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Views: 99 Updated: 11.29.23 Posted: 01.18.23 Status: Inactive

Summary

Price $7,500,000
Built/Renov 2007
Tenant Walgreens
Cap Rate 6.00%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 14,820
Lease Start 01-01-2008
#Units 8,896
Price/SF $506.07
Expiration 12-31-2032
Tenant Type Pharmacy
NOI $450,000
R. Term 8.3
Ownership Fee Simple
Rent/SF $30.36
Increases 0.0%/0/yrs
Pop 5Mi 210,628
Lot/AC 2.44
Options 10/5yrs
AHHI 5Mi $74,614

Lease Highlights

  • Walgreens has been operating at this location since 2007
  • Walgreens has over 9.5 years remaining in their initial term with 10 (5-year) options to extend
  • Lease will have the same annual rent throughout initial term and any options- no escalations
  • Absolute NNN lease features zero landlord responsibilities 
  • Corporate guarantee by Walgreens (S&P: BBB)

Location Description

The subject property is located at the intersection of Heard Street/Curtis Parkway and Stafford Street (25,000 VPD), the area’s primary commercial corridor. Walgreens benefits from outstanding visibility and frontage with two points of access and is located across the street from the Webster Square Plaza, anchored by Shaw's which is the area’s primary grocery store. Additionally, Walgreens is...

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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 : 15,053 123,147 214,011
2023 Total Population : 15,074 122,117 212,245
2023 Employed Civilian Pop : 6,892 54,733 98,991
2023 Total Businesses : 490 4,146 7,083
2023 Average Household Income : $ 84,376 $ 82,270 $ 90,231
2023 Total Consumer Spending : $ 441 M $ 3290 M $ 6369 M
2023 Median Age : 40 34 36
2023 Total Households : 6,054 46,024 81,596
2023 Pop Age 25+: Bachelor's Degree : 2,003 14,976 28,702
2023 Average Home Value : $ 366,780 $ 383,563 $ 392,333
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Heard Street 2019 7,308 0.04 mi
HEARD STREET Stafford St 2021 6,752 0.04 mi
HEARD STREET Stafford St 2020 6,029 0.04 mi
Curtis Parkway Varnum St 2018 5,968 0.11 mi
CURTIS PARKWAY Varnum St 2020 4,904 0.11 mi
CURTIS PARKWAY Varnum St 2021 5,492 0.11 mi
Stafford Street 2019 11,395 0.18 mi
STAFFORD STREET Varnum St 2021 10,529 0.18 mi
STAFFORD STREET Varnum St 2020 9,401 0.18 mi
STAFFORD STREET Wayne St 2021 12,206 0.34 mi

Listing Broker

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