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Views: 44 DOM: 79 Updated: 08.14.24 Posted: 06.21.24 Status: Active

Summary

Price $6,382,076
Built/Renov 1999
Tenant Walgreens
Cap Rate 5.25%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 15,120
Lease Start 08-01-2024
#Units 13,532
Price/SF $422.09
Expiration 07-31-2039
Tenant Type Pharmacy
NOI $335,059
R. Term 14.11
Ownership Fee Simple
Rent/SF $23.48
Increases 5.0%/5/yrs
Pop 5Mi 313,404
Lot/AC 1.47
Options 12/5yrs/5%
AHHI 5Mi $85,366

Lease Highlights

  • Walgreens has a 30+ year operating history in this location
  • Brand-new 15-year lease with 12 (5-year) options to extend
  • The lease features 5% rental increases every 5 years throughout primary term and at the start of each option period
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

Location Description

Walgreens is strategically located at the signalized, hard corner intersection of East Colonial Drive and North Bumby Avenue, with access to a substantial combined daily traffic count of 66,800 vehicles. Positioned within Colonial Plaza, a renowned shopping mall, the property shares space with well-known national tenants such as Barnes & Noble, Big Lots, Old Navy, Sprouts Farmers Market, Hobby...

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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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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 12,849 122,038 303,012
2023 Total Population : 11,455 119,227 298,784
2023 Employed Civilian Pop : 8,196 71,911 167,899
2023 Total Businesses : 1,901 13,764 24,799
2023 Average Household Income : $ 114,566 $ 116,402 $ 101,083
2023 Total Consumer Spending : $ 595 M $ 5684 M $ 11449 M
2023 Median Age : 39 39 39
2023 Total Households : 5,983 56,655 130,399
2023 Pop Age 25+: Bachelor's Degree : 3,427 27,780 55,075
2023 Average Home Value : $ 445,852 $ 491,143 $ 455,026
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
E Colonial Dr N Bumby Ave 2000 45,000 0.04 mi
Hillcrest St N Bumby Ave 2004 2,304 0.06 mi
E Concord St N Bumby Ave 2004 1,584 0.10 mi
N Bumby Ave E Concord St 2012 23,000 0.10 mi
Rosedale Rd N Bumby Ave 2003 1,328 0.11 mi
Rosedale Rd N Primrose Dr 2004 1,271 0.16 mi
Garden Pl Royal Palm Ct 2007 626 0.17 mi
E Colonial Dr N Primrose Dr 2012 49,500 0.18 mi
N Bumby Ave Illinois St 2003 8,764 0.20 mi
E Concord St N Hillside Ave 2003 1,837 0.20 mi

Listing Broker

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