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Views: 89 DOM: 157 Updated: 07.26.24 Posted: 07.26.24 Status: Active

Summary

Price $4,988,618
Built/Renov 1991
Tenant Walgreens
Cap Rate 6.15%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 15,340
Lease Start 11-21-2023
#Units 13,532
Price/SF $325.20
Expiration 11-30-2038
Tenant Type Pharmacy
NOI $306,800
R. Term 13.11
Ownership Fee Simple
Rent/SF $20.00
Increases 5.0%/5/yrs
Pop 5Mi 157,699
Lot/AC 0.89
Options 12/5yrs/5%
AHHI 5Mi $115,895

Lease Highlights

  • Walgreens has 14+ years remaining on the current lease term with 12 (5-year) options to extend
  • The lease features 5% 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 W Bluemound Road and Pilgrim Parkway, with access to a substantial combined daily traffic count of 86,300 vehicles. The property is directly across the street from Brookfield Square Mall, which houses 65 stores and sees 4.1 million annual visits. Additionally, it is conveniently situated at the I-94 and Moorland...

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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
2029 Total Population : 4,566 54,776 159,162
2024 Total Population : 4,105 52,850 156,720
2024 Employed Civilian Pop : 1,891 26,437 80,988
2024 Total Businesses : 682 3,610 9,681
2024 Average Household Income : $ 172,009 $ 143,004 $ 127,148
2024 Total Consumer Spending : $ 242 M $ 2751 M $ 7524 M
2024 Median Age : 45 44 42
2024 Total Households : 1,669 22,409 68,376
2024 Pop Age 25+: Bachelor's Degree : 1,161 13,223 36,831
2024 Average Home Value : $ 543,275 $ 458,932 $ 405,504
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Pilgrim Pkwy Watertown Plank Rd 2018 20,800 0.03 mi
W Bluemound Rd N Fairway Dr 2018 30,500 0.10 mi
Watertown Plank Rd Verdant Dr 2018 5,500 0.16 mi
W Bluemound Rd Hwy 18 2018 36,000 0.17 mi
W Bluemound Rd TerDr 2000 31,800 0.20 mi
Terrace Dr Watertown Plank Rd 2003 6,000 0.24 mi
W Bluemound Rd Bluemound Way 2003 38,800 0.28 mi
N Moorland Rd S Moorland Rd 2018 32,800 0.36 mi
South Moorland Road Shopping Center 2019 32,100 0.46 mi
N Executive Dr S Executive Dr 2009 4,300 0.49 mi

Listing Broker

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