Walgreens (LH)

1440 Boston Road, Springfield, MA 01129

$3,011,000

Cap Rate 7.50%

Views: 79 DOM: 266 Updated: 04.12.24 Posted: 08.24.23 Status: Active

Summary

Price $3,011,000	Built/Renov 1999	Tenant Walgreens (LH)
Cap Rate 7.50%	Lease Type Double NN	Guarantor Corp T and Rated
Size/SF 13,855	Lease Start 06-02-2000	#Units 8,896
Price/SF $217.32	Expiration 06-30-2060	Tenant Type Pharmacy
NOI $225,850	R. Term 36.1	Ownership Leasehold
Rent/SF $16.30	Increases 1.9%/7/yrs	Pop 5Mi 169,208
Lot/AC 1.61	Options 0/0yrs	AHHI 5Mi $84,722

Lease Highlights

Walgreens has successfully operated at this location for 20+ years
Tenant has 36+ years remaining on the current lease term
Lease features scheduled rental increases every 5 years starting in 2030
Corporate guarantee by Walgreens Boots Alliance (NASDAQ: WBA)
Walgreens is an investment grade tenant (S&P: BBB)

Location Description

Walgreens is strategically located at the signalized, hard corner intersection of Boston Road (US Hwy 20) and State Highway 21 & 41 with access to 68,900 vehicles per day. The site benefits from its location within a strong residential corridor which provides a direct consumer base for the site to draw from. National/credit tenants in the area include Lowe’s, The Home Depot, Planet Fitness,...

...

Key Features

Signalized intersection
Hard corner intersection
In location for years
High traffic 50M+ VPD
Highway location
Top 100 MSA
Long 20+ yr lease
Traded and rated company
Investment grade tenant

...

Links

Walgreens Wikipedia Walgreens Wikipedia Springfield, Massachusetts Zip Code 01129 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Walgreens
Guarantor:Corp T and Rated
Company:Walgreens Boots Alliance
# Units:8,896
Tenant S&P: BBB
Moody’s: Baa3
Stock: NASDAQ: WBA

About Tenant

Walgreens is an American company that operates the second-largest pharmacy store chain in the United States. It specializes in filling prescriptions, health and wellness products, health...

...

Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	9,778	61,180	167,618
2023 Total Population :	9,911	61,849	169,546
2023 Employed Civilian Pop :	4,490	27,980	73,533
2023 Total Businesses :	378	2,030	4,766
2023 Average Household Income :	$ 73,342	$ 85,088	$ 84,760
2023 Total Consumer Spending :	$ 260 M	$ 1809 M	$ 4742 M
2023 Median Age :	37	41	38
2023 Total Households :	4,079	24,604	64,750
2023 Pop Age 25+: Bachelor's Degree :	1,147	7,420	18,475
2023 Average Home Value :	$ 246,056	$ 283,305	$ 286,853

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Parker St	Boston Rd	2000	15,400	0.02 mi
MA 21;MA 141	Boston Rd	2021	18,490	0.03 mi
	Boston Rd	2018	40,056	0.04 mi
Parker St	Boston Rd	2000	13,200	0.04 mi
Boston Rd	Paradise St	2000	33,200	0.05 mi
Parker St	Boston Rd	2000	26,700	0.10 mi
Parker St	Boston Rd	2000	28,300	0.13 mi
Boston Rd	Parker St	2000	27,100	0.16 mi
PARKER STREET	Boston Rd	2021	28,841	0.16 mi
Parker Street		2019	26,597	0.16 mi

Listing Broker

Kyle Fant

SRS National Net Lease Group

Contact

82 Listings
3700 Views
23 Sold

Britt Raymond

SRS National Net Lease Group

Contact

90 Listings
3889 Views
26 Sold

Kyle Fant

Kyle joined SRS in 2017 along with his partner Britt Raymond to spearhead the New York City office for the National Net Lease Group and accelerate growth across the east coast. Kyle has over eight years of experience in investment sales of net lease retail, medical, and industrial properties across the country. Kyle spent the first three years of his career in Marcus & Millichap’s flagship Manhattan office where he was able to work and learn from some of the firm’s top transactional brokera

...

Britt Raymond

Britt Raymond is a Managing Director and Market Leader of New York Capital Market. Britt spearheads efforts to grow SRS’s presence across the northeast. She also advises owners of net lease assets and anchored shopping centers nationwide to buy, acquire, or finance. She also provides 1031 Tax Deferred Exchange advisory. She has closed over $2.75 billion in commercial real estate transactions in her career. Britt Raymond joined SRS in 2017 with eight years of commercial real estate experience. S

...

Disclaimer & Confidentiality

All information, content, data, and other materials on this Platform (“Content”) is made available to you on an “AS IS” basis without warranties of any kind, express or implied. All such Content is made available for informational purposes only and should not be relied on by you for any purpose. Content may contain errors, may be inaccurate or incomplete and/or, due to changing circumstances or other causes, may change or ultimately prove to be inaccurate or incomplete. Other than as set forth in our Terms of Service we do not have any control over your use of our Services or any Content. You should not use any such Services or any Content without validating the results through independent research, obtaining up-to-date information, and considering all relevant facts and circumstances, including your specific situation (financial or otherwise). We do not recommend, guarantee, or represent that the Services or any Content will predict the future performance of real estate assets or other assets of any kind. Moreover, we do not warrant the performance or results that may be obtained by using any of the foregoing. WE ARE NOT ENGAGED IN RENDERING TAX, LEGAL, INVESTMENT, FINANCIAL OR RISK MANAGEMENT ADVICE, AND THE RESULTS OF USE OF OUR SERVICES AND ANY CONTENT MUST NOT BE REGARDED OR REPRESENTED AS CONSTITUTING SUCH ADVICE. WE DO NOT MAKE ANY REPRESENTATIONS OR WARRANTIES REGARDING THE ACCURACY OF ANY CONTENT AND/OR PROJECTIONS GENERATED BY THE SERVICES OR ANY CONTENT