Walgreens Pharmacy Fort Pierce, Florida $5,990,000 7.6% CAP Rate Florida has no state income tax • Great High Growth Location • 38,360 cars per day on Okeechobee Rd. (SR 70) • Neighbors include Wal-Mart & Home Depot • Corporate guarantee from Walgreens • New construction, 25 year NNN lease • Zero management responsibilities • John Giordani Arthur Griffith (888) 733-4779 [email protected]
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Walgreens Pharmacy Fort Pierce, Florida - · PDF fileWalgreens Pharmacy Fort Pierce, Florida John Giordani Arthur Griffith (888) 733-4779 [email protected] About Walgreens
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Conveniently located at a signalized intersection within one mile of both the Florida Turnpike and I-95 interchanges, Okeechobee Crossing serves as the gateway to the Fort Pierce market.
Development will eventually include 21,084 square feet of retail space. At this time, the only property being offered for sale is a 14,820 square foot Walgreens store. There are separate but contiguous pad sites entitled for use as a 3,264 square foot banking facility and a 3,000 square foot fast food restaurant. Those pads are NOT included in this offering.
Year Built
Bldg Size
Lot Size
NEC Okeechobee Rd (SR 70) & Jenkins Rd.
Fort Pierce
Florida
Walgreens
March 1, 2009
75 years
Lessee may terminate Lease every 5 years after initial 25-year Primary Term,
As one of the oldest communities on the east coast of Florida, Fort Pierce enjoys the mellow Florida lifestyle while still being just a short distance from the hustle and bustle of both West Palm Beach and Orlando.
Modern educational and research facilities, like top-ranked Indian River Community College, the $6 million Smithsonian Institution Research Center, the Manatee Observation and Education Center and Harbor Branch Oceanographic Institute, live in harmony with the com-pletely renovated 1925 City Hall and the current resto-ration of the historic, 1,200 seat Sunrise Theatre, which will serve as a regional performing arts center.
Neighboring centers include Wal-Mart and Home Depot, which naturally attract customers to this inter-section. The location currently enjoys a healthy traffic count of 38,000 cars per day.
Fort Pierce Drug Store CompetitionNational Drug Stores in 5 Mile Radius
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Fort Pierce Drug Store CompetitionNational Drug Stores in 5 Mile Radius
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Created on Feb 17 - Updated yesterday
By Arthur T.
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2.1 Miles East
2.9 Miles Northeast
3.7 Miles East
4.5 Miles Southeast
4.7 Miles Northeast
3.8 Miles Southeast
Subject WAG
Walgreens
Walgreens
Walgreens
CVS
CVS
CVS
This new Walgreens store is well positioned to thrive. Prospec-tive buyers should have confidence in the longevity of this site as the next closest store is 2.1 miles to the east.
Walgreens is the #1 pharmacy in America by any measure. Founded in 1909, and traded on the New York Stock Exchange (NYSE:WAG), Walgreens operates 6,443 stores in 49 states. Walgreens is widely regarded as the safest, most secure single-tenant NNN leased invest-ment property because of its strong balance sheet and market capitalization. For the fiscal year ended August 31, 2008:
Sales were over $59.03 billion•Profit was over $2.15 billion•Net worth was over $12.86 billion•
Founded in 1901, Walgreens provides the most convenient access to consumer goods and services, and phar-macy, health and wellness services, in America. The company has recorded 34 consecutive years of record sales and earnings, a track record matched by only one other Fortune 500 company.
Walgreens is taking steps to ensure the company’s continued success in the face of a weakening economy. They are transforming into a more efficient and customer-focused company, both for drugstore customers and for patients and payors seeking quality pharmacy, health and wellness services that are accessible and affordable.
Managing through difficult economic timesThey are currently conducting a company-wide initiative to align their costs, culture and capabilities to our strategy and to the realities of the current economic environment. They are targeting approximately $1 billion in annual cost reductions by 2011 through more efficient processes, strategic sourcing and plans to reduce corpo-rate overhead and work throughout our stores.
In the pharmacy, they are working to fill prescriptions more efficiently. They’re in the early stages of rolling out a new initiative to transform – and advance – the practice of community pharmacy. Currently, they’ve focused on their Florida stores where they’ve moved tasks such as phone calls, prescription data entry and insurance verifi-cation from individual stores to more efficient central processing facilities.
Adjusting our organic store growthWalgreens remains among the fastest growing retailers in the country, even with their planned slowdown of organic growth from the current 9 percent rate to a rate of between 2.5 and 3 percent by 2011. Slower growth offers two big positives: first, more time to develop their management ranks and focus on improving the cus-tomer experience; and second, greater flexibility to invest in opportunities that will strengthen their core retail base and deliver attractive returns to their shareholders.
Growing our health clinics and specialty pharmacy businessThey’re growing their health clinics and specialty pharmacy business to complement their drugstores. They now operate more than 680 health and wellness clinics in their stores and on employer worksites. Since acquiring two worksite health center companies last spring, they’ve integrated these services into their new Health and Wellness division, which plans to expand to 800 sites by the end of fiscal 2009. Their health centers on or near employer campuses offer diverse services including primary and acute care; wellness, pharmacy and disease management services; and health and fitness programming. Employers recognize the significant value and cost savings these centers can provide.
Both their retail health clinics and worksite facilities will position them as one of the nation’s foremost providers of health and wellness services. They are highly complementary to their retail pharmacies and increase aware-ness of their Walgreens brand.
Fortune magazine America’s Most Admired Companies published March 17, 2008Walgreens ranked fifth among food and drugstores and is listed for the 15th consecutive year.
Fortune magazine Global Most Admired Companies published March 17, 2008Walgreens ranked seventh among food and drugstores and No. 36 among the 50 most admired companies.
Fortune magazine 500 Largest U.S.-Based Companies published May 5, 2008Walgreens ranked 40th overall in revenue, third among food and drugstores.
Fortune magazine 40 Best Stocks To Retire On published June 23, 2008Walgreens made the list of recommended Bargain Growth stocks.
Fortune magazine Global 500 Largest Companies published July 21, 2008Walgreens ranked 125th overall in revenue.
Forbes Platinum 400 List published January 12, 2009Walgreens again made this list of the best performing big companies in the United States
Forbes Global 2000 published April 21, 2008Walgreens ranked 250th on this list of the 2000 largest public companies worldwide.
Moody’sWalgreens current rating is A2.
Standard and Poor’sWalgreens current rating is A+.
RdFort Pierce, FL 34947 Fort Pierce, FL 34947 Fort Pierce, FL 34947
Site Type: Radius Radius: 3.0 mile Radius: 4.0 mile Radius: 5.0 mile 2008 Population Total Population 21,835 53,562 71,666 Male Population 50.3% 49.7% 49.2% Female Population 49.7% 50.3% 50.8% Median Age 35.2 35.1 37.5 2008 Income Median HH Income $39,094 $33,345 $34,521 Per Capita Income $19,738 $17,560 $18,576 Average HH Income $55,043 $48,075 $49,212 2008 Households Total Households 7,377 18,817 26,235 Average Household Size 2.84 2.77 2.66 1990-2000 Annual Rate 0.34% 0.1% 0.34% 2008 Housing Owner Occupied Housing Units 57.9% 51.8% 54.5% Renter Occupied Housing Units 33.6% 35.3% 31.0% Vacant Housing Units 8.6% 12.9% 14.4% Population 1990 Population 16,674 44,301 55,640 2000 Population 18,052 45,102 56,954 2008 Population 21,835 53,562 71,666 2013 Population 26,746 64,790 87,945 1990-2000 Annual Rate 0.8% 0.18% 0.23% 2000-2008 Annual Rate 2.33% 2.11% 2.82% 2008-2013 Annual Rate 4.14% 3.88% 4.18% In the identified market area, the current year population is 71,666. In 2000, the Census count in the market area was 56,954. The rate of change since 2000 was 2.82 percent annually. The five-year projection for the population in the market area is 87,945, representing a change of 4.18 percent annually from 2008 to 2013. Currently, the population is 49.2 percent male and 50.8 percent female. Households 1990 Households 5,838 15,652 19,905 2000 Households 6,039 15,807 20,589 2008 Households 7,377 18,817 26,235 2013 Households 9,114 22,897 32,468 1990-2000 Annual Rate 0.34% 0.1% 0.34% 2000-2008 Annual Rate 2.46% 2.14% 2.98% 2008-2013 Annual Rate 4.32% 4% 4.36% The household count in this market area has changed from 20,589 in 2000 to 26,235 in the current year, a change of 2.98 percent annually. The five-year projection of households is 32,468, a change of 4.36 percent annually from the current year total. Average household size is currently 2.66, compared to 2.68 in the year 2000. The number of families in the current year is 16,917 in the market area.
Housing
Currently, 54.5 percent of the 30,657 housing units in the market area are owner occupied; 31.0 percent, renter occupied; and 14.4 percent are vacant. In 2000, there were 23,689 housing units— 52.4 percent owner occupied, 34.4 percent renter occupied and 13.1 percent vacant. The rate of change in housing units since 2000 is 3.17 percent. Median home value in the market area is $123,754, compared to a median home value of $192,285 for the U.S. In five years, median home value is projected to change by 0.71 percent annually to $128,216. From 2000 to the current year, median home value changed by 9.6 percent annually.
Source: U.S. Bureau of the Census, 2000 Census of Population and Housing. ESRI forecasts for 2008 and 2013. ESRI converted 1990 Census data into 2000 geography.
RdFort Pierce, FL 34947 Fort Pierce, FL 34947 Fort Pierce, FL 34947
Site Type: Radius Radius: 3.0 mile Radius: 4.0 mile Radius: 5.0 mileMedian Household Income 1990 Median HH Income $27,537 $20,757 $20,661 2000 Median HH Income $32,990 $27,502 $27,415 2008 Median HH Income $39,094 $33,345 $34,521 2013 Median HH Income $45,877 $39,853 $41,085 1990-2000 Annual Rate 1.82% 2.85% 2.87% 2000-2008 Annual Rate 2.08% 2.36% 2.83% 2008-2013 Annual Rate 3.25% 3.63% 3.54% Per Capita Income 1990 Per Capita Income $12,022 $9,747 $9,878 2000 Per Capita Income $15,646 $13,778 $14,086 2008 Per Capita Income $19,738 $17,560 $18,576 2013 Per Capita Income $22,037 $19,715 $21,104 1990-2000 Annual Rate 2.67% 3.52% 3.61% 2000-2008 Annual Rate 2.86% 2.98% 3.41% 2008-2013 Annual Rate 2.23% 2.34% 2.58% Average Household Income 1990 Average Household Income $33,268 $27,065 $27,030 2000 Average Household Income $43,488 $38,022 $37,821 2008 Average HH Income $55,043 $48,075 $49,212 2013 Average HH Income $61,277 $53,786 $55,604 1990-2000 Annual Rate 2.71% 3.46% 3.42% 2000-2008 Annual Rate 2.9% 2.88% 3.24% 2008-2013 Annual Rate 2.17% 2.27% 2.47%
Households by Income
Current median household income is $34,521 in the market area, compared to $53,154 for all U.S. households. Median household income is projected to be $41,085 in five years. In 2000, median household income was $27,415, compared to $20,661 in 1990.
Current average household income is $49,212 in this market area, compared to $73,126 for all U.S. households. Average household income is projected to be $55,604 in five years. In 2000, average household income was $37,821, compared to $27,030 in 1990.
Current per capita income is $18,576 in the market area, compared to the U.S. per capita income of $27,916. The per capita income is projected to be $21,104 in five years. In 2000, the per capita income was $14,086, compared to $9,878 in 1990. Population by Employment Total Businesses 1,418 3,140 4,335 Total Employees 14,919 27,479 35,915
Currently, 86.2 percent of the civilian labor force in the identified market area is employed and 13.8 percent are unemployed. In comparison, 93.4 percent of the U.S. civilian labor force is employed, and 6.6 percent are unemployed. In five years the rate of employment in the market area will be 87.9 percent of the civilian labor force, and unemployment will be 12.1 percent. The percentage of the U.S. civilian labor force that will be employed in five years is 93.9 percent, and 6.1 percent will be unemployed. In 2000, 55.0 percent of the population aged 16 years or older in the market area participated in the labor force, and 0.1 percent were in the Armed Forces.
In the current year, the occupational distribution of the employed population is:
44.0 percent in white collar jobs (compared to 60.2 percent of U.S. employment)•21.2 percent in service jobs (compared to 16.5 percent of U.S. employment)•34.8 percent in blue collar jobs (compared to 23.3 percent of U.S. employment)•
In 2000, 71.6 percent of the market area population drove alone to work, and 1.7 percent worked at home. The average travel time to work in 2000 was 23.6 minutes in the market area, compared to the U.S. average of 25.5 minutes.
Population by Education
In 2008, the educational attainment of the population aged 25 years or older in the market area was distributed as follows:
31.8 percent had not earned a high school diploma (16.4 percent in the U.S.)•30.9 percent were high school graduates only (29.6 percent in the U.S.)•6.5 percent had completed an Associate degree (7.2 percent in the U.S.)•8.7 percent had a Bachelor’s degree (17.0 percent in the U.S.)•4.6 percent had earned a Master’s/Professional/Doctorate Degree (9.7 percent in the U.S.)•