOS
MCDONALDSMCDONALDS
Subject Property
WALGREENSWALGREENS
MCDONALDSMCDONALDS
BURGER KINGBURGER KING
WALGREENSWALGREENS
MCD’SMCD’S
COMPOUNCE MOUNTAINCOMPOUNCE MOUNTAIN
43,000 HOUSEHOLDSWITHIN 5 MILES (2018)
BEAR CREEK CAMPGROUND
Walgreens | Westbrook, CT 8
SUBJECT PHOTOS • 25 MAIN STREET, BRISTOL, CONNECTICUT 06010
Walgreens | Bristol, CT 9
SUBJECT PHOTOS • 25 MAIN STREET, BRISTOL, CONNECTICUT 06010
Walgreens | Bristol, CT 10
Barnes Group Inc. Manufacturing Headquarters Webster Bank
Mafales Center Downtown Shopping Plaza Ten Main Street
AREA PHOTOS • MAIN STREET, DOWNTOWN BRISTOL, CONNECTICUT
Walgreens | Bristol, CT 11
AREA PHOTOS • DOWNTOWN BRISTOL, CONNECTICUT
Bristol Health Medical Center Anchors 15-Acre Centre Square Redevelopment Site
Downtown Bristol, CT Facing North on Main Street
Walgreens | Bristol, CT 12
N
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2020 Marcus & Millichap ACTIVITY ID:
*Borders Are Approximate
SITE PLAN • 25 MAIN STREET, BRISTOL, CONNECTICUT 06010
NN
DR
IVE TH
RU
62 PARKING SPACES
SUBJECT PROPERTY16,120 SQ. FT. GLA • 1.55 +/- ACRES
DRIVE-THRU • BUILT 2008
WALGREENSWALGREENS
WASTE BINS
PYLON SIGN
SOU
TH STR
EET - 15,200 VPD (2018)
SOU
TH STR
EET - 15,200 VPD (2018)
MAIN STREET - 5,400 VPD (2018)MAIN STREET - 5,400 VPD (2018)
MA
FALE
S S
HO
PP
ING
CE
NTE
R
RESIDENTIAL
Walgreens | Bristol, CT 13
WALGREENS COMPANY
Walgreens Boots Alliance (NASDAQ: WBA) is the first global pharmacy-led, health and wellbeing enterprise of it’s kind. It is the largest retail pharmacy chain in the U.S. and one of the world’s largest purchasers of prescription drugs, along with numerous health, beauty, and wellbeing products. Nearly 8 million customers interact with Walgreens in stores and Online each day. Pharmacy accounts for 74 percent of sales while retail accounts for 26 percent. As of August 2019, 78 percent of the U.S. population lives within five miles of a Walgreens, Duane Reade or acquired Rite Aid retail pharmacy.
Walgreens Boots Alliance operates through three business segments: Retail Pharmacy USA, Pharmaceutical Wholesale and Retail Pharmacy International. Retail Pharmacy USA Division’s principal retail pharmacy brands are Walgreens and Duane Reade, who filled approximately 844 million prescriptions in fiscal 2019, including immunizations.
As of Q1 FY-2020, Walgreens reported increased sales 1.6-percent to $34.3 billion, up 2.3% on a constant currency basis. Net cash provided by operating activities was $1.1 billion, an increase of $601 million; Free cash flow was $674 million, an increase of $684 million.
During the first quarter of fiscal 2020, and since the close of the quarter, the company made substantial progress on strategic priorities such as accelerating digitalization, transforming and restructuring retail offering, and creating neighborhood health destinations. WBA and McKesson announced an agreement to create a German joint venture, combining their wholesale operations to drive long term value in a key European market. Walgreens and Kroger formed a group purchasing organization, expanding their collaboration with a new joint venture aimed at delivering cost savings and other benefits across owned brand sourcing. Jenny Craig health and weight loss management on track to locate in approximately 100 Walgreens by the end of January. The first two of five VillageMD primary care clinics, Village Medical at Walgreens, opened in Houston.
WALGREENS BOOTS ALLIANCE OVERVIEW
Headquarters Deerfield, Illinois
Founded Walgreens Company 1901Walgreens Boots Alliance 2014
Credit Rating B1 (Creditntell)
CEO Stefano Pessina
Locations
18,500 Stores in 11 Countries9,390 Walgreens Stores1,932 Rite Aid Stores390 Distribution Centers415,000 Employees
Numbers as of 3Q 2019
Numbers
$136.1 Billion in Revenue$25.3 Billion in Assets$5.1 Billion in Profits
Numbers as of Fiscal Year 2018
Website www.walgreens.com
Sources: Walgreens Boots Alliance, Creditntell, Bloomberg, S&P Cap IQ; Forbes
TENANT OVERVIEW
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2020 Marcus & Millichap ACTIVITY ID:
Walgreens | Bristol, CT 14
BRISTOL, CONNECTICUTHARTFORD, CT MSA
Bristol is one of the largest suburban cities in central Connecticut with approximately 61,000 residents that benefit from 700 acres of beautiful parks, a highly rated education system, friendly neighborhoods, and a wide range of local hot spots. The city is only an hour drive to beaches on the ocean shoreline, and just two hours from both Boston and New York City.
Downtown redevelopment remains a top priority for reasons of economic vitality and quality of life, and the area has been zoned as part of a Qualified Opportunity Zone. Standard and Poor’s cites Bristol as demonstrating strong budgetary performance, having a strong economy and strong management, as well as having strong institutional framework. In 2019 Bristol Hospital completed construction of a 60,000-square foot medical complex that anchors Centre Square, a 15-acre City owned redevelopment site. Future plans include apartments, retail/office space and a restaurant.
Bristol’s largest employer and taxpayer is the largest all-sports television network ESPN, whose world headquarters and broadcasting studios have been located in the city since 1979. ESPN currently broadcasts primarily from the studio facilities located in Bristol, a bustling 700-acre campus with 24/7 activity. The company recently purchased the new ACC Network to Bristol, adding full-time positions to the area.
Bristol is home to Lake Compounce and Crocodile Cove, America’s oldest continuously operating amusement park and water park situated on 332 acres with 44 attractions, including roller coasters, water rides, and an off-site campground. Other area attractions include the New England Carousel Museum, the American Clock & Watch Museum, and the annual Bristol Mum Festival.
Bristol is located just 20 miles southwest of the state capital city of Hartford, on the Western edge of the Hartford, CT Metropolitan Statistical Area (MSA) that contains 54 towns and a population of 1.2 million, employing over a half million people in local aerospace, hydrogen/fuel cell technology, laser manufacturing and healthcare industries.
COUNTY MAJOR AREA EMPLOYERS
LOCATION OVERVIEW
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2020 Marcus & Millichap ACTIVITY ID:
BRISTOL, CT TOP EMPLOYERS
Employer Industry Employees
ESPN Sports Programming 4,200
City of Bristol Government 1,600
Bristol Health Healthcare 1,160
Fanueil, Inc. Business Outsourcing 350
Amazon Retail & Distribution 350
Sheridan Woods Healthcare 200
IDEX Health and Science Life Science Fluidics 175
Stop & Shop Grocery Retail 150
Quality Coils Electromagnetic 125
The Pines at Bristol Senior Care 115
Employer Numbers as of 2019, Bristol Comprehensive Annual Financial ReportSources: Marcus & Millichap Research Services; Experian; U.S. Census Bureau, CT.gov
Walgreens | Bristol, CT 15
OPPORTUNITY ZONESOpportunity Zones were established in the Tax Cuts and Jobs Act of 2017 to incentivize investments in low-income communities across the country. The Opportunity Zones program encourages long-term investment and job creation by allowing investors to re-invest unrealized capital gains in certain designated census tracts.
Seventy-two urban and suburban areas across Connecticut have been federally designated as Opportunity Zones. Opportunity zones have been designated covering 8,766 individual census tracts across all 50 states, six territories, and the District of Columbia. 31.3 million people in the U.S. call opportunity zones home.
Opportunity Zones provide substantial tax benefits to investors who move any realized capital gains into a qualified Opportunity Zone Fund within 180 days of the asset sale. The taxes on those capital gains may be reduced if the Opportunity Zone investment is held for at least 5 years — and even further reduced if held at least 7 years. Any capital gains on the Opportunity Zone investment itself can even be eliminated — if the investment is held at least 10 years.
You can get the tax benefits, even if you don’t live, work or have a business in an opportunity zone. All you need to do is invest a recognized gain in a Qualified Opportunity Fund and elect to defer the tax on that gain. However, a transfer of non-cash property may result in only part of the investment being eligible for opportunity zone tax benefits, so that not all of the taxpayer’s capital gain is able to be deferred.
This new source of risk capital will seed new startups, accelerate business expansions, create jobs, increase and improve housing options, and revitalize the built environment in distressed communities across the country.
Source: IRS.gov, Marcus & Millichap Analytics, CTOZMap
LOCATION OVERVIEW
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap ACTIVITY ID:
Blue Outline Indicates Bristol Opportunity Zone, Red Markers Indicate City Projects
31.3 Million People in the U.S. Call Opportunity Zones Home
72 Opportunity Zones in the State of Connecticut
Opportunity Zones are More Likely to Host Commercial & Business Activity
284 Entrepreneurship Incubators or Accelerators in Opportunity Zones
24 Million Jobs and 1.6 Million Businesses in Opportunity Zones
*All Data Figures Reported from the 2019 Metra Fact Book
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2020 Marcus & Millichap ACTIVITY ID:
Walgreens | Bristol, CT 16
M ap data © 2020 Google 20 m i
Google Maps https://www.google.com/maps/@41.6305832,-72.4160318,8z
1 of 2 1/22/2020, 1:46 PM
MAJOR ACCESSCT-72 TO INTERSTATE I-84I-84 RUNS FROM PA TO MA AND SAW OVER 89,000 VPD IN 2018
DISTANCE20 MILES SOUTHWEST FROM
HARTFORD, CT45 MILES NORTH FROM
BEACH SHORELINE100 MILES FROM
NEW YORK CITY, NY100 MILES FROM
ALBANY, NY 120 MILES FROM
BOSTON, MA
40 MINDRIVE FROM BRADLEY
INTERNATIONAL AIRPORT“BDL” IS CONNECTICUT’S BUSIEST
COMMERCIAL AIRPORT
104,0002018 POPULATION
WITHIN 5-MILE RADIUSSOURCE: MARCUS & MILLICHAP
ANALYTICS, U.S. CENSUS
ATLANTIC OCEAN
ATLANTIC OCEAN
120 MILES
100
MILE
S
20 MILE S
45 M
ILES
100 MILES
100 MILES
LONG ISLAND SOUND
LONG ISLAND SOUND
Walgreens | Bristol, CT 17
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 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. Marcus &
Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. ©
2018 Marcus & Millichap. All rights reserved.
NON-ENDORSEMENT NOTICEMarcus & 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 YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
ACTIVITY ID:
CT BROKER OF RECORD
J.D. PARKERLIC. # REB.0788985
NET-LEASED DISCLAIMER Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows:The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided.
As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a due diligence examination of this Property for Buyer.
Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a net leased property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors.
Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to your satisfaction with the suitability of the property for your needs.
Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property.
By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property.
Walgreens | Westbrook, CT 18
OFFICES NATIONWIDE • WWW.MARCUSMILLICHAP.COM
Subject Photo
OFFERING MEMORANDUM • WALGREENS
DRONEFOOTAGE
EXCLUSIVELY LISTED BY:
CT BROKER OF RECORD
J.D. ParkerLic. # REB.0788985
CONNECT ON SOCIAL MEDIA:
JESSE J. LIMONSenior Associate National Retail GroupOffice (212) 430-5291jesse.limon@marcusmillichap.comLicense IN RB14048415, NY 10401271892