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Drug Store

Walgreens Pharmacy

16400 Chagrin Blvd, Shaker Heights, OH 44120

Listing Price: $1,817,940

Cap Rate
10.00%
Tenant Name
Walgreens
Years Remaining On Lease
25.9
Guarantor
Corporate Guarantee
Rentable SF
12,400
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$14.66

Investment Overview

12-YEARS REMAINING | ABSOLUTE NNN | LEASEHOLD INTEREST
The subject property operates under an absolute NNN lease with no landlord management or maintenance responsibilities whatsoever. The investment offering is a rare opportunity to acquire the subject property improvements under a leasehold interest, which generates significantly higher returns compared to a traditional fee simple absolute NNN lease. The property is subject to a ground lease (see Offering Highlights page for details).
RARE 5% RENT INCREASES EVERY 5 YEARS
The lease offers 5% rent increases every 5 years during the original term and the 12, five-year renewal
options (if exercised) providing exceedingly more cash flow than a traditional flat Walgreens lease.
CRITICAL DRIVE-THROUGH LANE
According to the Wall Street Journal, more companies look for properties that will allow them to serve
customers in their cars. Interest in drive-through real estate was growing even before Covid-19, but
it exploded last year when total sales volume for restaurants, pharmacy and bank properties hit a
record $12 billion, according to data firm CoStar Group Inc. Finding drive-through real estate can be
challenging, especially in densely built areas, because the properties need to have enough space to
accommodate long lines of cars.
ESSENTIAL RETAILER OPERATING AND ASSISTING U.S. AUTHORITIES DURING
THE COVID-19 PANDEMIC3
As a global, pharmacy-led health care company, Walgreens Boots Alliance has been working to ensure
the safety and well-being of their colleagues, patients and customers during the pandemic of COVID-19.
Their retail pharmacies have worked to provide up-to-date information and public health guidelines to
customers, and their emergency response teams across the business are actively working to find ways
play a greater role in what has become a global emergency – including working with the United States
federal government to expand access to COVID-19 testing.

Investment Highlights

  • 12-YEARS REMAINING | ABSOLUTE NNN | LEASEHOLD INTEREST
  • RARE 5% RENT INCREASES EVERY 5 YEARS
  • CRITICAL DRIVE-THROUGH LANE

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (614) 360-9800

    License(s) OH: BRK.2007005898

    Ohio

Financing By

Drug Store

Walgreens Pharmacy

Listing Price: $1,817,940

Cap Rate
10.00%
Tenant Name
Walgreens
Years Remaining On Lease
25.9
Guarantor
Corporate Guarantee
Rentable SF
12,400
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$14.66

Investment Highlights

  • 12-YEARS REMAINING | ABSOLUTE NNN | LEASEHOLD INTEREST
  • RARE 5% RENT INCREASES EVERY 5 YEARS
  • CRITICAL DRIVE-THROUGH LANE

Investment Overview

12-YEARS REMAINING | ABSOLUTE NNN | LEASEHOLD INTEREST The subject property operates under an absolute NNN lease with no landlord management or maintenance responsibilities whatsoever. The investment offering is a rare opportunity to acquire the subject property improvements under a leasehold interest, which generates significantly higher returns compared to a traditional fee simple absolute NNN lease. The property is subject to a ground lease (see Offering Highlights page for details). RARE 5% RENT INCREASES EVERY 5 YEARS The lease offers 5% rent increases every 5 years during the original term and the 12, five-year renewal options (if exercised) providing exceedingly more cash flow than a traditional flat Walgreens lease. CRITICAL DRIVE-THROUGH LANE According to the Wall Street Journal, more companies look for properties that will allow them to serve customers in their cars. Interest in drive-through real estate was growing even before Covid-19, but it exploded last year when total sales volume for restaurants, pharmacy and bank properties hit a record $12 billion, according to data firm CoStar Group Inc. Finding drive-through real estate can be challenging, especially in densely built areas, because the properties need to have enough space to accommodate long lines of cars. ESSENTIAL RETAILER OPERATING AND ASSISTING U.S. AUTHORITIES DURING THE COVID-19 PANDEMIC3 As a global, pharmacy-led health care company, Walgreens Boots Alliance has been working to ensure the safety and well-being of their colleagues, patients and customers during the pandemic of COVID-19. Their retail pharmacies have worked to provide up-to-date information and public health guidelines to customers, and their emergency response teams across the business are actively working to find ways play a greater role in what has become a global emergency – including working with the United States federal government to expand access to COVID-19 testing.

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (614) 360-9800

    License(s): OH: BRK.2007005898

    Ohio

Financing By

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