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Drug Store

Walgreens | Long Term Abs. NNN | Tallahassee MSA

140 Capital Cir SW, Tallahassee, FL 32304

Listing Price: $5,685,000

Cap Rate
6.00%
Tenant Name
Walgreens
Years Remaining On Lease
11.5
Gross SF
16,215
Guarantor
Corporate Guarantee
Rentable SF
16,215
Price/Gross SF
$350.60
Lease Type
Absolute Net
Rent Per Square Feet
$21.02

Investment Overview

Marcus & Millichap is pleased to present for sale this Absolute Net Leased
Walgreens located at 140 Capital Cricle SW in Tallahassee, Florida, just seven
miles West of Downtown Tallahassee. The subject property consists of a 14,751
SF free-standing building with a drive-thru and is situated on a large 1.72-acre
parcel of land.
Strategically located on the hard signalized intersection of Capital Circle and W
Tennessee Street, the property benefits from great visibility and high traffic counts,
which exceed 55,500 vehicles per day. The property is also conveniently located
within the area’s dense retail corridor which is home to Walmart Supercenter,
McDonald’s, Ross Dress for Less, KFC, Taco Bell, Tractor Supply Co., Zaxby’s,
Sonic, AutoZone, Dunkin, Home Depot, Lowe’s, and numerous other National and
Regional Tenants.
Tallahassee is the capital city of the state of Florida with an MSA population
exceeding 380,000. In addition to the Florida State Capitol, Florida Senate Office
Building, Florida Supreme Court, and numerous state departments, Tallahassee
is also home to Florida State University, Florida A & M University and Tallahassee
Community College with a total student population of more than 70,000.
Walgreens recently executed a brand new 13 Year Absolute Net-Lease with
increases in both the initial term and option periods. The initial term runs through
August 31st, 2035 and has twelve five-year options to extend.
Walgreens (NYSE: WBA) is a publicly traded company and one of the largest
drugstore chains in the U.S. Walgreens is part of the U.S. Retail Pharmacy and U.S.
Healthcare segments of Walgreens Boots Alliance, Inc, an American multinational
holding company and integrated healthcare, pharmacy and retail leader. Operating
more than 8,700 retail locations across the U.S. and Puerto Rico, Walgreens serves
nearly 9 million customers and patients daily. The company’s approximately 26,000
pharmacists are playing a more critical role in healthcare than ever before, providing
a wide range of pharmacy and healthcare services, including those that drive
equitable access to care for some of the nation’s most underserved populations.
Walgreens offers customers and patients a true omnichannel experience, with fully
integrated physical and digital platforms designed to deliver high-quality products
and healthcare services. Within the U.S. Healthcare segment, Walgreens portfolio
also includes businesses in primary care, multi-specialty, post-acute care, urgent
care, specialty pharmacy services, population health and provider enablement.

Investment Highlights

  • Walgreens Corporate Guarantee (NYSE: WBA)
  • Approximately 12 Years Remaining
  • Rare Rental Increases in Initial Term & Option Periods | 5% Every Five-Years
  • Fee Simple Allowing for Depreciation
  • Strategically Located On Hard Signalized Intersection
  • Florida Is a No Income Tax State

Exclusively Listed By

Financing By

Drug Store

Walgreens | Long Term Abs. NNN | Tallahassee MSA

Listing Price: $5,685,000

Cap Rate
6.00%
Tenant Name
Walgreens
Years Remaining On Lease
11.5
Gross SF
16,215
Guarantor
Corporate Guarantee
Rentable SF
16,215
Price/Gross SF
$350.60
Lease Type
Absolute Net
Rent Per Square Feet
$21.02

Investment Highlights

  • Walgreens Corporate Guarantee (NYSE: WBA)
  • Approximately 12 Years Remaining
  • Rare Rental Increases in Initial Term & Option Periods | 5% Every Five-Years
  • Fee Simple Allowing for Depreciation
  • Strategically Located On Hard Signalized Intersection
  • Florida Is a No Income Tax State

Investment Overview

Marcus & Millichap is pleased to present for sale this Absolute Net Leased Walgreens located at 140 Capital Cricle SW in Tallahassee, Florida, just seven miles West of Downtown Tallahassee. The subject property consists of a 14,751 SF free-standing building with a drive-thru and is situated on a large 1.72-acre parcel of land. Strategically located on the hard signalized intersection of Capital Circle and W Tennessee Street, the property benefits from great visibility and high traffic counts, which exceed 55,500 vehicles per day. The property is also conveniently located within the area’s dense retail corridor which is home to Walmart Supercenter, McDonald’s, Ross Dress for Less, KFC, Taco Bell, Tractor Supply Co., Zaxby’s, Sonic, AutoZone, Dunkin, Home Depot, Lowe’s, and numerous other National and Regional Tenants. Tallahassee is the capital city of the state of Florida with an MSA population exceeding 380,000. In addition to the Florida State Capitol, Florida Senate Office Building, Florida Supreme Court, and numerous state departments, Tallahassee is also home to Florida State University, Florida A & M University and Tallahassee Community College with a total student population of more than 70,000. Walgreens recently executed a brand new 13 Year Absolute Net-Lease with increases in both the initial term and option periods. The initial term runs through August 31st, 2035 and has twelve five-year options to extend. Walgreens (NYSE: WBA) is a publicly traded company and one of the largest drugstore chains in the U.S. Walgreens is part of the U.S. Retail Pharmacy and U.S. Healthcare segments of Walgreens Boots Alliance, Inc, an American multinational holding company and integrated healthcare, pharmacy and retail leader. Operating more than 8,700 retail locations across the U.S. and Puerto Rico, Walgreens serves nearly 9 million customers and patients daily. The company’s approximately 26,000 pharmacists are playing a more critical role in healthcare than ever before, providing a wide range of pharmacy and healthcare services, including those that drive equitable access to care for some of the nation’s most underserved populations. Walgreens offers customers and patients a true omnichannel experience, with fully integrated physical and digital platforms designed to deliver high-quality products and healthcare services. Within the U.S. Healthcare segment, Walgreens portfolio also includes businesses in primary care, multi-specialty, post-acute care, urgent care, specialty pharmacy services, population health and provider enablement.

Exclusively Listed By

Financing By

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