Investment Overview

Marcus & Millichap is pleased to present this single tenant, Absolute Net leased drug store in the city of Tulsa, Tulsa County, Oklahoma. The tenant is Walgreens Boots Alliance (NASDAQ: WBA), the second largest pharmacy store chain in the United States, with 8,900 stores located in all 50 states including Puerto Rico, the US Virgin Islands, and the District of Columbia. The subject property, Walgreens Pharmacy #03258, was built-to-suit in 1994 with rent commencement occurring August 27 1994. The property is Double-Net (NN) leased to Walgreen Boots Alliance. The tenant has previously waived their right to terminate in both 2014 and 2019. In 2023 the tenant has agreed to amend the lease to extend the current term to 2033 and to add increases to the rent every five years moving forwards. The building is approximately 13,500 square feet with a land area of 0.9 acres. The price of the property is $2,868,852 at a 6.10% cap with an annual rent of $175,000.