330 W State Blvd. Fort Wayne, IN (Walgreens) (Website)

ALLY COMMERCIAL REAL ESTATE PRESENTS

330 W State Blvd.

Fort Wayne, IN 46808

purchase price

$5,200,000

DRE #: LC10400224 (Sturges, LLC)

This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.

DRE #: LC10400224 (Sturges, LLC)

the opportunity

Fort Wayne is the 2nd largest city in Indiana and three-time winner of the "All American City Award."

A unique opportunity to own a Walgreens located at 330 W State Blvd., with 5 years left on the lease and (10) 5 year options. This favorable option structure offers more security and is becoming difficult to find since (50) 1 Year options are becoming the norm in most Walgreen leases.

Fort Wayne, located in Allen County, has recently seen a massive influx of people because of its big city attractions at very affordable price. It's electrifying city life and easy access make it the ideal city for everyone's ventures.

Fort Wayne is in close proximity to major cities like Chicago, Cincinnati, and Columbus. Both interstate 69 and 649 run through the bustling city which allows easy travel to neighboring cities and with a population of over 279,000, Fort Wayne is one of the most populous cities in all of Indiana. An emerging downtown district with attractions like the Fort Wayne children's Zoo, Johnny Appleseed Memorial Park, and many more attract over 600,000 visitors each year.

Fort Wayne-Allen County is nationally recognized for its economic development as the economic engine of the Northeast Indiana region. The Fort Wayne area saw a 2.4% increase in GDP from 2018 to 2019, as calculated by the Purdue University Fort Wayne Community Research Institute. This beat the national increase of 2.1%. The strong metrics of Fort Wayne and the favorable lease and financing options make this a desirable Walgreens in the burgeoning city of Fort Wayne.

executive summary

330 W STATE BLVD

ALLY COMMERCIAL REAL ESTATE

OFFERING MEMORANDUM

ALLY COMMERCIAL REAL ESTATE

DRE #: LC10400224 (Sturges, LLC)

investment overview

Ally Commercial Real Estate is pleased to present 330 W State Blvd., a Walgreens with a drive-thru pharmacy in the vibrant and rapidly developing neighborhood of Fort Wayne.

Lease Expiration

Guarantor

Lease Type

Increases

Lease Start

Lease Term

Options

CAP Rate

NOI

$5,200,000

OFFERING PRICE

Walgreens Corporation

(10) 5-Year Options

Absolute NNN

10/12/2002

10/31/2027

$379,800

25 Years

Flat

7.3%

330 W STATE BLVD

property overview

Address

330 W State Blvd.

Fort Wayne, IN

GLA SF

14,490

Lot Size SF

69,565

Year Built

2008

VPD

31,500

Zoning

Parcel Number

02-07-35-185-023.000-074

No. of Parking Spaces

Drive Thru

Yes

Regular Hours

8AM-10PM

ALLY COMMERCIAL REAL ESTATE

OFFERING MEMORANDUM

ALLY COMMERCIAL REAL ESTATE

Walgreens Corporation is an American company that operates the second-largest pharmacy store chain in the United States behind CVS Health. It was founded in Chicago, Illinois, in 1901, and is headquartered in Deerfield, Illinois. Now spanning all across Europe, Latin America, and The United States with locations in all 50 states employing over 315,000 associates. Walgreens The Company is publicly traded in the New York Stock Exchange under the ticker WBA. Walgreens reported store sales of $134.516 Billion for the twelve months ending May 31, 2022. Walgreens is a fortune 500 Company and their credit ranking by Standard and Poor’s is BBB.

The company is combining modern store base, strong brand name, modern distribution centers and superior pharmacy technology. Walgreens stores fill prescription (accounting for about 65% of sales) and sell health and beauty aids, food, and many more. Walgreens store is located within 5 miles of approximately 78% of all Americans and every day touch the lives of over 8 millions both in stores and online.

Tenant Information

330 W STATE BLVD

ALLY COMMERCIAL REAL ESTATE

Tenant Trade Name

No. of Employees

No. of. Locations

Headquarters

Ownership

Revenue

Website

OFFERING MEMORANDUM

https://www.walgreens.com

ALLY COMMERCIAL REAL ESTATE

Walgreens Corporation

Walgreens

$134.516 Billion

Deerfield, IL

DRE #: LC10400224 (Sturges, LLC)

315,000

13,000

immediate area overview

Fort Wayne: Regional Economy

Fort Wayne’s relative affordability remains one of its biggest attractions. Residents state it is a great place to live, raise a family, and work. The most affordable cities were those in which total housing costs on an average house accounted for the smallest proportion of the median income. This is the second year in a row that Fort Wayne grabbed the top spot.

Looking back five years, the Fort Wayne GDP grew by 10.1% from 2015 to 2019, compared to 9.1% for the United States. The gross domestic product for the entire Fort Wayne in 2019 reached $24.08 billion, making it the 119th-largest metro economy. For comparison, the South Bend-Mishawaka GDP was $16.03 billion or 171st-largest, and the Evansville produced $19.46 billion for 147th-largest.

Fort Wayne Community Education is the second-largest district in the state of Indiana. Indiana University Purdue at Fort Wayne (IPFW) is the largest university in northeast Indiana and is a joint campus of two Big Ten schools, Purdue University and Indiana University.

The job market is expected to grow 38.6% in the next 10 years, which is higher than the US average of 33.5%. Fiscal Times magazine rated Fort Wayne "First in the Nation for Job Creation." The city's strong infrastructure and continual expansion have ensured this grow will be sustained for generations to come.

330 W STATE BLVD