OFFERING MEMORANDUM
Absolute NNN – Walgreens
NEC of Broad Street & Garfield Place | RED BANK | NEW JERSEY
Jordan A. Shtulman
Jonathan M. Wolfe
Managing Principal
847.226.4133
jordan@stream-cp.com
Managing Principal
312.310.2798
jonathan@stream-cp.com
Broker of Record
Mike Antonoplos
Lic.: NJ-0338546
OFFERING MEMORANDUM
Absolute NNN – Walgreens
NEC of Broad Street & Garfield Place | RED BANK | NEW JERSEY
Transaction Summary
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Tenant Overview
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Aerial & Street Maps
Plat Survey
Demographics
OFFERING MEMORANDUM – WALGREENS, RED BANK, NJ
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NEC of Broad Street & Garfield Place, Red Bank, NJ
This Offering Memorandum (“Memorandum”) is intended solely for the use of prospective investors in determining whether or not
to pursue the possible acquisition of the Retail Property (“the Property”) at NEC of Broad Street & Garfield Place, Red Bank, NJ.
This Memorandum is of a proprietary and confidential nature. Prospective investors and/or their advisors are expressly forbidden
from sharing this information with any individuals or organizations that are not directly connected with the analysis of this
investment opportunity. STREAM Capital Partners, LLC (“SCP”) has been retained as the exclusive advisor for this investment
opportunity. Any and all inquiries are to be directed to SCP.
By accepting this Memorandum, the recipient agrees that it will cause its directors, officers, employees and representatives to use
the Memorandum and all of the information contained therein only to evaluate this specific investment opportunity and for no other
purpose and shall return this Memorandum together with any copies to SCP upon request. This Memorandum contains confidential
material which is non-public information. Receipt of this Memorandum constitutes your acknowledgment that you will maintain the
information contained herein in strict confidence.
All information contained herein has been provided by the Organization, its affiliates or other sources that SCP deems reliable;
however, SCP has not independently verified any of the information, including the financial estimates and projections and selected
real estate information, contained herein. This Memorandum includes information about the Organization, including selected
financial information, estimates and projections that reflect various assumptions concerning anticipated results, which may or may
not prove to be correct and selected real estate information which may or may not prove to be correct. Such projections and
estimates may or may not be indicative of future performance, which may be significantly more or less favorable than that as
reflected herein.
In furnishing this Memorandum, none of the Organization, its affiliates or SCP undertakes any obligation to provide additional
information or to correct or update any of the information set forth in the Memorandum. None of the Organization, its affiliates or
SCP makes any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained
herein in this Memorandum, or made available in connection with any further investigation of the Organization, and nothing
contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The recipient
should rely solely on the representations and warranties made to it by the Organization or its affiliates in any executed definitive
agreement.
Under no circumstances should the Organization, its affiliates or any of their management, directors, shareholders,
employees, customers or vendors be contacted directly.
OFFERING MEMORANDUM – WALGREENS, RED BANK, NJ
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Transaction Summary
Purchase Price:
$11,649,484
NOI:
$565,000
Cap Rate:
4.85%
Location:
NEC of Broad Street and Garfield Place, Red Bank, NJ
Lease Type:
Absolute NNN
Rent Commencement Date:
June 1, 2015
Lease expiration:
February 28, 2090
Lease Term Remaining:
20 years
Annual Rent:
$565,000
Options:
Eleven (11), five (5) year options
Net Rentable Sq. Feet:
13,120 SF
Year Built:
2015
OFFERING MEMORANDUM – WALGREENS, RED BANK, NJ
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Tenant Overview
Walgreen Co. (NYSE: WAG) is the leading retail drugstore chain in the country, with
approximately 8,330 drugstore locations nationwide and 2013 revenue in excess of
$71.3 billion with a market capitalization in excess of $48 billion. Walgreens is rated
investment grade by Moody’s and Standard & Poor’s and is ranked 37th on the Fortune
500 List of Largest U.S. Based Companies. Walgreen’s store base offers unmatched
convenience – according to company statistics, more than 50% of the U.S. population
lives within two miles of a Walgreens store and over 70% live within five miles.
Walgreens Fiscal 2014 Fourth Quarter Highlights
 December sales increased 10.2 percent to $7.92 billion from $7.18 billion for the
same month in fiscal 2014.
 Adjusted fourth quarter net earnings were $773 million, a 12.4 percent increase from
$688 million in the same quarter a year ago.
 Company records cash flow from operations in fourth quarter of $696 million
 Calendar 2014 sales were $78.41 billion, an increase of 6.4 percent from $73.71
billion in 2013.
OFFERING MEMORANDUM – WALGREENS, RED BANK, NJ
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Aerial Map
Subject Property – NEC of Broad Street and Garfield Place, Red Bank, NJ
Subject
Property
New York – 62 miles
Newark – 38 miles
Philadelphia – 84 miles
OFFERING MEMORANDUM – WALGREENS, RED BANK, NJ
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Aerial Map
Subject Property – NEC of Broad Street and Garfield Place, Red Bank, NJ
Subject
Property
OFFERING MEMORANDUM – WALGREENS, RED BANK, NJ
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Street Map
Subject Property – NEC of Broad Street and Garfield Place, Red Bank, NJ
New York – 62 miles
Newark – 38 miles
Philadelphia – 84 miles
Subject Property
OFFERING MEMORANDUM – WALGREENS, RED BANK, NJ
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Plat Survey
OFFERING MEMORANDUM – WALGREENS, RED BANK, NJ
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Demographics
Red Bank is a borough in Monmouth County, New Jersey, incorporated in 1908. Situated
on the banks of Monmouth County's beautiful Navesink River, Red Bank has an area of
1.75 square miles and is approximately five miles inland from the Atlantic Ocean.
Red Bank is a noted social and commercial destination, filled with boutiques, designer
clothing and home stores, parks, and restaurants. The town is considered a center of
artistic activity, and is home to the Monmouth County Arts Council, as well as several art
and photography galleries.
Red Bank offers many high-end shops, offering luxury boutiques and department stores,
including Garmany of Red Bank which has been expanded from a men's store into a luxury
department store with 40,000 square feet of high-end retail space.
Red Bank is home to some 64 restaurants. Add to that mix the Count Basie Theatre, a
performing arts center that attracts national and regional acts—everything from rock
bands to dance companies; the area's only art movie house, a bevy of antique shops;
more than a dozen jewelry stores; several galleries and four coffeehouses.
OFFERING MEMORANDUM – WALGREENS, RED BANK, NJ
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RACE
POPULATION
Demographics
1 mile
3 miles
5 miles
2014 Est. Population
14,136
59,005
137,693
2019 Projected Population
14,643
61,134
142,642
2010 Census Population
14,023
58,528
136,586
2000 Census Population
13,570
58,894
137,365
Projected Annual Growth 2014 to 2019
0.7%
0.7%
0.7%
Historical Annual Growth 2000 to 2014
0.3%
0%
0%
White
70.4%
83.5%
82.5%
Black or African American
10.2%
6.5%
6.8%
American Indian or Alaska Native
0.7%
0.3%
0.3%
Asian
2.0%
2.8%
3.1%
16.7%
6.9%
7.3%
$100,252
$124,645
$123,867
12.2%
17.1%
16.7%
Number of families with income $150-200k
9.3%
10.9%
11.0%
Number of families with income $100-150k
16.0%
18.5%
17.0%
Number of families with income $75-100k
15.3%
12.5%
11.9%
Number of families with income $50-75k
16.0%
14.7%
15.4%
Number of families with income $35-50k
9.8%
8.4%
8.6%
Number of families with income $25-35k
6.4%
6.2%
6.5%
Number of families with income <$15K
7.9%
5.1%
5.5%
Other Races
Average Household Income
INCOME
Number of families with income > $200k
OFFERING MEMORANDUM – WALGREENS, RED BANK, NJ
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