Walgreens

1201 South Federal Highway, Fort Lauderdale, FL 33316

$8,463,200

Cap Rate 5.65%

$8,463,186

Cap Rate 5.65%

Views: 27 DOM: 66 Updated: 05.07.24 Posted: 01.18.24 Status: Sold 03.25.24

Summary

Price $8,463,200 $8,463,186	Built/Renov 2022	Tenant Walgreens
Cap Rate 5.65% 5.65%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 14,490	Lease Start 11-21-2023	#Units 8,896
Price/SF $584.07 $584.07	Expiration 11-30-2038	Tenant Type Pharmacy
NOI $478,170	R. Term 14.6	Ownership Fee Simple
Rent/SF $33.00	Increases 5.0%/4/yrs	Pop 5Mi 266,988
Lot/AC 1.40	Options 12/5yrs/5%	AHHI 5Mi $107,378

Lease Highlights

Walgreens recently executed a brand new 15-year lease with 12 (5-year) options to extend
Lease features 5% rental increases at the start of each option period
Absolute NNN | Zero landlord responsibilities
Corporate guaranteed lease

Location Description

Walgreens strategically located at the hard corner intersection of Davie Boulevard and South Federal Highway, benefiting from a substantial combined daily traffic count of 52,500 vehicles. Positioned 2 miles east of Interstate 95 (314,000 VPD), the location ensures convenient accessibility. Directly opposite the property, is Chevron, In-N-Out Burger, Fort Lauderdale Car Wash, and other...

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Key Features

Signalized intersection
Hard corner intersection
Dense retail corridor
Near major nationals
Top 100 MSA
Strong demographics
Income tax free state
Brand new lease
Absolute NNN
Corporate Guarantee

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Links

Walgreens Wikipedia Walgreens Wikipedia Fort Lauderdale, Florida Zip Code 33316 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 :	28,463	124,519	280,199
2023 Total Population :	23,658	117,752	266,988
2023 Employed Civilian Pop :	14,557	66,352	141,957
2023 Total Businesses :	5,357	14,326	26,631
2023 Average Household Income :	$ 151,985	$ 121,176	$ 107,378
2023 Total Consumer Spending :	$ 1595 M	$ 5924 M	$ 10860 M
2023 Median Age :	42	41	42
2023 Total Households :	12,382	56,711	116,876
2023 Pop Age 25+: Bachelor's Degree :	6,760	26,020	47,010
2023 Average Home Value :	$ 764,604	$ 674,581	$ 564,366

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Southeast 12th Street	SE 3rd Ave	2021	17,100	0.14 mi
Davie Boulevard	SW Flagler Ave	2022	17,300	0.14 mi
SE 3rd Ave	SE 12th St	2008	12,800	0.17 mi
Southeast 6th Avenue	SE 11th St	2022	52,500	0.22 mi
Southeast 6th Avenue	SE 14th Ct	2021	37,500	0.22 mi
Rose Dr	SE 11th St	2005	15,900	0.25 mi
Southeast 3rd Avenue	SE 14th St	2021	4,100	0.25 mi
Southeast 3rd Avenue	SE 9th St	2022	4,100	0.25 mi
S Federal Hwy	SE 14th Ct	2008	58,500	0.25 mi
South Miami Road	SE 14th Ct	2022	2,300	0.28 mi

Listing Broker

Chris Bosworth

CBRE

Contact

121 Listings
5917 Views
43 Sold

Brian Pfohl

CBRE: NLP Atlanta

Contact

122 Listings
5958 Views
41 Sold

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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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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Thomas Carr

CBRE: NLP Atlanta

Contact

125 Listings
6035 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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