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Drug Store

Walgreens Portfolio

915 Wildwood Rd, White Bear Lake, MN 55115

Listing Price: $6,240,000

Cap Rate
6.25%
Tenant Name
Walgreens
Years Remaining On Lease
8.8
Guarantor
Corporate Guarantee
Rentable SF
15,795
Lease Type
Absolute Net
Rent Per Square Feet
$24.69

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the fee-simple interest in three single-tenant, corporate guaranteed, Walgreens locations in Houston Texas, White Bear Lake, Minnesota, and Cicero New York. All properties are leased to and guaranteed by Walgreens Boots Alliance, an “essential-use” and recession-resilient tenant. Walgreens is considered “investment grade” credit and is publicly traded on the New York Stock Exchange (NYSE: WAG) Moodys Baa2 / S&P BBB. The portfolio has an average lease term of eight years plus remaining on an absolute NNN fee simple basis with zero landlord responsibilities, providing consistent and reliable long-term cash-flow. This portfolio also provides investors with the unique opportunity to assume an existing loan with 6.5+ years remaining until the maturity date, with a fixed interest rate of 4.70 percent, which is well below the current market-average borrowing rate. With the attractive rate and terms on the assumable loan, investors can maximize cashflow without the need for loan origination, making this an ideal opportunity for 1031-exchange buyers with limited closing timelines. The three Walgreens locations have excellent real estate fundamentals, situated on high-traffic arterial roads with proximity to housing, employment, education, and other attractions. All three Walgreens locations feature FedEx Onsite and drive-through pharmacy windows. The Houston location features Village Medical clinic, offering a suite of additional medical services to the local community.

Investment Highlights

  • Over 9.1 Years Remaining on Absolute NNN Lease with Zero Landlord Responsibilities
  • Corporate Guarantee with 10 x Five-Year Options for Maximum Term Through 2081
  • Essential Use – Pandemic and Recession Resilient Tenant
  • Located Near Signalized Intersection of Wildwood Road and Geneva Avenue North with Combined Traffic of 26,500 Vehicles Per Day. Proximity to Freeway-694 with 80,000+ Vehicles Per Day
  • Strong Area Demographics – Population of 119,091 People within a Five-Mile Radius with Household Income of $106,644 Annually
  • The Site Benefits from the Century College with 16,400 Students, White Bear High School 2,500 Students with National Retailers in the Trade Area which Include Dollar Tree, Valvoline, CVS, Subway, ALDI, Marathon, Fedex Ground Shipping Center

Exclusively Listed By

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s) MN: 40583288

    Minnesota

Financing By

Drug Store

Walgreens Portfolio

Listing Price: $6,240,000

Cap Rate
6.25%
Tenant Name
Walgreens
Years Remaining On Lease
8.8
Guarantor
Corporate Guarantee
Rentable SF
15,795
Lease Type
Absolute Net
Rent Per Square Feet
$24.69

Investment Highlights

  • Over 9.1 Years Remaining on Absolute NNN Lease with Zero Landlord Responsibilities
  • Corporate Guarantee with 10 x Five-Year Options for Maximum Term Through 2081
  • Essential Use – Pandemic and Recession Resilient Tenant
  • Located Near Signalized Intersection of Wildwood Road and Geneva Avenue North with Combined Traffic of 26,500 Vehicles Per Day. Proximity to Freeway-694 with 80,000+ Vehicles Per Day
  • Strong Area Demographics – Population of 119,091 People within a Five-Mile Radius with Household Income of $106,644 Annually
  • The Site Benefits from the Century College with 16,400 Students, White Bear High School 2,500 Students with National Retailers in the Trade Area which Include Dollar Tree, Valvoline, CVS, Subway, ALDI, Marathon, Fedex Ground Shipping Center

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the fee-simple interest in three single-tenant, corporate guaranteed, Walgreens locations in Houston Texas, White Bear Lake, Minnesota, and Cicero New York. All properties are leased to and guaranteed by Walgreens Boots Alliance, an “essential-use” and recession-resilient tenant. Walgreens is considered “investment grade” credit and is publicly traded on the New York Stock Exchange (NYSE: WAG) Moodys Baa2 / S&P BBB. The portfolio has an average lease term of eight years plus remaining on an absolute NNN fee simple basis with zero landlord responsibilities, providing consistent and reliable long-term cash-flow. This portfolio also provides investors with the unique opportunity to assume an existing loan with 6.5+ years remaining until the maturity date, with a fixed interest rate of 4.70 percent, which is well below the current market-average borrowing rate. With the attractive rate and terms on the assumable loan, investors can maximize cashflow without the need for loan origination, making this an ideal opportunity for 1031-exchange buyers with limited closing timelines. The three Walgreens locations have excellent real estate fundamentals, situated on high-traffic arterial roads with proximity to housing, employment, education, and other attractions. All three Walgreens locations feature FedEx Onsite and drive-through pharmacy windows. The Houston location features Village Medical clinic, offering a suite of additional medical services to the local community.

Exclusively Listed By

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s): MN: 40583288

    Minnesota

Financing By

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