Property details
Walgreens Triple Net (NNN) Ground Lease, Great Lakes - Big Rivers Region
Property Description
Walgreens Triple Net (NNN) Ground Lease
• Rare Walgreens ground lease located within a major city MSA
• Investment grade tenant with a long term lease
• 7.00% cap rate
• Rental escalation of 7.5% in less than twelve years and rental escalations in each option period
• Zero landlord responsibilities
• Signalized intersection with high traffic volumes on two US Routes
• Located in a city ranked in the top 50 on CNN's top 100 places to live in the United States
Rare Walgreens ground lease with rental escalations. The land is tenanted by Walgreens on a long term ground lease for 25 years which commenced in 2009. The property is located approximately 24 miles from Chicago. The ground lease is located at a signalized intersection of two US Routes. The property is located on a heavily trafficked US Route. Major retailers located along this US Route include Target, KMart, and Strack & Van Til Supermarket. The newest retail development in the area is a Tractor Supply Store located 2 miles north of the subject property.
The rental commencement date for the Walgreens ground lease was January 1, 2009. Walgreens has an absolute net (NNN) ground lease for 25 years with five 5-year renewal options. This particular ground lease has a rare rental escalation in January 2021. Additionally, there are rental escalations at the beginning of each of the option period. Walgreens has yet to commence building their store on the property. Walgreens is a publicly traded company on the New York Stock Exchange (WAG), with a market capitalization of $35 Billion. Walgreens is an investment grade company with a Standard & Poors rating of A+.
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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
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Highlights
- Status:
- Sold
- Price:
- $2,857,000
- Cap Rate:
- 7.00%
- Annual Rent:
- $200,000
- Rent Increases:
- To $215,000 β January 1, 2021
Property Information
- Property Type:
- Ground Lease
- Industry Type:
- Drug - Pharmacy
- Units/Spaces:
- 1
- Land Area:
- 1.45 acres
- Purchase Tenure:
- Fee Simple
Lease information
- Tenant:
- Walgreens
- Lease Type:
- NNN
- Lease Commencement:
- 01/01/2009
- Lease Expiration:
- 12/31/2033
- Lease Term:
- 24 years
- Lease Remaining:
- 7.7 years
- Landlord Responsibilities:
- None
- Options:
- Five 5-Year β Escalating rents
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.