Walgreens - Capital Pacific

Walgreens
Clarkston
[ REPRESENTATIVE PHOTO ]
Clar
kst
, WA
on
Brand New Construction
Long Term Absolute NNN Lease
411 Bridge Street, Clarkston, WA 99403
[ www.CapitalPacific.com ]
WALGREENS IS A FREESTANDING ABSOLUTE NNN
LEASED INVESTMENT PROPERTY IN CLARKSTON,
WA.
Investment Highlights
The offering provides an opportunity to acquire a freestanding Walgreens
with a drive-thru recently completed in April 2015. Walgreens has signed a
75 year lease with standard five year options to terminate after the initial 20
year term.
PRICE: $7,010,000
CAP: 5.35%
ANNUAL RENT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $375,000
RENT COMMENCEMENT. . . . . . . . . . . . . . . . . . . . . . . . 4/24/2015
RENTABLE SF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,550 SF
LAND AREA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.27 Acres
LEASE TERM. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 Years
TERMINATION OPTIONS. . . . . . . . . . . . . . . . . . . . . . . . Every 5 years following year 20
LEASE TYPE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Absolute NNN
PARKING*. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 Spaces
*Parking is approximate and based on a manual count
INVESTMENT GRADE TENANT
Walgreens is a publicly traded company (NYSE: WAG) with investment grade credit,
rated BBB by Standard & Poor's.
BRAND NEW CONSTRUCTION AND LONG-TERM LEASE
The lease has been executed and construction was completed in April 2015.
ADDRESS:
411 Bridge Street, Clarkston, WA 99403
[ REPRESENTATIVE PHOTO ]
WALGREENS CLARKSTON | 2
Aerial
RETAILERS IN THE AREA
WASHINGTON
SNAKE RIVER
IDAHO
21,000 DAILY
12
BRIDGE ST
WALGREENS
CLARKSTON
13TH ST
T
LS
A
ON
AG
DI
6TH ST
410 Drive-In
A&W
Albertsons
Arby’s
Banner Bank
Bi-Mart
Clarkston Garden Supply
Columbia Bank
Costco
Dave’s Auto & Truck Center
Fazzari’s
Hay’s Produce & Garden Center
Hazels Good Eats
Jose Tacos
Mac’s Cycle
McDonald’s
Papa Murphy’s
Paraiso Vallarta
Pizza Hut
Sharp’s Burger Ranch
Spot on Yogurt
St Vincent De Paul
Starbucks
Sterling Bank
Subway
Taco Time
Tomato Bros
US Bank
Walmart Superstore
CHESTNUT ST
IDAHO
1 MILE
Clarkston
HIgh school
WALGREENS CLARKSTON | 3
Competition Map
ONLY WALGREENS IN CLARKSTON, WA
Walgreens Clarkston is the only Walgreens in Clarkston. The closest
Walgreens is 3 miles away in Lewiston, Idaho.
WALGREENS
CLARKSTON
3 Miles
WA
SHI
NGT
ON
IDA
HO
1 Mile
WALGREENS CLARKSTON | 4
Site Plan & Construction Timeline
SITE PLAN KEY
PARCEL OUTLINE:
LAND AREA:
1.7 ACRES
BUILDING AREA: 14,550 SF
INGRESS/EGRESS:
CONSTRUCTION TIMELINE
Monument Sign
BRIDGE STREET
12,000 DAILY
BUILDING
CONSTRUCTION
MAY-14 TO APRIL-15
5TH STREET
4TH STREET
LEASE EXECUTED
MAR-14
DRIVE-THRU
PRE-CONSTRUCTION
ACTIVITIES
MAR-14 TO APRIL-14
POSSESSION DATE &
RENT COMMENCEMENT
APRIL-15
GR A N D
OPENING
April 2015
GRAND OPENING DATE
Site Plan Not To Scale
WALGREENS CLARKSTON | 5
Lease Abstract & Elevations
LEASE ABSTRACT
PREMISES/TERM
TENANTWalgreens
SQUARE FEET
14,550 SF
RENT COMMENCEMENT
4/24/2015
EXPIRATION4/23/2090
(With standard 5 year options to terminate after the initial 20 year term)
ELEVATIONS
BASE RENT
4/24/2015 – 4/23/2090
$31,250/month
MAINTENANCE
Tenant is responsible for all maintenance and repair of the parking lot, roof and
structure, common areas, HVAC, and building interior.
PERCENTAGE RENT
Tenant pays percentage rent equal to the natural breakpoint of 2% of gross sales
(excluding food and prescription) and .5% of gross sales of food and prescription
items (excluding Third Party Prescription Plans). Percentage Rent and Base Rent shall
not exceed $889,992 in any given year.
RIGHT OF FIRST REFUSAL
If landlord receives a bona fide offer to purchase, tenant has the option within fortyfive (45) days after receipt to purchase the premises.
WEST EXTERIOR
ASSIGNMENT AND SUBLETTING
Tenant may discontinue operations at any time and assign and sublet their lease
interest to a subsidiary, person, or corporation without landlord consent.
LANDLORD TERMINATION RIGHTS
Tenant shall have the right and option to terminate this Lease effective after the last
day of the 20th year of the Term. If Tenant chooses to elect this option, Tenant shall
notify Landlord with 12 months prior notice.
Elevations Not To Scale
NORTH EXTERIOR
WALGREENS CLARKSTON | 6
Area Intel & Demos
CLARKSTON AREA OVERVIEW
Clarkston is located in Southeast Washington at the confluence of the Snake and Clearwater Rivers,
bordering Idaho. Agriculture is a major industry in the area and the Port of Clarkston handles barge traffic
carrying agricultural goods. The Port of Clarkston is home to one of the largest cranes on a navigable
waterway east of Portland.
POPULATION
2010
2014 2019
1-Mile3-Mile5-Mile
7,028 30,54944,690
6,898
30,804
44,977
6,902 31,48845,883
2014 HOUSEHOLD INCOMES
1-Mile3-Mile 5-Mile
Median $30,056 $39,491 $41,238
Average $39,934$52,451$53,647
Coeur d'alene, id
Spokane
106 Miles
95
WALGREENS
CLARKSTON
12
1 Mile
3 Miles
PULLMAN
34 MileS
cLARKSTON
1 Mile
Lewiston, id
A unique HUMAN
RESULTS-DRIVEN
client experience
THE CAPITAL PACIFIC EXPERIENCE - OUR DAILY COMMITMENT TO OUR CLIENTS
[ www.CapitalPacific.com ]
[ REPRESENTATIVE PHOTO ]
SEAN TUFTS
[email protected] | (206) 743-8468
SCOTT FRANK
[email protected] | (503) 675-8383
SEAN MACK
[email protected] | (503) 675-8378
MICHAEL HORWITZ
[email protected] | (503) 675-8381
KEVIN ADATTO
[email protected] | (503) 675-7726
PETER DUNN
[email protected] | (503) 607-0197
[ Copyright © 2015 Capital Pacific LLC ]