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Views: 89 Updated: 07.08.24 Posted: 09.19.23 Status: Sold

Summary

Price $3,938,000
Built/Renov 2012
Tenant Walgreens
Cap Rate 6.40%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 12,355
Lease Start 09-01-2023
#Units 13,532
Price/SF $318.74
Expiration 09-01-2038
Tenant Type Pharmacy
NOI $252,000
R. Term 14.1
Ownership Fee Simple
Rent/SF $20.40
Increases 5.0%/5/yrs
Pop 5Mi 145,464
Lot/AC 0.95
Options 10/5yrs/5%
AHHI 5Mi $95,107

Lease Highlights

  • Walgreens recently singed a brand new 15-year lease with 10 (5-year) options to extend
  • Lease features 5% rental increases every 5 years throughout the initial term and at the start of each option
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guarantee by Walgreens Boots Alliance (NASDAQ: WBA)
  • Walgreens is an investment grade tenant (S&P: BBB)

Location Description

This newly construction Starbucks, equipped with a drive-thru, is located on South Four J Road which sees 14,400, vehicles passing by daily. It is also adjacent to the signalized intersection at Four J Road and Lakeway Road (15,500 VPD). Nearby major nationals include Walmart, JoAnn, Hobby Lobby, Marshalls, and more, creating a strong consumer drive to the immediate trade area. The site...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

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 : 9,965 68,381 145,257
2023 Total Population : 9,487 67,581 144,265
2023 Employed Civilian Pop : 5,382 34,444 74,049
2023 Total Businesses : 249 2,700 10,432
2023 Average Household Income : $ 80,904 $ 90,196 $ 88,915
2023 Total Consumer Spending : $ 333 M $ 2183 M $ 4873 M
2023 Median Age : 26 26 32
2023 Total Households : 4,688 27,647 62,867
2023 Pop Age 25+: Bachelor's Degree : 1,944 10,963 25,188
2023 Average Home Value : $ 414,802 $ 403,859 $ 370,622
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
West Lee Drive Highland Rd 2021 29,925 0.07 mi
Lee Drive Boone Ave 2021 20,854 0.17 mi
LA 42 Clara Dr 2021 22,310 0.22 mi
LA 42 Ben Hur Rd 2021 12,379 0.28 mi
West Lee Drive Burbank Dr 2021 2,108 0.33 mi
Burbank Dr W Lee Dr 2011 22,406 0.42 mi
West Lee Drive Etta St 2021 16,550 0.48 mi
Lee Drive Bennett Dr 2021 23,420 0.76 mi
LA 30 Dean Lee Dr 2021 16,389 0.79 mi
Oxford Avenue L S U Ave 2021 14,012 0.88 mi

Listing Broker

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