Walgreens

9110 Liberty Road, Randallstown, MD 21133

$5,554,500

Cap Rate 6.00%

Views: 23 DOM: 26 Updated: 04.20.24 Posted: 04.20.24 Status: Active

Summary

Price $5,554,500	Built/Renov 2001	Tenant Walgreens
Cap Rate 6.00%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 14,448	Lease Start 11-21-2023	#Units 13,532
Price/SF $384.45	Expiration 11-30-2038	Tenant Type Pharmacy
NOI $333,270	R. Term 14.6	Ownership Fee Simple
Rent/SF $23.07	Increases 5.0%/5/yrs	Pop 5Mi 184,290
Lot/AC 2.26	Options 12/5yrs/5%	AHHI 5Mi $111,572

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 on Liberty Road, with access to 22,173 vehicles passing by daily. The property is conveniently situated just a few feet from the Offutt Road intersection (7,674 VPD), and approximately 3.3 miles northwest of Interstate 695 (199,882 VPD). Furthermore, it enjoys immediate proximity to 7-Eleven and is situated across from Advance Auto Parts. Moreover, it stands...

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Key Features

Dense retail corridor
Near major nationals
Hospital close
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 Randallstown, Maryland Zip Code 21133 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 :	12,934	82,808	185,247
2023 Total Population :	12,877	82,336	184,290
2023 Employed Civilian Pop :	6,141	44,188	98,019
2023 Total Businesses :	332	2,329	7,109
2023 Average Household Income :	$ 105,287	$ 109,509	$ 111,572
2023 Total Consumer Spending :	$ 420 M	$ 2974 M	$ 6890 M
2023 Median Age :	40	39	39
2023 Total Households :	4,736	32,004	72,187
2023 Pop Age 25+: Bachelor's Degree :	1,700	13,511	31,336
2023 Average Home Value :	$ 384,685	$ 360,666	$ 377,557

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Offutt Rd	Edgewood Rd	2018	7,980	0.07 mi
Offutt Rd	Liberty Rd	2018	2,410	0.08 mi
Liberty Rd	Keck Ave	2000	32,925	0.11 mi
Liberty Road	Chapman Rd	2020	19,261	0.20 mi
Liberty Rd	Marcella Ave	2002	31,650	0.26 mi
Church Ln	McDonogh Rd	2002	1,662	0.27 mi
Greens Ln	Liberty Rd	2012	9,800	0.31 mi
Church Lane	McDonogh Rd	2018	1,901	0.34 mi
Liberty Rd	Fieldstone Rd	2012	24,352	0.36 mi
Allenswood Rd	Samoset Rd	2002	2,237	0.37 mi

Listing Broker

Brian Pfohl

CBRE: NLP Atlanta

Contact

122 Listings
5953 Views
41 Sold

Chris Bosworth

CBRE

Contact

121 Listings
5913 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
6030 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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