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OFFERING MEMORANDUM
Rent Escalations
THOMASVILLE 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 Map .......................................................10Tenant Summary ..............................................12Site Plan ..........................................................14Location Map ...................................................16Location Overview ............................................18Location Highlights ...........................................20Demographics ..................................................22
TABLE OF CONTENTS
Walgreens
Walgreens
O V E R V I E W
Price $3,260,000
Gross Leasable Area (GLA) 11,180 SF
Lot Size (approx.) 1.93 Acres
Net Operating Income $233,090
CAP Rate 7.15%
Year Built 1999
L E A S E A B S T R A C T
Lease Type NNN
Lease Term 20 Years
Lease Start 12/14/2004
Lease Expiration 12/31/2024
Renewal Options 8x5
Increase 10% every 10-years
Landlord Obligation None At All
301 S BROAD ST, THOMASVILLE, GA 31792
PRICE: $3,260,000 CAP: 7.15% RENT: $233,090
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 $233,090
Option 1 & 2 $256,399
Option 3 & 4 $282,039
Option 5 & 6 $310,243
Option 7 & 8 $341,267
Note: Site was originally a Rite Aid, taken over by Walgreens.
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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 is 20 years with an initial expiration date of 2024. The lease is a true NNN lease.
The lease calls for very rare rent bumps because it had originated as a Rite Aid lease before being taken over by Walgreens.
Additionally, the lease offers eight 5-year options, which is far superior to the current trends of 50x1 in standard Walgreen leases.
Surrounded by several hospitals and medical clinics
Adjacent to Flowers Baking Industries manufacturing,
distribution
Strong visibility and convenience being located
on Broad Street & Smith Avenue
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8
WalgreensWalgreens
INVESTMENT HIGHLIGHTS t Limited competition in the immediate area with nearest
Walgreens 2.9-miles NW of site
t Rare and attractive escalations in lease
t Strategically located near Lewis Hall Oncology Center, John D. Archibald Memorial Hospital Campus, McIntosh Clinic and Shaw Center for Women’s Health
t Strong barriers to entry
5,610 VPD
29,120TOTAL POPULATION WITHIN 5-MILE RADIUS
$59,881 AVERAGE HOUSEHOLD INCOME WITHIN 5-MILE RADIUS
- S BROAD STREET
9,470 VPD - SMITH AVENUE
Walgreens
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Thomasville High School
MacIntyre Park Middle School
SMITH AVE – 9,470 VPDSMITH AVE – 9,470 VPD
Thomas County Public Library
Bob & Jeff’s IGA Supermarket
John D. Archbold Memorial Hospital
Lewis Hall Singletary Oncology Center4
Jerger Elementary
School
S BROAD ST – 5,610 VPD
S BROAD ST – 5,610 VPD
tm
Camellia Gardens of Life Care Nursing Home
Walgreens
S MADISON ST – 10,090 VPD
S MADISON ST – 10,090 VPD
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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
SMITH AVE
S BROAD ST
SMITH AVE
S BROAD ST
SITE PLAN
Walgreens
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19
84
31984
319
REMINGTONPARK BALL
FIELD
PARADISEPARK
CHEROKEELAKE PARK
MCINTYREPARK
VARNEDOEPARK
FRANCISWESTON PARK
BALFOURPARK
LAUREL HILLCEMETERY
MAGNOLIACEMETERY
GLEN ARVENCOUNTRY CLUB
ARCHBOLDMEMORIALHOSPITAL
Will
Wat
t Pkw
y
Georgia-Florida Pkwy
Smith Ave
W Jacks
on St
W P
inet
ree
Blvd
W Pinetree Blvd
Gre
enlea
f Ter
Deese Ln
Lwr. Cairo Rd
Old Monticello Rd
E Pi
net r e
e Bl
v d
Mag
nolia
St
S Broad St
Victoria Pl
S Pinetree Blvd
S Pinetree Blvd
Flet
cher
St
Gordon Ave
Metcalf Ave
Wrig
ht S
t
Blac
kshe
ar S
t
Lest
er S
t
Tuxedo Dr
Junius St
Glen
Arv
en D
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S M
arti n
Lut
her K
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Jr D
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Jones St
Millpond Rd
Persimmon St
Augusta Ave
Wimbleton Dr
Rosedale AveGrady St
Park AveS College St
Colton Ave
Bartow St
Mimosa Dr
Ora
nge
StFern St
Sim
eon
St
Tan g
lew
ood
Dr
Not
tingh
am D
r
Varnedoe St
Hopkins St
Longleaf Dr
3rd Ave
Harris St
Robin Hood D
r
S Han
sell
St
Park
way
Dr
2nd Ave
Crimson
Cir Hollywood Dr
Bayb
rook
St
Old Boston Rd
Deve
reau
x D
r
W Loomis St
Pla n
tat io
n Dr
Spindle Wheel Dr
Chukkars Dr
Mis
siss
ipp i
Av e
Fairb
ank s
Ave
Ced
ar T
rl
Bri a
rwoo
d D
r
Friar Tuck Ln
1st Ave
Pear St
Gdn. Cen. Blvd
Grant S
t
Lovers Ln
Peach St
Triplet Ave
4th Ave
Imperial Dr
Watson St
W Hansell St
5th AveLu
cy S
t6th Ave
Forbes Dr
Pinecrest Blvd Broadnax St
E Loom
is St
Fy. Dr
Parn
ell S
t
Hill
St
Bibb Ln
Po ny C
ir
Marcia Ave
Marty Dr
Evergreen Dr
Bibb St
Teddy St
Bosser Ave
W Hill St
M ulbry. St
Patten StTo
m S
t
Rai
lrd. A
v e
Ely St
Cs.
St
Dav
is S
t
Neel Pl
Sou t
h St
Acacia Blvd
Remington Ave
E Jacks
on St
E Pi
netre
e Bl
v d
Campbell St
N Madison St
Glenwood Dr
North Blvd
Old Albany R
d
Cairo Rd
S Hansell StW
Jacks
on St
N M
artin
Lut
her K
ing
Jr D
r
E Clay St
Indu
stria
l Blvd
N Dawson St
W Clay St
Young St
N Stevens St
Genesis Pkwy
N Broad St
Ros
eway
Ln
N Crawford St
Oak St
E Washington St
E Walco
tt St
Davenport Dr
Cas
sidy
Rd
Covington Ave
N Hansell St
Ben Grace DrW
esto
ver A
ve
N Mitchell St
Myrtle Dr
E Calhoun St
E Monroe St
N Spair St
Wolf St
E Webste
r St
W Calhoun St
Alexander St
E Jefferso
n St
Hardaway St
Felix St
Forrest St
McKinley St
Rale
igh
Ave
Summ
ercreek C
v
Maury St
Sunse
t Dr
W Washington St
Fontaine Dr
Law
St
Sally St
N College St
Belmo
n t Dr
Gribben St
W Jefferso
n St
Neel St
E Jerger S
t
Briarcliff DrG
rayd
on A
ve
W Monroe St
W Webste
r St
W Jerger S
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Whe
et S
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Clanton St
W Walco
tt St
Lake
View DrKings Dr
Orchard Ln
Whitehurst St
Reid St
Marsh all S
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Ernest St
Wildwood Ln
Lake
Eag
le Dr
Woo
dlan
d Dr
Edgewood Dr
Claire Dr
Springdale Cir
Hayes St
Lee St
L ynne Marie Dr
Royal Ave
McLean AveFle
ming St
Payn
e St
Warren Ave
Ashley
Park Pl
Altm
an A
ve
Kern
St
Parn
ell S
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Bennett StS
ch ley St
Che
stnu
t St
Clermont DrDunedin Dr
Cec
il St
Cheroke
e St
Fairfax St
Vine St
Beth Dr
Allen St
Burn
s St
Plai
n S t
Green
St
Short St
Pine L. Dr
Festus St
Circle Dr
Phelps St
Barnes St
Mdw. St
Cogar Dr
Wall St
Co
t t. Ln
Spair
Euclid Dr
Pine St
Bay
St
North Blvd
BrileysLake
m a p s 4 n e w s . c o m / © H E R E
Walgreens
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Walgreens
THOMASVILLE, GEORGIAThomasville is the county seat of Thomas County in Georgia. It is the second largest city in southwest George and is known for its rich history, natural beauty, and various attractions. Thomasville has access to Interstate 75 to the east and Interstate 10 to the south, making transportation easy for everyone. Three four-lane highways, US Highways 319, 19 and 84, also converge in Thomasville, providing even further access to nearby cities. Thomasville and Thomas County are located on the Georgia-Florida State line, on six four-lane divided highways, which serve Georgia and Florida, which are the two fastest growing states in the U.S. Florida’s population of 17 million and Georgia’s population of 8.7 million create a highly concentrated market which can be served all from Thomasville.
Downtown Thomasville is the perfect place to shop, dine, and spend time with friends and family. Thomasville’s historic downtown offers 100+ unique retail and specialty shops, antique stores, and restaurants. In addition, Thomasville’s Main Street Program has rehabilitated many downtown buildings and sparked many new businesses. Since 1981, Downtown has gain 308 new businesses and 1,183 new jobs. There have also been 18 building rehabilitation projects and 45 public improvement projects which have led to the expansion or opening of 19 new businesses. Thomasville was also one of the first cities in the nation to become a designated Main Street City.
Known as the, “City of Roses”, Thomasville takes pride in this nickname and holds an annual Rose Festival. This has been a Georgia tradition since the 1920s and featured flower shows, parades, community events, and much more for the family to enjoy. Visitors come from all over the southeast to enjoy this festival. The Big Oak is another attraction that brings many people to Thomasville. This large live oak tree is one of many historic landmarks in the city and is one of the earliest trees registered with the Live Oak Society.
Thomasville and Thomas County are also considered a micropolitan community according to the U.S. Census. This means that the economic influence this area provides, reaches greater than the demographic indicates. Thomasville has 122 industries and provides jobs for 40% or the area population and 50% of the total area retail sales. In addition, Flower Foods, one of the top two providers of baked products nationally and a Fortune 500 Company, is headquartered in Thomasville. Thomasville’s excellent transportation system in both road and rail, allows the city to support this Headquarters.
LOCATION OVERVIEW
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Cook CountyAirport
MoultrieMunicipal
Airport
SpenceAirport
Quitman-BrooksCounty Airport
ThomasvilleMunicipal Airport
ValdostaRegional Airport
75
129
221
221
221
41
41
41
319
319
19
19
19
84
84
84
84
90
41
LakeMiccosukee
ValdostaThomasville
m a p s 4 n e w s . c o m / © H E R E
MAJOR EMPLOYERSTHOMASVILLE THOMAS COUNTY, GA
Archbold Medical Center 2,500
Thomas County School System 814
Thomasville City School System 450
City of Thomasville 435
Hurst Boiler and Welding Company* 353
Flowers Food Corporate Office* 323
Oil Dry Corporation of Georgia 321
Thomas County Government 304
Cleaver Brooks* 267
Woodhaven Industries 250
* Corporate Headquarters
LOCATION HIGHLIGHTS
Thomasville has 122 industries and provides
jobs for 40% of the area’s population and 50% of the
total area’s retail sales.
Flower Foods, a Fortune 500 Company and one of the
top two providers of baked products nationally, is within
walking distance to site.
THOMASVILLE, GEORGIA “CITY OF ROSES” HOME TO GEORGIA’S ANNUAL ROSE FESTIVAL
Micropolitan community with economic influence reaching greater than the demographic indicates.
The second largest city in southwest Georgia
located on the Georgia-Florida State line.
Located just 41 miles east of Valdosta
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29,120Total Population Within 5-Mile Radius
$59,881 Average Household Income
Within 5-Mile Radius
$42,592Median Household Income
Within 5-Mile Radius
15.27% From 2000
DEMOGRAPHICS /THOMASVILLE, GA
11,778Total Households in 5-Mile Radius
Walgreens
22 22
POPULATION 1 MILE 3 MILES 5 MILES2023 Projection 5,703 21,222 29,1202018A Estimate 5,789 20,713 28,275Growth 2018A - 2023 -1.48% 2.45% 2.99%2000 Census 6,263 20,128 26,7822010 Census 5,819 20,687 28,070Growth 2000 - 2010 -7.09% 2.78% 4.81%
HOUSEHOLDS 1 MILES 3 MILES 5 MILES2023 Projections 2,313 8,759 11,7782018A Estimate 2,331 8,422 11,261Growth 2018A - 2023 -0.76% 4.01% 4.60%
2000 Census 2,473 7,826 10,217
2010 Census 2,345 8,388 11,142Growth 2000 - 2010 -5.18% 7.19% 9.06%
HOUSEHOLDS BY INCOME 1 MILES 3 MILES 5 MILES$200,000 or More 3.65% 3.27% 3.15%
$150,000 - $199,999 1.10% 2.61% 2.59%
$100,000 - $149,999 6.22% 8.31% 9.22%$75,000 - $99,999 5.57% 6.48% 7.17%$50,000 - $74,999 18.23% 18.90% 19.60%$35,000 - $49,999 16.48% 15.99% 15.70%$25,000 - $34,999 12.23% 9.99% 10.01%$15,000 - $24,999 16.17% 14.79% 14.69%$10,000 - $14,999 5.83% 6.95% 6.70%Under $9,999 14.51% 12.71% 11.18% 2018A Est. Average Household Income $53,119 $58,496 $59,881
2018A Est. Median Household Income $36,071 $40,608 $42,592
2018A Est. Per Capita Income $21,828 $24,089 $24,131
POPULATION PROFILE 1 MILES 3 MILES 5 MILES2018A Estimated Population by Age 5,789 20,713 28,275
Under 4 6.7% 6.8% 6.6%5 to 14 Years 13.6% 14.2% 13.9%15 to 17 Years 3.8% 3.7% 3.8%18 to 19 Years 2.2% 2.2% 2.3%20 to 24 Years 5.8% 5.8% 5.8%25 to 29 Years 6.9% 6.7% 6.5%30 to 34 Years 6.6% 6.4% 6.3%35 to 39 Years 6.1% 6.0% 5.9%40 to 49 Years 11.3% 11.2% 11.5%50 to 59 Years 13.9% 13.5% 13.6%60 to 64 Years 5.9% 6.2% 6.2%65 to 69 Years 4.5% 5.1% 5.4%70 to 74 Years 3.8% 4.3% 4.4%Age 75+ 9.1% 7.9% 7.8%
2018A Median Age 38.7 38.4 39.1
Population 25+ by Education Level 3,937 13,928 19,136Elementary (0-8) 5.78% 3.95% 3.80%Some High School (9-11) 11.14% 11.17% 11.01%High School Graduate (12) 32.64% 32.35% 32.79%Some College (13-15) 19.96% 19.85% 20.59%Associates Degree Only 4.97% 6.90% 7.56%Bachelors Degree Only 13.46% 12.74% 12.19%Graduate Degree 10.41% 11.20% 10.14%
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THOMASVILLE 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
JONATHAN BRAIERSENIOR ASSOCIATE
ENCINO OFFICETel: (818) 212-2773Fax: (818) 212-2710
[email protected]: CA 01958515
