Walgreens

18410 Pines Boulevard, Pembroke Pines, FL 33029

$9,312,000

Cap Rate 5.25%

Views: 35 DOM: 45 Updated: 04.26.24 Posted: 04.01.24 Status: Active

Summary

Price $9,312,000	Built/Renov 2015	Tenant Walgreens
Cap Rate 5.25%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 15,458	Lease Start 04-28-2020	#Units 8,896
Price/SF $602.41	Expiration 04-30-2035	Tenant Type Pharmacy
NOI $488,880	R. Term 10.11	Ownership Fee Simple
Rent/SF $31.63	Increases 5.0%/1/yrs	Pop 5Mi 155,473
Lot/AC 1.58	Options 12/5yrs/5%	AHHI 5Mi $164,971

Lease Highlights

Walgreens has 11+ 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 Pines Blvd (FL-820) and 184th Avenue, the area's primary commercial and commuter corridor, with access to 47,900 vehicles passing by daily. The property benefits from its prime location, surrounded by densely developed residential neighborhoods, which provide a built-in customer base. Additionally, the site is conveniently located 2.5 miles from West...

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Key Features

Signalized intersection
Hard corner intersection
Dense retail corridor
Near major nationals
Top 100 MSA
Income tax free state
Absolute NNN
Long 10+ yr lease
Traded and rated company
Investment grade tenant

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Links

Walgreens Wikipedia Walgreens Wikipedia Pembroke Pines, Florida Zip Code 33029 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: 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 :	14,028	84,105	157,992
2023 Total Population :	14,144	84,989	158,108
2023 Employed Civilian Pop :	7,738	47,733	84,526
2023 Total Businesses :	763	3,323	6,957
2023 Average Household Income :	$ 168,162	$ 161,788	$ 140,262
2023 Total Consumer Spending :	$ 609 M	$ 3525 M	$ 6233 M
2023 Median Age :	38	38	41
2023 Total Households :	4,336	25,876	52,501
2023 Pop Age 25+: Bachelor's Degree :	2,566	17,813	32,866
2023 Average Home Value :	$ 492,829	$ 513,852	$ 504,712

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
SW 184th Ave	S W 14th St	2008	13,500	0.08 mi
Pines Blvd	NW 180th Ave	2008	39,500	0.25 mi
NW 184th Ave	Johnson St	2008	11,100	0.26 mi
NW 186th Ave	NW 3rd Ct	2008	5,200	0.39 mi
Pines Blvd	NW 186th Ave	2009	26,000	0.40 mi
Pines Blvd	NW 178th Ave	2008	39,500	0.54 mi
Pines Boulevard	SW 178th Ave	2022	40,500	0.55 mi
SW 178th Ave	SW 2nd St	2008	12,100	0.56 mi
Pines Boulevard	NW 189th Ave	2022	28,500	0.58 mi
NW 178th Ave	NW 9th St	2008	3,400	0.58 mi

Listing Broker

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