Walgreens

321 South Battlefield Boulevard, Chesapeake, VA 23322

$4,591,700

Cap Rate 6.00%

Views: 20 DOM: 25 Updated: 04.21.24 Posted: 04.21.24 Status: Active

Summary

Price $4,591,700	Built/Renov 2002	Tenant Walgreens
Cap Rate 6.00%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 13,678	Lease Start 11-21-2023	#Units 13,532
Price/SF $335.70	Expiration 11-30-2038	Tenant Type Pharmacy
NOI $275,500	R. Term 14.6	Ownership Fee Simple
Rent/SF $20.14	Increases 5.0%/5/yrs	Pop 5Mi 127,647
Lot/AC 1.58	Options 12/5yrs/5%	AHHI 5Mi $130,657

Lease Highlights

Walgreens has 14+ years remaining on the current lease term with 12 (5-year) options to extend
The lease features 5% rental escalations throughout the initial term and option periods
Absolute NNN | Zero landlord responsibilities
Corporate guarantee | Investment grade tenant

Location Description

Walgreens is strategically located at the signalized, hard-corner intersection of S Battlefield Blvd. and Mt. Pleasant Road, with access to a substantial combined daily traffic count of 51,000 vehicles. The property is positioned immediately adjacent to Papa John's and the Great Bridge Shopping Center, which is anchored by Kroger. Additionally, it is directly across from the Wilson Village...

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Key Features

Signalized intersection
Dense retail corridor
Near major nationals
Top 100 MSA
Strong demographics
Absolute NNN
Long 10+ yr lease
Traded and rated company
Corporate Guarantee
Investment grade tenant

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Links

Walgreens Wikipedia Walgreens Wikipedia Chesapeake, Virginia Zip Code 23322 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:13,532
Tenant S&P: BBB-
Moody’s: Baa2
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...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	7,309	70,722	130,947
2023 Total Population :	7,160	69,499	127,647
2023 Employed Civilian Pop :	3,667	34,809	64,287
2023 Total Businesses :	408	1,802	4,186
2023 Average Household Income :	$ 120,635	$ 139,765	$ 130,657
2023 Total Consumer Spending :	$ 280 M	$ 2973 M	$ 5250 M
2023 Median Age :	42	41	40
2023 Total Households :	2,725	25,171	47,462
2023 Pop Age 25+: Bachelor's Degree :	1,251	14,236	24,346
2023 Average Home Value :	$ 403,455	$ 435,957	$ 425,806

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Battlefield Blvd S	Mount Pleasant Rd	2016	32,000	0.06 mi
Mount Pleasant Road	Mount Pleasant Rd	2021	18,000	0.07 mi
Woodford Dr	Mount Pleasant Rd	2016	21,000	0.07 mi
South Battlefield Boulevard	Old Dr	2020	28,000	0.07 mi
Woodford Drive	Bridgeview Cir	2021	900	0.11 mi
South Battlefield Boulevard	Old Dr	2018	32,000	0.11 mi
Woodford Drive	Bridgeview Cir	2018	840	0.12 mi
Newberry Dr	Nottingham Dr	2011	720	0.23 mi
Mount Pleasant Rd	Stadium Dr	2015	20,000	0.28 mi
Mount Pleasant Road	Stadium Dr	2018	19,000	0.28 mi

Listing Broker

Brian Pfohl

CBRE: NLP Atlanta

Contact

122 Listings
5942 Views
41 Sold

Chris Bosworth

CBRE

Contact

121 Listings
5902 Views
43 Sold

Brian Pfohl

Brian Pfohl is an Executive Vice President with CBRE’s Net Lease Property and Corporate Capital Markets practice groups. Mr. Pfohl’s singular focus is to advise corporate users, institutions, private equity firms, REITs, developers, and private individuals regarding all facets of net-leased properties. Mr. Pfohl’s expertise stems from the myriad of sale-leaseback transactions, net lease investment sales, programmatic portfolio dispositions, and advisement assignments he has completed throughout

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Chris Bosworth

Chris Bosworth is a Vice Chairman and Managing Director of the CBRE Net Lease Property Group and Corporate Capital Markets practice. Mr. Bosworth’s focus is to advise institutions, private equity firms, REITs, developers and corporate users regarding all facets of net-leased properties. In his career, Mr. Bosworth and his partners, Will Pike and Brian Pfohl, have been responsible for the disposition of 3,900 transactions valued in excess of $29 billion. Mr. Bosworth and Mr. Pike co-head the

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Thomas Carr

CBRE: NLP Atlanta

Contact

125 Listings
6019 Views
44 Sold

Thomas Carr

Thomas Carr is an Senior Investment Sales Analyst with CBRE’s Net Lease Property Group. As a member of the team led by Chris Bosworth and Will Pike, Mr. Carr plays an integral role in all aspects of the group’s property valuation, underwriting, and marketing efforts. He is also actively involved in marketing the team’s disposition assignments, specializing in single-tenant assets, national net-lease portfolios, and corporate sale-leasebacks, as well as advising 1031 exchange buyers. Mr. Carr

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