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Drug Store

Walgreens | Absolute Net Lease

176 E 13800 S, Draper, UT 84020

Listing Price: $8,350,000

Cap Rate
5.09%
Tenant Name
Walgreens
Years Remaining On Lease
62.0
Guarantor
Corporate Guarantee
Rentable SF
14,556
Lease Type
Absolute Net
Rent Per Square Feet
$29.20

Investment Overview

Marcus & Millichap is pleased to bring to market this Absolute Net Leased Investment in the growing Salt Lake City MSA. The current lease term extends until 2034, with additional options to renew until 2084. This Walgreens store was constructed in 2009 and pays $425,000 in annual rent. Salt Lake City is the capital and most populous city of the U.S. state of Utah, as well as the seat of Salt Lake County, the most populous county in Utah. With a population of 199,723 in 2020, the city is the core of the Salt Lake City metropolitan area, which has a population of 1,257,936 (as of the 2020 census). Salt Lake City is further situated within a larger metropolis known as the Salt Lake City–Ogden–Provo Combined Statistical Area, a corridor of contiguous urban and suburban development stretched along a 120-mile segment of the Wasatch Front, comprising a population of 2,606,548 (as of 2018 estimates), making it the 22nd largest in the nation. Salt Lake City is home to two Fortune 1000 companies, Zions Bancorporation and Questar Corporation. Other notable firms headquartered in the city include AlphaGraphics, Alsco, Sinclair Oil Corporation, Smith's Food and Drug (owned by national grocer Kroger), MonaVie, Myriad Genetics, Creminelli Fine Meats and Vehix.com. Notable firms based in nearby cities within the metropolitan area include Arctic Circle Restaurants, FranklinCovey, and Overstock.com. Metropolitan Salt Lake was also once the headquarters of American Stores, the Skaggs Companies, and ZCMI, one of the first department stores; it is now owned by Macy's, Inc. Former ZCMI stores now operate under the Macy's label. High-tech firms with a large presence in the suburbs include Adobe, ColcaSac, eBay, Unisys, Siebel, Micron, L-3 Communications, Telarus, and 3M. Goldman Sachs has its second-largest presence in Salt Lake City. It is categorized as a "Gamma-" global city, according to the Globalization and World Cities Research Network.

Investment Highlights

  • Absolute Net Lease Walgreens | Long Term Lease
  • Incredible Highway Intersection Frontage | Next Door to Pluralsight Campus
  • 12 Years Remaining on Absolute Net Lease

Exclusively Listed By

Broker of Record

  • Adam Lewis

    Vice President/Regional Manager

    (303) 328-2000

    License(s) UT: 6250302-SA00

    Utah

Drug Store

Walgreens | Absolute Net Lease

Listing Price: $8,350,000

Cap Rate
5.09%
Tenant Name
Walgreens
Years Remaining On Lease
62.0
Guarantor
Corporate Guarantee
Rentable SF
14,556
Lease Type
Absolute Net
Rent Per Square Feet
$29.20

Investment Highlights

  • Absolute Net Lease Walgreens | Long Term Lease
  • Incredible Highway Intersection Frontage | Next Door to Pluralsight Campus
  • 12 Years Remaining on Absolute Net Lease

Investment Overview

Marcus & Millichap is pleased to bring to market this Absolute Net Leased Investment in the growing Salt Lake City MSA. The current lease term extends until 2034, with additional options to renew until 2084. This Walgreens store was constructed in 2009 and pays $425,000 in annual rent. Salt Lake City is the capital and most populous city of the U.S. state of Utah, as well as the seat of Salt Lake County, the most populous county in Utah. With a population of 199,723 in 2020, the city is the core of the Salt Lake City metropolitan area, which has a population of 1,257,936 (as of the 2020 census). Salt Lake City is further situated within a larger metropolis known as the Salt Lake City–Ogden–Provo Combined Statistical Area, a corridor of contiguous urban and suburban development stretched along a 120-mile segment of the Wasatch Front, comprising a population of 2,606,548 (as of 2018 estimates), making it the 22nd largest in the nation. Salt Lake City is home to two Fortune 1000 companies, Zions Bancorporation and Questar Corporation. Other notable firms headquartered in the city include AlphaGraphics, Alsco, Sinclair Oil Corporation, Smith's Food and Drug (owned by national grocer Kroger), MonaVie, Myriad Genetics, Creminelli Fine Meats and Vehix.com. Notable firms based in nearby cities within the metropolitan area include Arctic Circle Restaurants, FranklinCovey, and Overstock.com. Metropolitan Salt Lake was also once the headquarters of American Stores, the Skaggs Companies, and ZCMI, one of the first department stores; it is now owned by Macy's, Inc. Former ZCMI stores now operate under the Macy's label. High-tech firms with a large presence in the suburbs include Adobe, ColcaSac, eBay, Unisys, Siebel, Micron, L-3 Communications, Telarus, and 3M. Goldman Sachs has its second-largest presence in Salt Lake City. It is categorized as a "Gamma-" global city, according to the Globalization and World Cities Research Network.

Exclusively Listed By

Broker of Record

  • Adam Lewis

    Vice President/Regional Manager

    (303) 328-2000

    License(s): UT: 6250302-SA00

    Utah

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