Property details
Walgreens Triple Net (NNN) Listings, Northeast Region
Property Description
Walgreens Triple Net (NNN) Listings
• New 25 Year Absolute Net Leased
• S&P Rated A+ Investment Grade Credit
• New 2010 Class A Construction
• Located on Dense Retail Corridor
• Excellent Demographics
• Located Just Outside of a major MSA
The property is leased to Walgreens under a new Absolute NNN lease. The initial lease term is 75 years, Walgreens has a right to cancel the lease every five (5) years after year 25. This offering is for the 100% fee simple interest in the land and building. The subject property is located on a dense retail corridor with excellent demographics.
Walgreens maintains S&P Rated A+ Credit and operates 6,237 locations (as of February 29, 2008)in 49 states, Washington D.C and Puerto Rico.
Walgreens has a net worth in excess of $12.8 billion and enjoys annual sales in excess of $61 billion annually.
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About the Tenant
Walgreens is engaged in retail drugstore business. As of November 2010, the Company operated 8,131 locations in all 50 states, the District of Columbia, Puerto Rico and Guam. That includes 7,650 drugstores, 503 more than a year ago, including 291 stores acquired over the last 12 months. The company also operates worksite health centers, home care facilities, and specialty and mail service pharmacies. Its Take Care Health Systems subsidiary manages more than 700 in-store convenient care clinics and worksite health and wellness centers. The Companyβs drugstores are engaged in the retail sale of prescription and non-prescription drugs and general merchandise. General merchandise includes, among other things, household items, personal care, convenience foods, beauty care, photofinishing, candy, and seasonal items. Walgreens offers customers the choice to have prescriptions filled at the drugstore counter, as well as through the mail, by telephone, and through the Internet. In January 2010, the Company announced that it has completed the acquisition of the assets of 12 Eaton Apothecary pharmacies.
Website: www.walgreens.com
Number of Locations: 8,131
Stock Symbol: WAG : NYSE
Standard & Poors Rating: A+
Market Capitalization: $35 Billion
Images
Highlights
- Status:
- Sold
- Price:
- $8,135,187
- PSF:
- $543
- Cap Rate:
- 6.65%
- Annual Rent:
- $540,625
- Rent Increases:
- Percentage rent 2% of general merchandise and 0.5% of food and drug.
Property Information
- Building Size:
- 14,991 sq.ft.
- Property Type:
- Net Lease
- Industry Type:
- Drug - Pharmacy
- Units/Spaces:
- 1
- Year Built:
- 2010
- Land Area:
- 1.32 acres
- Purchase Tenure:
- Fee Simple
Lease information
- Tenant:
- Walgreens
- Lease Type:
- NNN
- Lease Commencement:
- 08/01/2010
- Lease Expiration:
- 07/21/2035
- Lease Term:
- 25 years
- Lease Remaining:
- 9.2 years
- Landlord Responsibilities:
- None - 25 Year Absolute Net Leased
- Options:
- Ten five (5) year options
Existing financing information
- N/A
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.