Investment Overview

Marcus & Millichap is pleased to present for sale this Absolute Net Leased Walgreens located at 801 Independence Blvd in Virginia Beach, Virginia, the most populous city in Virginia and a key part of the Hampton Roads Metropolitan Area, which has a total population of over 1.8 million. The subject property consists of a 13,895 SF free-standing building with a drive-thru, situated on a 1.09-acre parcel at a hard-corner, signalized intersection with over 46,000 vehicles per day. The property is surrounded by a strong retail and healthcare presence, including Food Lion, Five Guys, Harris Teeter, Chick-fil-A, Dollar Tree, PMG Atlantic Coast Family Medicine, and Sentara Independence Hospital. Additionally, the site is near Old Dominion University (23,743 students) and Virginia Wesleyan University (1,711 students), ensuring steady consumer traffic from students and faculty. Virginia Beach is a highly desirable coastal city, known for its resort economy, military presence, and robust healthcare and education sectors. The region is home to several military bases, state parks, and miles of beaches that drive consistent tourism and economic activity. This Absolute NNN Lease requires zero landlord responsibility, making it a passive investment opportunity backed by a Walgreens corporate guarantee (NYSE: WBA). Walgreens has been operating at this location for over 20 years, demonstrating its long-term commitment to the site. The current lease term runs through January 31, 2027, and has ten (10) five-year renewal options, providing long-term stability. Walgreens Boots Alliance (NASDAQ: WBA) operates over 12,700 stores across all 50 U.S. states, the District of Columbia, Puerto Rico, and Guam, along with worksite health centers, home care facilities, and specialty and mail service pharmacies. In fiscal year 2024, the company reported $147.7 billion in revenue reflecting continued strength in its healthcare and retail segments.