Drug Store
Walgreens (#1 Store in TN and Top 99% Nationally)
1863 Union Ave, Memphis, TN 38104
Listing Price: $4,760,000
Investment Overview
The offering consists of a 13,963-square-foot Walgreens situated on a 2.29-acre parcel at 1863 Union Avenue in Memphis, Tennessee. Offered at $5,158,000 and a 6.00% capitalization rate, the property is secured by a corporate-guaranteed NNN ground lease with approximately 49 years remaining through September 2074. Walgreens is responsible for all property expenses, maintenance, repairs, taxes, and insurance, providing investors with a truly passive ownership structure. Located in the heart of Midtown Memphis along the highly trafficked Union Avenue corridor, the asset benefits from strong surrounding demographics, major healthcare and employment drivers, and the long-term economic strength of one of the nation's premier logistics and distribution markets.
Walgreens (#1 Store in TN and Top 99% Nationally)
Investment Highlights
- Corporate Ground Lease with 49 Years of Remaining Lease Term
- Placer.ai Ranks the Store in the 99th Percentile Nationally (11th / 6,724) and the #1 Store in TN Out of 243 Walgreens Stores
- Absolute NNN - No landlord Responsibilities
- Large 2.29 Acre Parcel With Future Development Potential - Infill Midtown Memphis Location
- Dense Urban Area – Property Surrounded by Newer Construction Midrise Mixed-Use Development Projects
Exclusively Listed By
Broker of Record
-
Jody McKibben
Senior Managing Director, Market Leader - Mid-South
Listing Price: $4,760,000
Investment Highlights
- Corporate Ground Lease with 49 Years of Remaining Lease Term
- Placer.ai Ranks the Store in the 99th Percentile Nationally (11th / 6,724) and the #1 Store in TN Out of 243 Walgreens Stores
- Absolute NNN - No landlord Responsibilities
- Large 2.29 Acre Parcel With Future Development Potential - Infill Midtown Memphis Location
- Dense Urban Area – Property Surrounded by Newer Construction Midrise Mixed-Use Development Projects
Investment Overview
The offering consists of a 13,963-square-foot Walgreens situated on a 2.29-acre parcel at 1863 Union Avenue in Memphis, Tennessee. Offered at $5,158,000 and a 6.00% capitalization rate, the property is secured by a corporate-guaranteed NNN ground lease with approximately 49 years remaining through September 2074. Walgreens is responsible for all property expenses, maintenance, repairs, taxes, and insurance, providing investors with a truly passive ownership structure. Located in the heart of Midtown Memphis along the highly trafficked Union Avenue corridor, the asset benefits from strong surrounding demographics, major healthcare and employment drivers, and the long-term economic strength of one of the nation's premier logistics and distribution markets.
Exclusively Listed By
Broker of Record
-
Jody McKibben
Senior Managing Director, Market Leader - Mid-South
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