Views: 0 DOM: 143 Updated: 11.28.23 Posted: 07.20.23 Status: Active


Price $6,500,000
Built/Renov 2008
Tenant Walgreens (Dark) GL | Harley Davidson (Sublease)
Cap Rate 5.43%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 8,299
Lease Start 04-01-2006
#Units 8,896
Price/SF $783.23
Expiration 07-31-2032
Tenant Type Pharmacy
NOI $352,715
R. Term 8.7
Ownership Ground Lease
Rent/SF $42.50
Increases 10.0%/4/yrs
Pop 5Mi 587,736
Lot/AC 0.66
Options 5/5yrs/10%
AHHI 5Mi $106,596

Lease Highlights

  • Walgreens sublet to Harley-Davidson in 2017 (thru 4/30/2039) | Implies exercising 2 options
  • Walgreens has approx. 9 years remaining on its current lease with 5 (5-year) options to extend
  • Lease features an increase of 10% every 5 years (rent escalates to $387,986 in August 2027)
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guarantee by Walgreens (NASDAQ: WBA)
  • Walgreens is an investment grade tenant (S&P:BBB)

Location Description

The property is positioned at the signalized intersection of Forest Avenue (20,794 VPD) & Van Name Avenue, along the area’s primary thoroughfare. The asset is within close proximity to the Dr MLK Jr Expressway (27,920 VPD), which feeds into I-278 and I-95. There are several nearby national retailers such as The Home Depot, Lowe’s and Kohl’s that help increase consumer draw to the trade area...



  • 1 Mile
  • 3 Miles
  • 5 Miles


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...


Listing Broker

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