Investment Overview

Marcus & Millichap is pleased to present for sale this Absolute Net Leased, Fee Simple Walgreens located at 1702 W Tilghman Street in Allentown, Pennsylvania, about a 45-minute drive outside of downtown Philadelphia. The freestanding single-tenant property was built in 2001 and consists of a 15,064 Sq.Ft retail building with drive-thru lanes and is situated on a large 1.52-acre parcel of land. Strategically located on the hard-signalized intersection of Tilghman Street and W 17th Street, the property benefits from a multitude of demand drivers which are indicative of Walgreen’s strong unit level sales (see broker for details). The property offers excellent visibility to more than 22,749 vehicles per day and provides multiple entrances off Tilghman St and W. 17th St, allowing for quick customer access. The subject property is also located just a few blocks from the Lehigh Valley Hospital, a community neighborhood hospital, and 4 miles east of Lehigh Valley Hospital Tilghman & St Luke’s West End Medical Center. Lehigh Valley Hospital in Allentown is the flagship hospital of the Lehigh Valley Health Network (LVHN), which has been recognized as one of America’s best hospitals by U.S. News & World Report for 22 consecutive years. On top of the outstanding demand drivers, this location also benefits from dense surrounding housing and retail volumes along this corridor. Several apartment complexes surround this Walgreens property including Penn Crest Apartments with 188 units, Highland Gardens Apartments with 78 units, Tremont Apartments with 128 units, Willow Crest Apartments with 200 units, Society Hill Apartments with 158 units and Riverbend at Allentown with 35 units. Many brand new home developments are a few minutes from the property including Hidden Meadows with 300 brand new townhomes, Ryan Homes Estates at Willow with 85 homesites and The Fields at Indian Creek with 200 brand new homesites. Allentown is a city in Lehigh County, Pennsylvania with a population over 125,845 and the fastest-growing major city in Pennsylvania and the state’s third largest city after Philadelphia and Pittsburgh. It is the largest city in both Lehigh County and Lehigh Valley which has a population over 861,899. Allentown is located on the Lehigh River, a 109-mile long tributary of the Delaware River and it is the largest of three adjacent cities including Bethlehem and Easton Walgreen’s initial term runs through October 31st, 2034, and has eight five-year options to extend. This a 24-Hour location. Walgreens is an American company that operates the second-largest pharmacy store chain in the United States behind CVS Health and headquartered in the Chicago suburb of Deerfield, Illinois. On December 31, 2014, Walgreens and Switzerland-based Alliance Boots merged to form a new holding company called Walgreens Boots Alliance. As of March 13, 2023 there are 8,802 Walgreens stores in the United States and employs more than 225,000 people. Walgreen’s annual revenue for 2022 was $132.703 Billion, a 0.15% increase from 2021.