SINGLE TENANT ABSOLUTE NNN

Investment Opportunity (NYSE: WAG | S&P: BBB)

Across from Knott’s Berry Farm (11th Most Visited Theme Park in North America)

7878 Crescent Avenue | Buena Park, CA

ORANGE COUNTY
ACTUAL SITE
EXC LUSIV ELY MAR KETED BY

Chuck Klein
Executive Managing Director
SRS National Net Lease Group
chuck.klein@srsre.com
D: 619.223.3017 | M: 858.449.9922
San Diego, CA
CA License No. 00947314

Broker/Designated Officer: Garrett Colburn, SRS Real Estate Partners-SoCal, LP | CA License No. #01416734

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TA BL E OF CO NTENTS

5
INVESTMENT SUMMARY
9
PROPERTY OVERVIEW
18
AREA OVERVIEW
20
FINANCIALS
Offering Summary Aerials Demographics Rent Roll
Investment Highlights Site Plan Pricing Summary
Location Map Brand Profile

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P RO P ERTY PHOTO

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I N V E ST MENT S U MMARY

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, drive-thru equipped,
Walgreens investment property located in Buena Park (Orange County) CA. Walgreens, an investment-grade tenant rated BBB by Standard & Poors, has just under 7
years remaining in the primary term of the lease and an additional 10 (5-year) extension options. The lease is Absolute NNN lease, making it an ideal, management-free
investment opportunity for a passive investor. Headquartered in Deerfield, IL, Walgreens operates more than 9,000 stores across all 50 states and was recently included
in FORTUNE’s 2020 list of the World’s Most Admired Companies for the 27th consecutive year.

The property is located at the high traffic, signalized, hard-corner intersection of Beach Boulevard and Crescent Avenue with a combined daily traffic volume of 73,000.
Beach Boulevard is the major north-south retail thoroughfare serving the region. The building is equipped with a drive-thru pharmacy, providing ease and convenience
for customers. The subject property is located across the street from Knott’s Berry Farm, the 11th most-visited amusement park in North America in 2019 (4.23 million
visitors in 2019), ½ mile south of Buena Park Downtown Shopping Mall, and 6 miles northwest of Disneyland Park and Resort, ranked the #2 theme park worldwide. The
subject property is also 1 mile north of West Anaheim Medical Center, a 219-bed acute care hospital serving Orange County and greater Los Angeles County. The 3-mile
trade area is supported by a population of over 274,500 with an average household income over $92,600.

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P RO P ERTY PHOTOS

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OF F ERING SU MMARY

O F F ER IN G

Pricing $10,700,000

Annual Rent $530,000

Cap Rate 4.95%

Tenant Walgreen Co.

Lease Type Absolute NNN

Lease Term Approximately 7 years remaining

P RO P ERT Y S P EC IFICAT IO N S

Building Size ~13,650 SF

Land Area ~1.44 Acres

Property Address 7878 Crescent Avenue

Buena Park, CA 90620

Year Built 2004

Parcel Number 135-101-31

Ownership Fee Simple (Land & Building Ownership)

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I N V E ST MENT HIGHLIGHTS

Long Term Lease | Absolute NNN | Investment Grade Tenant |
S&P Rated BBB
• Strong sales history over the last three years – ask broker for details
• Walgreens employs more than 240,000 people
• Walgreens filled 1.2 billion prescriptions (including immunizations) on a 30-
day adjusted basis in fiscal 2021
• There are 85 million active myWalgreens members as of August 31, 2021
Excellent Visibility & Accessibility | Drive-Thru Pharmacy
• Subject property located in a highly trafficked retail corridor at the signalized,
hard-corner intersection of Beach Boulevard and Crescent Avenue
• Traffic count at the intersection of Beach Boulevard and Crescent Avenue is
73,000 vehicles per day combined
High Barriers to Entry
• Desirable asset in the highly competitive and saturated Southern California
retail market
• This offering represents a rare opportunity to acquire real estate within a
dense, infill trade area with high barriers to new development
Major Hospital & Education Center Proximity
• Located 1 mile north of West Anaheim Medical Center, a 219-bed, acute-care
hospital serving Orange County and greater Los Angeles County since 1964
• Located 1.5 miles north of Western High School (~1,900 students)
• 2 miles west of Savannah High School (~1,800 students)
• 2.5 miles east of John F. Kennedy High School (~2,400 students)

Strong Demographics
• Population of 274,500 within a 3-mile radius
• Average household income of $92,600 within a 3-mile radius

High-Traffic Location | Nearby Major Retail Tenants

• Positioned across Crescent Avenue from Knott’s Berry Farm, the 11th most-
visited amusement park in North America in 2019 with 4.23 million visitors
that year
• ½ mile south of Buena Park Downtown Shopping Mall, a regional shopping
destination with over 1 million square feet of retail space and anchors such as
Walmart, TJ Maxx, 24 Hour Fitness, Bed Bath & Beyond, and Ross Dress for
Less
• 6 miles northwest of Disneyland Park and Resort, ranked the #2 theme park
worldwide with 18.66 million visitors in 2018 & 2019

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P RO P ERTY OVERVIEW

LOCATION PARKING

Buena Park, California There are 68 parking spaces on the owned parcel.
Orange County The parking ratio is approximately 4.98 stalls per 1,000 SF
Los Angeles-Long Beach-Anaheim MSA of leasable area.

ACCESS PARCEL

Parcel Number: 135-101-31

Crescent Ave: 1 Access Point
Acres: ~1.44
Beach Boulevard/State Highway 39: 1 Access Point
Square Feet: ~13,650

TRAFFIC COUNTS CONSTRUCTION

Crescent Ave: 13,000 VPD

Year Built: 2004
Beach Blvd: 60,000 VPD

IMPROVEMENTS ZONING

There is approximately 13,650 SF of

CG – Commercial General
existing building area

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 SHOPS AT BUENA PARK

WALTER KNOTT
ELEMENTARY
SCHOOL

KNOTT’S
BERRY FARM
60,000

39
IGHWAY
VEHICLES PER DAY
KNOTT’S
SOAK CITY

STATE H
13,000
VEHICLES PER DAY

CRESCENT
AVE.

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 CYPRESS CENTER

WEST
ANAHEIM WESTERN
MEDICAL HIGH SCHOOL
CENTER DANBROOK ELEMENTARY
SCHOOL

ANAHEIM WEST
SHOPPING CENTER

60,000
VEHICLES PER DAY

13,000
VEHICLES PER DAY

STA E.
TE H E SCE NT AV
IG H CR
WA
Y3
9
KNOTT’S
BERRY FARM

KNOTT’S
SOAK CITY

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 DR. JONAS E. SALK
ELEMENTARY SCHOOL DALE JR
SAVANNA HIGH SCHOOL
DR. ALBERT SCHWEITZER LORD BADEN-POWELL
HIGH ELEMENTARY SCHOOL
SCHOOL ELEMENTARY SCHOOL

9 60,000
AY3 VEHICLES PER DAY
W
H IG H
TE
STA
13,000
VEHICLES PER DAY
CRE
SCE
NT
AVE
.

KNOTT’S
SOAK CITY

KNOTT’S
BERRY FARM

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 BUENA PARK DOWNTOWN

FULLERTON
MUNICIPAL
AIRPORT

BUENA PARK
PLACE

KNOTT’S
SOAK CITY

KNOTT’S
BERRY FARM 13,000
VEHICLES PER DAY

60,000
VEHICLES PER DAY

EN T AVE. STATE
HIGHW
CRESC AY 39

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 KNOTT’S BUENA PARK DOWNTOWN
BERRY FARM
60,000
VEHICLES PER DAY

STAT
E HI
KNOTT’S

GHW
SOAK CITY

AY 3
13,000

9
VEHICLES PER DAY

CRESCENT AVE.

2021 Estimated Population

1 Mile 32,405
3 Miles 274,512
5 Miles 665,999
2021 Average Household Income
1 Mile $85,144
3 Miles $92,674
5 Miles $100,494

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 BUENA PARK PLACE

STATE HIGHWAY 91

276,000 INT
VEHICLES PER DAY ER S
TAT
E 5
SHOPS AT BUENA PARK
BUENA PARK DOWNTOWN

WALTER KNOTT KNOTT’S

ELEMENTARY BERRY FARM
SCHOOL 275,000
KNOTT’S VEHICLES PER DAY
SOAK CITY

NEXUS TOWN CENTER

SHOPPING CENTER
DAD MILLER
GOLF COURSE
SAVANNA
HIGH SCHOOL

CYPRESS WESTERN
COLLEGE HIGH BROOKHURST CENTER
SCHOOL
BUENA PARK
MARKET PLACE

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 13,000 CRESCENT AVE.
VEHICLES PER DAY

MON
UME

BE A
CH B
NT S

LVD
IGN

.
60,000
VEHICLES PER DAY
DRIV U
THR
E-

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 LOS ANGELES 2021 Estimated Population
45 min | 22 miles
1 Mile 32,405
2 Miles 131,296
3 Miles 274,512
2021 Average Household Income
1 Mile $85,144
2 Miles $88,514
3 Miles $92,674

ANAHEIM
15 min | 5.8 miles
1 MI
2 MI
3 MI
ORANGE COUNTY
LONG BEACH

IRVINE

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A R EA OV ERV IEW

BU EN A PA R K , CA L IFOR N IA
The City of Buena Park is located at the northwest edge of Orange County, which is located in the
southwestern part of the State of California. It occupies a land area of 10.27 square miles and provides a full
range of services, including police protection, street and other infrastructure construction and maintenance,
and recreational activities. The City of Buena Park had a population of 82,714 as of July 1, 2021.

Buena Park is home to the world-famous Knott’s Berry Farm, one of the nation’s most popular and largest
theme amusement parks. Also located in Buena Park are the Medieval Times Dinner and Tournament, Pirate’s
Dinner Adventure, and Knott’s Soak City. These attractions drive the tourism industry in the City.

In addition to the entertainment-type businesses, Buena Park also offers a complete selection of hotels,
restaurants, commercial centers, office complexes, business parks, and the Buena Park Mall. The Buena Park
Downtown Mall is the prime shopping destination for Buena Park residents and visitors. The Mall features
a variety of dining, shopping, and entertainment options including a movie theater, Big Air Trampoline Park,
John’s Incredible Pizza, and more. Many events are offered at the Mall including a summer concert series,
craft festivals, and blood drives. Buena Park also has a wide selection of popular restaurants including Yelp’s
No. 1 Restaurant in the USA, Porto’s Bakery & Cafe. Food processing and the aircraft industry supplement
Buena Park’s economy. Major nationally recognized employers in the City of Buena Park include Nutrilite,
Yamaha, and Georgia Pacific. The City’s Auto Center includes dealers of BMW, Buick/GMC, Chevrolet, Ford,
Honda, Mercedes-Benz, Nissan, Tesla, and Toyota vehicles, as well as a CarMax Auto Superstore.

Buena Park’s main commercial artery is Beach Boulevard, State Route 39, running north-south and
connecting the city’s civic center, the E-Zone entertainment district, and Buena Park Downtown shopping
center. California State Route 91 and Santa Ana Freeway (Interstate 5) criss-cross the city, connecting it
with cities to the east and west, north and south respectively. The Orange County Transportation Authority
provides public bus services, but most residents rely on cars. Fullerton Municipal Airport is the closest
airport, but the nearest airport with commercial service is Long Beach Airport, about 13 miles to the
southwest. Both Union Pacific (originally Southern Pacific) and BNSF railroad tracks cross the city.

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A R EA D EMOGRAPHICS

1 Mile 2 Miles 3 Miles

Population

2021 Estimated Population 32,405 131,296 274,512

2026 Projected Population 32,692 132,700 277,784

2010 Census Population 31,663 127,573 265,820

Projected Annual Growth 2021 to 2026 0.18% 0.21% 0.24%

Households & Growth

2021 Estimated Households 9,602 37,849 78,844

2026 Projected Households 9,644 38,052 79,369

2010 Census Households 9,555 37,519 77,964

Projected Annual Growth 2021 to 2026 0.09% 0.11% 0.13%

Race & Ethnicity

2021 Estimated White 38.31% 41.60% 37.77%

2021 Estimated Black or African American 4.40% 4.30% 3.83%

2021 Estimated Asian or Pacific Islander 26.81% 27.20% 28.15%

2021 Estimated American Indian or Native Alaskan 1.00% 1.00% 0.88%

2021 Estimated Other Races 19.78% 20.50% 20.47%

2021 Estimated Hispanic 44.08% 44.90% 43.90%

Income

2021 Estimated Average Household Income $85,144 $88,514 $92,674

2021 Estimated Median Household Income $68,349 $70,437 $74,405

2021 Estimated Per Capita Income $25,405 $25,534 $26,653

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R EN T ROL L

LEASE TERM RENTAL RATES

Square Lease Lease Recovery

Tenant Name Begin Increase Monthly PSF Annually PSF Options
Feet Start End Type

Walgreen Co. 13,650 Nov 2003 Feb 2029 Current - $44,167 $3.24 $530,000 $38.83 Absolute NNN 10 (5 year)

FI N ANCIAL INFO RM ATI O N

Price $10,700,000

Net Operating Income $530,000

Cap Rate 4.95%

Lease Type Absolute NNN

PROPERTY SP EC I F I CATI O NS
Year Built 2004

Building Size ~13,650 SF

Land Area ~1.44 Acres

FOR FINANCING OPTIONS AND LOAN QUOTES:
Address
7878 Crescent Avenue Please contact our SRS Debt & Equity team at debtequity-npb@srsre.com
Buena Park, CA 90620

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B RAND P ROFILE

WA LG R EEN S
walgreens.com
Company Type: Subsidiary
Locations: 9,000+
Parent: Walgreens Boots Alliance
2021 Employees: 202,000
2021 Revenue: $132.51 Billion
2021 Net Income: $2.54 Billion
2021 Assets: $81.29 Billion
2021 Equity: $23.42 Billion
Credit Rating: S&P: BBB

Walgreens (www.walgreens.com) is included in the United States segment of

Walgreens Boots Alliance, Inc. (Nasdaq: WBA), a global leader in retail pharmacy.
As America’s most loved pharmacy, health and beauty company, Walgreens
purpose is to champion the health and well-being of every community in
America. Operating more than 9,000 retail locations across America, Puerto
Rico and the U.S. Virgin Islands, Walgreens is proud to be a neighborhood health
destination serving approximately 9 million customers each day. Walgreens
pharmacists play a critical role in the U.S. healthcare system by providing a
wide range of pharmacy and healthcare services. To best meet the needs of
customers and patients, Walgreens offers a true omnichannel experience,
with platforms bringing together physical and digital, supported by the latest
technology to deliver high-quality products and services in local communities
nationwide.

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 THE EXCLUSIVE NET LEASE
C A P I TA L M A R K E T S T E A M
of SRS Real Estate Partners

275+ 25+ #1 3K+ 840+ $3.1B+

R E TAI L OFFICES LA RGEST R ETA IL NET LEASE NET LEAS E
PRO F E SSI ONALS REA L ESTAT E T RA N SACT IO N S T RA N SAC T I O N S TRANSACTION
SERVICES FI RM company-wide SO L D VALU E
in North America in 2021 in 2021 in 2021
exclusively dedicated
to retail

This document has been prepared by SRS Real Estate Partners’ National Net Lease Group (SRS) and has been approved for distribution by all necessary parties. Although effort has been made to provide
accurate information, SRS and those represented by SRS make no guarantees, warranties, or representations as to the completeness of the materials presented herein or in any other written or oral
communications transmitted or made available. Documents may have been referred to in summary form and these summaries do not purport to represent or constitute a legal analysis of the contents
of the applicable documents. Neither SRS or those represented by SRS represent that this document is all inclusive or contains all of the information you may require. Any financial projections and/
or conclusions presented herein are provided strictly for reference and have been developed based upon assumptions and conditions in effect at the time the evaluations were undertaken. They do
not purport to reflect changes in economic performance, local market conditions, economic and demographic statistics, or further business activities since the date of preparation of this document.
Recipients of this document are urged to undertake their own independent evaluation of the subject and/or asset(s) being shared in this document.

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