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DOM: 44 Updated: 04.20.23 Posted: 01.17.23 Status: Sold 03.03.23

Summary

Price $6,830,000 $6,950,000
Built/Renov 1995/2007
Tenant Walgreens
Cap Rate 5.00% 4.91%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 14,861
Lease Start 12-01-2022
#Units 8,896
Price/SF $459.59 $467.67
Expiration 11-30-2037
Tenant Type Pharmacy
NOI $341,357
R. Term 12.5
Ownership Fee Simple
Rent/SF $22.97
Increases 5.0%/15/yrs
Pop 5Mi 187,076
Lot/AC 1.74
Options 12/5yrs/5%
AHHI 5Mi $105,330

Highlights

  • Walgreens has been operating in this location since 1995
  • New renovation in 2007
  • The tenant has over 14 years remaining on its current lease term with 12 (5-year) options to extend
  • The lease features 5% rental increases every 5 years throughout the initial term and at the beginning of each option period,
  • Absolute NNN with zero landlord responsibilities
  • Corporate guaranteed by Walgreens Boots Alliance, Inc (NASDAQ: WBA) (S&P: BBB) with over 8,803 units backed

Location Description

Walgreens is located at the signalized, hard corner intersection of South Beneva Road and Bee Ridge Road, which supports over 71,000 vehicles per day and is nearby to U.S. Highway 41 (58,000 VPD) and Interstate 75 (123,000 VPD). . Located within a dense retail corridor, Walgreens is within close proximity to multiple national/credit tenants including Walmart, The Home Depot, LA Fitness, ALDI,...

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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 : 12,133 87,650 191,179
2023 Total Population : 12,377 88,997 188,038
2023 Employed Civilian Pop : 6,774 45,751 88,193
2023 Total Businesses : 710 6,097 14,232
2023 Average Household Income : $ 90,991 $ 101,201 $ 110,556
2023 Total Consumer Spending : $ 462 M $ 3500 M $ 8268 M
2023 Median Age : 51 52 54
2023 Total Households : 5,848 39,988 86,413
2023 Pop Age 25+: Bachelor's Degree : 2,168 16,498 36,511
2023 Average Home Value : $ 364,684 $ 446,458 $ 506,311
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Beneva Road Village Green Dr 2021 27,000 0.28 mi
Bee Ridge Road Sawyer Rd 2021 39,000 0.49 mi
Bee Ridge Road S Lockwood Ridge Rd 2021 33,500 0.53 mi
Webber Street S Lockwood Ridge 2021 12,200 0.83 mi
Bee Ridge Rd Villa Franca Ave 2005 44,000 0.99 mi
South Tuttle Avenue Homasassa Rd 2021 19,800 1.06 mi
Beneva Road Beneva Rd 2021 22,000 1.07 mi
Proctor Road N Lockwood Ridge Rd 2021 16,600 1.10 mi
Bee Ridge Rd Briggs Ave 2005 42,000 1.10 mi
Southgate Circle Siesta Dr 2021 3,800 1.13 mi

Listing Broker

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