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Views: 197 DOM: 611 Updated: 11.07.24 Posted: 04.21.23 Status: Contract 08.20.24

Summary

Price $4,980,000
Built/Renov 1999/2023
Tenant Village MD
Cap Rate 7.15%
Lease Type Double NN
Guarantor Corp T and Rated
Size/SF 8,094
Lease Start 03-15-2023
#Units 680
Price/SF $676.92
Expiration 03-14-2033
Tenant Type Medical/Health
NOI $356,136
R. Term 8.2
Ownership Fee Simple
Rent/SF $44.00
Increases 10.0%/5/yrs
Pop 5Mi 313,090
Lot/AC 0.74
Options 3/5yrs/10%
AHHI 5Mi $87,689

Lease Highlights

  • Property is undergoing renovations in early 2023
  • Tenant has 8+ years remaining in its initial lease with 3 (5-year) options to extend
  • Lease features a 10% rent increase every 5 years throughout term and at the start of each option
  • Double NN | Landlord responsible for foundation, underground utilities & structural walls
  • Corporate guarantee by Village Practice Management Company, LLC, subsidiary of Walgreens (NASDAQ: WBA)
  • Walgreens is an investment grade tenant (S&P: BBB)

Location Description

The property has excellent visibility and accessibility along West Bell Road, which is a main retail thoroughfare in the area, providing exposure to 47,000 vehicles each day. The site is situated near the signalized intersection of North 75th Ave (an additional 22,000 VPD) and is an outparcel to Arrowhead Palms shopping center which is anchored by buybuy Baby, Barnes & Noble and Cost Plus...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Village MD
  • Guarantor:Corp T and Rated
  • Company:Walgreens Boots Alliance
  • # Units:680
  • Tenant S&P: BBB
  • Moody’s: Baa2
  • Stock: NASDAQ: WBA

About Tenant

VillageMD, through its subsidiary Village Medical, is a leading provider of healthcare for organizations moving toward a primary care-led, high-value clinical model. They have further extended...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 11,613 111,457 307,448
2023 Total Population : 11,773 111,491 309,351
2023 Employed Civilian Pop : 6,397 56,767 147,701
2023 Total Businesses : 904 3,821 7,616
2023 Average Household Income : $ 103,948 $ 109,450 $ 101,617
2023 Total Consumer Spending : $ 432 M $ 4180 M $ 10778 M
2023 Median Age : 37 44 45
2023 Total Households : 4,776 44,452 123,093
2023 Pop Age 25+: Bachelor's Degree : 1,667 19,103 46,974
2023 Average Home Value : $ 421,861 $ 420,897 $ 401,801
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
W Bell Rd N 75th Ave 2010 45,963 0.04 mi
North 75th Avenue W Bell Rd 2018 22,021 0.10 mi
N 75th Ave W Bell Rd 2016 18,997 0.10 mi
N 75th Ave W Bell Rd 2010 22,364 0.12 mi
W Bell Rd N 75th Ave 2010 45,740 0.15 mi
W Paradise Ln New River Shore 2016 6,235 0.29 mi
N 77th Ave W Paradise Ln 2008 3,780 0.33 mi
North 75th Avenue W Village Dr 2018 20,179 0.35 mi
N 75th Ave W Village Dr 2014 18,105 0.42 mi
W Bell Rd N 79th Ave 2015 40,200 0.47 mi

Listing Broker

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