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OFFERING MEMORANDUM
Lease Extended 10 Years
MARIETTA GEORGIA
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
Acworth
Alma
Alpharetta
Ashburn
Austell
Barnesville
Baxley
Blackshear
Bremen
Canton
Centerville
Chatsworth
Chickamauga
Claxton
Colquitt
Commerce
Cornelia
Cumming
Cuthbert
Dahlonega
Dallas
Deenwood
Donalsonville
Duluth
East Boundary
East Dublin
Eatonton
Experiment
Fairburn
Fayetteville
Folkston
Forsyth
Garden Lakes
Georgetown
Glennville
Gordon
Gray
Greensboro
Grovetown
Hampton
Hannahs Mill
Hartwell
Hawkinsville
Hazlehurst
Hogansville
Homerville
Jackson
Jonesboro
Kingsland
Lake City
Lakeland
Lavonia
Lilburn
Lindale
Lithonia
Louisville
Lyons
Madison
Manchester
McDonough
McRae
Metter
Millen
Montezuma
Monticello
Morrow
Nashville
Norcross
Ocilla
Palmetto
Pelham
Phillipsburg
Pooler
Port Wentworth
Powder Springs
Reidsville
Robins AFB
Rockmart
Rossville
Royston
Shannon
Social Circle
Soperton
St. Marys
Stockbridge
Stone Mountain
Sugar Hill
Summerville
Sylvania
Tallapoosa
Thunderbolt
Tybee Island
Union City
Vienna
Villa Rica
Wadley
Warrenton
Washington
West Point
Westside
Woodstock
Wrens
Wrightsville
Adel
Blakely
Buford
Cairo
Calhoun
Camilla
Cartersville
Cedartown
Chamblee
Cochran
Conley
Conyers
Dawson
Dock Junction
Doraville
Douglasville
Eastman
Elberton
Fair Oaks
FairviewFort Oglethorpe
Fort Valley
Garden City
Gresham Park
Hapeville
Jesup
Kennesaw
La Fayette
Lakeview
Lawrenceville
Lithia Springs
Midway-Hardwick
Monroe
Mountain Park
Peachtree City
Perry
Quitman
Riverdale
Sandersville
Scottdale
Snellville
St. Simons
Swainsboro
Sylvester
Thomaston
Thomson
Toccoa
Waynesboro
Wilmington Island
Winder
Athens
Augusta
Candler-McAfee
East Point
Mableton
Marietta
North Atlanta
Rome
Sandy Springs
Tucker
Valdosta
Warner Robins
Americus
Bainbridge
Belvedere Park
Brunswick
Carrollton
College Park
Cordele
Covington
Dalton
Decatur
Douglas
Druid Hills
Dublin
Dunwoody
Fitzgerald
Forest Park
Fort Benning South
Fort Gordon
Fort Stewart
Gainesville
Griffin
Hinesville
La Grange
Martinez
Milledgeville
Moultrie
Newnan
North DecaturNorth Druid Hills
Panthersville
Roswell
Smyrna
Statesboro
Thomasville
Tifton
Vidalia
Waycross
West Augusta
Columbus
Macon
Savannah
Albany
South Augusta
Atlanta
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Investment Summary .........................................5Investment Highlights.........................................7Aerial Maps ........................................................9Tenant Summary ..............................................11Site Plan ..........................................................13Area Map .........................................................15Location Overview ............................................16Location Highlights ...........................................19Competition Map ..............................................20Demographics ..................................................21
TABLE OF CONTENTS
Walgreens
Walgreens
O V E R V I E WPrice $5,082,000
Gross Leasable Area (GLA) 15,120 SF
Lot Size (approx.) 1.91 Acres
Net Operating Income $342,999
CAP Rate 6.75%
Year Built 2001
L E A S E A B S T R A C TLease Type NN
Lease Term 11 Years
Lease Start 3/22/2001
Lease Extended 1/1/2020
Base Term Expiration 3/31/2031
Renewal Options 7x5
Increase Flat
Landlord Obligation Roof & Structure**
2464 ROSWELL RD, MARIETTA, GA 30062
PRICE: $5,082,000 CAP: 6.75% RENT: $342,999*
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 $342,999
* Original lease term was to expire 3/31/2021. Tenant extended base term 10 years to commence 1/2020 with slight rent reduction from $438,480 to $342,999.
** See details on following page
Phenomenal store sales: Contact agent for more details.
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INVESTMENT HIGHLIGHTSThis passive investment opportunity offers a risk averse buyer the ability to acquire a secure, sleep at night investment. Original lease was 20 years with an initial expiration date of 2021, but the Tenant, due to extraordinary store sales, extended the lease an additional 10-years (commencing in January 2020). The lease is a NN lease with minimal landlord obligations.
The lease Amendment called for seven 5-year options, which is rare in the current 50x1 climate.
The property is adjacent to a Starbucks and local pizza restaurant which contributes to its foot traffic.
Patrons also benefit from the sites single drive thru.
Located in close proximity to Kennesaw State University
Many barriers to entry Roswell Road is the main thoroughfare for all of Marietta that connects
Roswell to Marietta
LANDLORD RESPONSIBILITIES:
Landlord is responsible for common area replacement of light poles, parking areas and capital expenses (pursuant to standard accounting practices). Landlord is responsible for maintaining and making repairs to the exterior of the building, including painting, cleaning, structural portions of the building, roof and utility lines. Landlord is also responsible for the removal of any hazardous waste that may be discovered at any point during the lease period found on or under the site.
7
Walgreens
INVESTMENT HIGHLIGHTS t Limited competition in the immediate area
t Rare and attractive 5 year options
t Extended term showing tenant’s commitment to the area
t Strong store sales
t Located on Main Retail Corridor with Numerous Surrounding National Retailers
45,100 VPD
194,725TOTAL POPULATION WITHIN 5-MILE RADIUS
$114,198 AVERAGE HOUSEHOLD INCOME WITHIN 5-MILE RADIUS
- ROSWELL RD
15,500 VPD - E. PIEDMONT RD
Walgreens
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Lighthouse Academy Preschool
Parc at Piedmont Senior Living
ROSWELL RD – 45,100 VPDROSWELL RD – 45,100 VPD
Walgreens
®
East Cobb United Methodist Church
Alto Senior Living
E. PIEDMONT RD – 15,500 VPD
E. PIEDMONT RD – 15,500 VPD
Wheeler High School
St Catherine’s Episcopal Church
Grace - Marietta Church
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10
Walgreens
TENANT SUMMARY
RANKINGS t Ranked #19 Fortune 500
t Ranked #177 Forbes Global 2000
t Standard & Poor’s Rated BBB
WALGREENSWalgreens Boots Alliance, Inc. is the largest pharmacy led health and well-being company throughout the U.S. and Europe. The company was founded in 1901 and is headquartered in Deerfield, Illinois. Walgreens Boots Alliance and its various equity method investments have a presence in over 25 countries and employ over 385,000 people.
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. This segment also operated 7 specialty pharmacy locations and 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. The Boots segment operated 4,673 retail stores in various countries, and 636 optical practices in the United Kingdom.
Walgreens Boots Alliance is one of the largest wholesale and distribution networks. It has over 390 distribution centers that deliver to over 230,000 pharmacies, doctors, health centers, and hospitals in more than 20 countries.
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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
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Walgreens
ROSWELL ROAD
E P
IEDM
ON
T RD
SITE PLAN
Walgreens
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75
FULLERSPARK
SEWELLPARK
EAST COBBPARK
MERRITTPARK
WHITAKERPARK
INDIAN HILLSCOUNTRY CLUB
Roswell Rd NE
N Marietta Pkwy NE
Sandy Plains Rd NE
S M
arie
tta P
kwy
SE
E Piedmont Rd NE
Sewell Mill Rd NE
Barnes Mill R
d NE
Allgood Rd NE
Old Canton Rd NE
Murdock R
d NE
Holly
Spr
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Rd
NE
Bill Murdock Rd NE
Merritt Rd NE
Scuf
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Providence Rd NE
Pine
Rd
NE
Wallace Rd NE
Jeffers o n Lakeside A p artmen
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Brook
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Dr N
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Groover R d NE
Azale
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Kinridge R d NEBranch View Dr NE
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Soaring Dr NE
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Star
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Hasty Rd NE
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Sierra Dr NE
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Wick s Lak e Dr N E
Annwick s Dr NE
Ards
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Whitehurst Dr NE
Kinridge T r l NE
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Heath Ln N
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Ln N
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Blayl. Dr N
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Holly Ln NES La k e
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Wynn Dr NE
Poinsetta Dr NE
Barnes Mill Rd NE
Murdock Rd NE
Octavia Cir NE
Robinson Rd NE
Old
Can
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Rd
NE
Hol
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NE
Lower Roswell R
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Lower Roswell Rd SE
Indian
Hills
Pkw
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Old Sewell Rd NE
Clu
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Indian Hills Dr NE
Brookview Dr NE
Greenfield Dr NE
Pioneer Trl NE
Gant Quarters Cir NE
Weatherstone Pkwy NE
Guilfo rd C
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Old
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Rhodes D r SE
Beverly Hills Dr NE
Emory Ln NE
Fox Hills Dr SE
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Brookcres t Dr SE
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Lower Roswell Rd SE
Woolco Dr
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Hagood Cir
ShefferLake
m a p s 4 n e w s . c o m / © H E R E
Walgreens
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Walgreens
MARIETTA, GEORGIAMarietta is a beautiful city just 20 miles northwest of Atlanta, GA, and serves as the county seat for Cobb County. Marietta was named in Livability.com’s annual ranking of the top 100 best places to live and is well known for its high quality of life for its residents. The Interstate 285 gives residents easy access to big cities and makes travel in the area easily accessible. Whether you are in Marietta to explore the city or taking a quick trip with the family, the city’s various resources and attractions are sure to impress everyone.
EDUCATION: Marietta is a great city for education. Marietta City Schools (MCS) has an award-winning charter school system and is Georgia’s first International Baccalaureate (IB) World School District. Marietta’s charter schools focus on different areas of academic interest including and have been recognized throughout the nation. One of Marietta’s 8 elementary schools is focused on STEM (science, technology, engineering, and math). The National Forum to Accelerate Middle-Grades Reform, an alliance of educators and professionals who award top schools in their Schools to Watch (STW) Program, awarded MCS’s middle school and one 6th grade school as a Georgia Lighthouse School to Watch in 2012 and 2015. In addition, Marietta’s Walton High School is known as one of Georgia’s best schools.
WHS: George Walton Comprehensive High School, also known as Walton High School, is one of Georgia’s top performing schools, located in Marietta. Walton is nationally recognized as a School of Excellence and is accredited by the Southern association of Colleges
and Schools. Walton offers various special programs including The Walton STEM Academy and pathway programs, such as the Financial Marketing Services Career Pathway, Computing Career Pathway, Therapeutic Services-Physical Medicine Career Pathway, and much more. Walton is also the only school in Cobb County to offer a nationally certified pre-engineering program. In 2019, Walton had 39 National merit Semi-Finalists, which is the most in the state and the most in Walton’s history. Approximately 71% of students at Walton High School participate in taking Advanced Placement® coursework. The school offer 32 AP® courses for students to take. Walton’s Class of 2016’s top 20% of weighted GPA ranges were 4.381-4.122. In addition, 309 students in the grade graduated with honors, having a GPA of 3.5 or above. Walton is also ranked #4 in Georgia High Schools by U.S. News & World Report. In 2016, Walton High School was also awarded $10.8 million in scholarship funds. That same year, 384 Walton students earned the HOPE Scholarship.
IB Programs: MCS’s IB Program is a challenging two-year curriculum which leads to qualification which is widely recognized by leading universities. There is an IB Middle Years Program for grades 6-10, an IB Primary Years Program offered at Sawyer Road Elementary, and an IB Diploma Program which is offered at Marietta High School. These programs include a written curriculum, a focus on developing skills of learning, and draw content from educational cultures around the world.
LOCATION OVERVIEW
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WalgreensWalgreens
AWARDS: These schools serve 8,900 students and are employing 1,200 people, who are recognized amongst the best education professionals in the state and nation. MCS were placed in the Top 10 U.S. School Districts in Digital Technology and was presented a $10,000 grant from Lieutenant Casey Cagle’s Second Annual Charter System Foundation, as the Charter System Innovator of the Year Award.
COLLEGES: There are also several college campuses in Marietta, including the Kennesaw University, the Life University, and the Marietta campus of Chattahoochee Technical College. Kennesaw University (KSU) is a public four-year university with a campus located in Marietta and another in Kennesaw. KSU offers over 150 undergraduate, graduate, and doctoral degrees for its nearly 38,000 students. Life University is a private university with around 2,875 students, which offers undergraduate and graduate programs in health and wellness-oriented fields to their students. Chattahoochee Technical College is a public two-year college with approximately 20,400 students and offers associate degrees in fields such as business science, health science, personal and public services, and technical studies. These colleges create Marietta into an education-driven community leading to an educated labor force.
Marietta is filled with a rich history and various attractions for the entire family to enjoy. There is a total of six museums in the area, including the Marietta Gone with the Wind Museum. The Marietta Gone with
the Wind Museum celebrates the film and novel and is a top tourist destination for exploring the South’s antebellum history, dating back to 1851. It is conveniently located a quarter mile from the historic Marietta square, which is in walking distance to the Hilton Marietta Hotel. The Historic Marietta Square is a unique area for shopping and attracts many people to the area. There are also various restaurants to choose from at in the Marietta Square Market. The Market offers 17 restaurants and two local retailers, creating many options for residents to choose from.
Marietta’s growing business environment continues to maintain strong growth through the City’s Economic Development Division. This division attracts and retains businesses by encouraging redevelopment and embracing innovation. They are dedicated to helping small and large businesses and continue to foster local economic growth through their development initiatives, including the Comprehensive Plan 2040. This plan is a 20-year policy guide which assesses current conditions, projects future trends, develops strategies, and continues to help the city achieve its goals. The division also focuses on improving the areas infrastructure through the General Obligation Bond Initiative, which funds mechanisms for redevelopment projects within the city. No matter what brings you to the city, Marietta’s unique suburban environment with large-city amenities, make it the perfect city to meet everyone’s needs.
LOCATION OVERVIEW (CONTINUED)
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Atlanta
Marietta
DekalbPeachtree
Airport
Fulton CountyAirport-Brown
Field
Cobb CountyAirport-McCollum
Field
75
85
85
20
285
575
575
75
19
19
41
29
29
29
29
278
278
278
78
78
78
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STONEMOUNTAIN
PARK
m a p s 4 n e w s . c o m / © H E R E
M A J O R E M P L O Y E R SM A R I E T TA , G A
Lockheed Martin Aeronautical Systems 8,200
Wellstar Kennestone Hospital 6,125
Marietta Technology Center (Home Depot) 2,241
Tip Top Poultry 2,207
Dobbins Air Reserve Base 2,000
Cobb County Public Safety 1,800
Cobb County Board of Education 1,369
Marietta City Schools 1,019
Cobb County Government 890
C.W. Matthews Contracting, Inc. 550
LOCATION HIGHLIGHTS
Location corners the market. Nearest drug
store is 3.4 miles away.
Nestled in heart of suburban infill with dense population and
barriers to entry.
MARIETTA, GEORGIA NATIONALLY RECOGNIZED FOR STRONG EDUCATION SYSTEM
Strong visibility for multiple points of ingress/ egress.
Award-winning charter school system
and various college campuses in Marietta.
19 Miles from Downtown
Atlanta
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Walgreens
COMPETITION MAP
Walgreens
Market dominance in immediate area - No national drugstore competition near
the subject site.
20
194,725Total Population Within 5-Mile Radius
$114,198 Average Household Income
Within 5-Mile Radius
$78,689 Median Household Income
Within 5-Mile Radius
12.27% From 2000
DEMOGRAPHICS /MARIETTA, GA
77,879Total Households in 5-Mile Radius
Walgreens
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POPULATION 1 MILE 3 MILES 5 MILES2023 Projection
Total Population 7,971 75,221 194,7252018 Estimate
Total Population 7,964 73,575 190,6082010 Census
Total Population 7,565 70,389 178,8352000 Census
Total Population 5,831 68,696 180,260Current Daytime Population
2018 Estimate 7,586 77,709 238,906
HOUSEHOLDS 1 MILES 3 MILES 5 MILES2023 Projection
Total Households 3,126 29,728 77,8792018 Estimate
Total Households 3,120 28,871 75,611
Average (Mean) Household Size 2.42 2.53 2.492010 Census
Total Households 2,940 27,457 70,3062000 Census
Total Households 2,128 26,541 69,363Occupied Units
2023 Projection 3,126 29,728 77,8792018 Estimate 3,165 29,673 79,622
HOUSEHOLDS BY INCOME 1 MILES 3 MILES 5 MILES2018 Estimate
$150,000 or More 21.44% 20.43% 20.42%
$100,000 - $149,000 19.80% 20.86% 18.12%$75,000 - $99,999 13.22% 14.42% 13.57%$50,000 - $74,999 12.05% 14.75% 14.59%$35,000 - $49,999 10.54% 10.44% 11.44%Under $35,000 22.92% 19.08% 21.85%
Average Household Income $122,092 $115,708 $114,198
Median Household Income $83,578 $84,680 $78,689
Per Capita Income $47,860 $45,417 $45,424
HOUSEHOLDS BY EXPENDITURE 1 MILE 3 MILES 5 MILESTotal Average Household Retail Expenditure $77,648 $79,449 $76,298 Consumer Expenditure Top 10 Categories
Housing $21,241 $21,885 $20,963 Transportation $16,217 $16,459 $15,858 Shelter $11,471 $11,641 $11,170 Personal Insurance and Pensions $7,768 $8,161 $7,746 Food $7,075 $7,252 $6,968 Health Care $5,105 $5,361 $5,021 Utilities $4,967 $5,100 $4,913 Entertainment $3,225 $3,389 $3,214 Household Furnishings and Equipment $2,525 $2,774 $2,638 Apparel $2,237 $2,407 $2,326
POPULATION PROFILE 1 MILES 3 MILES 5 MILESPopulation By Age
2018 Estimate Total Population 7,964 73,575 190,608Under 20 23.10% 24.64% 24.96%20 to 34 Years 19.34% 17.47% 19.92%35 to 39 Years 6.38% 6.65% 6.68%40 to 49 Years 14.37% 14.15% 13.85%50 to 64 Years 20.84% 21.20% 20.41%Age 65+ 15.96% 15.87% 14.19%
Median Age 40.89 40.93 38.83Population 25+ by Education Level
2018 Estimate Population Age 25+ 5,649 51,613 131,288Elementary (0-8) 2.77% 2.69% 3.67%Some High School (9-11) 2.70% 3.52% 3.79%High School Graduate (12) 14.99% 14.94% 15.27%Some College (13-15) 18.46% 18.47% 18.66%Associate Degree Only 6.54% 6.70% 6.50%Bachelors Degree Only 36.08% 34.78% 33.20%Graduate Degree 17.34% 17.79% 18.01%
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MARIETTA GEORGIA
Walgreens
LIOR REGENSTREIFSENIOR MANAGING DIRECTOR INVESTMENTS
SENIOR DIRECTOR, NET LEASED PROPERTIES GROUPENCINO OFFICE
Tel: (818) 212-2730Fax: (818) 212-2710
[email protected]: CA 01267761