Walgreens

2420 East Colonial Drive, Orlando, FL 32803

$6,000,000

Cap Rate 5.58%

$6,382,076

Cap Rate 5.25%

DOM: 111 Updated: 04.22.24 Posted: 02.02.23 Status: Sold 05.24.23

Summary

Price $6,000,000 $6,382,076	Built/Renov 1999	Tenant Walgreens
Cap Rate 5.58% 5.25%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 15,120	Lease Start 07-01-2023	#Units 8,896
Price/SF $396.83 $422.09	Expiration 06-30-2038	Tenant Type Pharmacy
NOI $335,059	R. Term 13.1	Ownership Fee Simple
Rent/SF $22.16	Increases 5.0%/5/yrs	Pop 5Mi 313,404
Lot/AC 1.47	Options 12/5yrs/5%	AHHI 5Mi $85,366

Lease Highlights

Built-to-suit for Walgreens in 1999
Walgreens has committed to signing a brand-new 15 year lease upon sale with 12 (5-year) options to extend
Lease will feature 5% rental increases every 5 years throughout initial term and options
Absolute NNN Lease zero landlord responsibilities
Corporate guarantee by Walgreens Boots Alliance (NASDAQ: WBA)
Walgreens is an investment grade tenant (S&P: BBB)

Location Description

Walgreens is strategically located near the signalized, hard-corner intersection of East Colonial Drive and Bumbly Avenue, averaging a combined 66,000 vehicles passing by daily. The building is equipped with a drive-thru, providing ease and convenience for customers. Furthermore, the site benefits from excellent visibility via significant street frontage as well as multiple points of...

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Key Features

In location for years
High traffic 50M+ VPD
Highway location
Dense 200M+ pop 5 mi
Top 100 MSA
Income tax free state
Population increase trend
Brand new lease
Long 15+ yr lease
Absolute NNN

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Links

Walgreens Wikipedia Walgreens Wikipedia Orlando, Florida Zip Code 32803 Broker Site Page

Maps

Local Information

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 :	12,849	122,038	303,012
2023 Total Population :	11,455	119,227	298,784
2023 Employed Civilian Pop :	8,196	71,911	167,899
2023 Total Businesses :	1,901	13,764	24,799
2023 Average Household Income :	$ 114,566	$ 116,402	$ 101,083
2023 Total Consumer Spending :	$ 595 M	$ 5684 M	$ 11449 M
2023 Median Age :	39	39	39
2023 Total Households :	5,983	56,655	130,399
2023 Pop Age 25+: Bachelor's Degree :	3,427	27,780	55,075
2023 Average Home Value :	$ 445,852	$ 491,143	$ 455,026

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
E Colonial Dr	N Bumby Ave	2000	45,000	0.04 mi
Hillcrest St	N Bumby Ave	2004	2,304	0.06 mi
E Concord St	N Bumby Ave	2004	1,584	0.10 mi
N Bumby Ave	E Concord St	2012	23,000	0.10 mi
Rosedale Rd	N Bumby Ave	2003	1,328	0.11 mi
Rosedale Rd	N Primrose Dr	2004	1,271	0.16 mi
Garden Pl	Royal Palm Ct	2007	626	0.17 mi
E Colonial Dr	N Primrose Dr	2012	49,500	0.18 mi
N Bumby Ave	Illinois St	2003	8,764	0.20 mi
E Concord St	N Hillside Ave	2003	1,837	0.20 mi

Listing Broker

Jordan Shtulman

STREAM Capital Partners

Contact

75 Listings
13350 Views
38 Sold

Connor Shell

STREAM Capital Partners

Contact

55 Listings
11933 Views
16 Sold

Jordan Shtulman

Jordan Shtulman is Co-Founder and Managing Principal of STREAM Capital Partners. In 2012, Jordan Shtulman and his partner, Jonathan Wolfe, formed STREAM Capital Partners with the intent to advise institutions, real estate developers, REITs, private equity firms, and business owners on all phases of net leased and sale leaseback properties. Since forming the company, Jordan and Jonathan have led a team of trusted advisors across the country completing over $12 Billion in net leased and sale leas

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Connor Shell

Connor Shell joined STREAM Capital Partners in 2017 as Managing Director expanding our footprint further into Southern California and bringing 8 years of expertise to this area with a long-standing development and investment history. While at STREAM Capital Partners, Connor has grown his transaction footprint, closing deals with major retail developers and private owners throughout the United States. He has developed and strengthened his relationships with private owners, family offices, inst

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