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Views: 101 DOM: 100 Updated: 11.07.24 Posted: 09.12.24 Status: Contract 11.07.24

Summary

Price $9,000,000
Built/Renov 2011
Tenant Walgreens (GL)
Cap Rate 3.67%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 16,533
Lease Start 02-27-2008
#Units 13,532
Price/SF $544.37
Expiration 02-26-2033
Tenant Type Pharmacy
NOI $330,000
R. Term 8.2
Ownership Ground Lease
Rent/SF $19.96
Increases 10.0%/4/yrs
Pop 5Mi 297,106
Lot/AC 0.74
Options 5/10yrs/10%
AHHI 5Mi $106,430

Lease Highlights

  • Walgreens has been operating in this location since 2011
  • The tenant has 8+ years remaining on the current ground lease term with 5 (10-year) options to extend
  • The lease features 10% rental escalations throughout the initial term and option periods
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

Location Description

Walgreens is strategically located at the signalized, hard corner intersection of Normandy Drive and Verdun Court, with access to a combined daily traffic count of 42,000 vehicles. The property is situated in a high-density submarket, surrounded by high-rise condo buildings, multi-family projects, and single-family homes. According to Placer.ai, this site ranks in the top 8% for customer...

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Maps

  • 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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Listing Broker

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