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Views: 81 Updated: 04.19.24 Posted: 01.25.23 Status: Inactive 04.19.24

Summary

Price $15,561,222
Built/Renov 2001
Tenant Walgreens
Cap Rate 4.50%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 16,285
Lease Start 03-23-2023
#Units 8,896
Price/SF $955.56
Expiration 03-22-2038
Tenant Type Pharmacy
NOI $700,255
R. Term 13.4
Ownership Fee Simple
Rent/SF $43.00
Increases 5.0%/5/yrs
Pop 5Mi 508,188
Lot/AC 1.66
Options 12/5yrs/5%
AHHI 5Mi $82,352

Lease Highlights

  • Walgreens has a 20+ year operating history at this location
  • The tenant has over 15 years remaining on its current lease with 12 (5-year) options to extend
  • Lease features 5% rental escalations throughout the initial term and at each option
  • Absolute NNN lease zero landlord responsibilities
  • Phenomenal sales volume, over $11M in reported sales
  • Corporate guarantee by Walgreens Boots Alliance, Inc (NASDAQ: WBA)

Location Description

Walgreens is strategically located at the signalized, hard-corner intersection of Coral Gate Drive and Coral Way with clear visibility and access to more than 38,500 vehicles per day. Located in the Coral Gables neighborhood just outside of downtown Miami, Florida, this property is surrounded by an abundance of dining, recreation, and retail. The site is situated between Sears and Miracle...

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Maps

  • 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: Baa3
  • 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 : 40,880 250,669 552,864
2023 Total Population : 40,679 248,974 523,417
2023 Employed Civilian Pop : 22,813 129,050 274,908
2023 Total Businesses : 8,037 21,476 53,025
2023 Average Household Income : $ 96,358 $ 97,987 $ 101,472
2023 Total Consumer Spending : $ 1479 M $ 8489 M $ 19185 M
2023 Median Age : 42 43 41
2023 Total Households : 17,706 99,067 216,573
2023 Pop Age 25+: Bachelor's Degree : 8,990 43,715 93,876
2023 Average Home Value : $ 515,146 $ 635,065 $ 619,082
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
SW 22nd St Merrick Way 2009 38,000 0.11 mi
Miracle Mile Galiano St 2021 33,000 0.37 mi
Southwest 22nd Street SW 31st Ct 2021 33,500 0.40 mi
Southwest 32nd Avenue SW 19th St 2021 8,000 0.42 mi
Southwest 32nd Avenue 8th St SW 2020 8,400 0.42 mi
Ponce de Leon Blvd SW 24th St 2004 19,670 0.45 mi
Ponce de Leon Boulevard Andalusia Ave 2021 14,000 0.46 mi
SW 42nd Ave Valencia Ave 2009 43,000 0.71 mi
Ponce de Leon Boulevard Menores Ave 2021 9,400 0.71 mi
SW 22nd St SW 29th Ave 2005 45,500 0.72 mi

Listing Broker

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