Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a Walgreens located in St. Petersburg, FL (Tampa MSA). Walgreens has operated from this location for nearly 30 years. Recently, they exercised an early lease extension demonstrating a strong commitment to the site. Approximately 10 years remain on the lease term, with six, five-year tenant renewal options available. The roof is undergoing refurbishment, backed by a 15-year warranty for the completed work. The lease is backed by corporate Walgreens, the largest drugstore chain in the nation, operating over 13,500 pharmacies across all states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. As of 2023, approximately 78 percent of the U.S. population resides within a five-mile radius of a Walgreens or Duane Reade Pharmacy, with more than 8 million customers engaging daily with Walgreens across America. Adjacent to a busy Wawa convenience store, the property sits at a signalized intersection with a daily traffic count exceeding 73,000 vehicles. The property is also close to Interstate 275, linking the property to Downtown St. Petersburg and Downtown Tampa, with a daily traffic count of 158,000 vehicles. The subject property serves a population of over 134,000 within three miles and over 300,000 within five miles. Additionally, it is part of the Tampa Bay Metro Area, home to more than 3.2 million residents. Surrounding national brands include Wawa, Publix Supercenter, Aldi, Sam’s Club, Lowe's, Winn Dixie, Save-A-Lot, Big Lots, American Freight Tools, Pet Supermarket, Party City, Bealls, Dollar Tree, Office Depot, Kane’s Furniture, Advance Auto Parts, AutoZone, Tire Kingdom, Take 5 Oil Change, Speedway, Shell, T-Mobile, Cricket Wireless, Starbucks, Dunkin’, Hardee’s, Burger King, McDonald's, Subway, Denny’s, Bank of America, PNC Bank, Truist Bank, Days Inn by Wyndham, Holiday Inn, Quality Inn & Suites, Porsche, BMW, Tesla, Nissan, Buick, Volkswagen, Jeep, and more.