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Drug Store

Walgreens | 11+ Years Remain | Washington, D.C. MSA | High Store Sales

20321 Susan Leslie Dr, Ashburn, VA 20147

Listing Price: $9,351,851

Cap Rate
5.40%
Tenant Name
Walgreens
Years Remaining On Lease
11.2
Guarantor
Corporate Guarantee
Rentable SF
14,820
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$34.08

Investment Overview

LONG-TERM CORPORATE LEASE – The Tenant, Walgreens Co., has more than 11 years remaining on an absolute NNN lease with preferred five-year renewal options. Walgreens Co. maintains a Standard & Poor’s rating of BBB and is publicly traded on the New York Stock Exchange (NYSE:WBA). STRONG SALES REPORTING – Walgreens reports strong sales over $2.65 Million in Fiscal Year 2020. Data from Placer.ai supports that this a well-performing store as it averages 93 thousand visits per year and ranks in the top third of locations within a 15-mile radius. OVERSIZED CORNER PARCEL (24,100 VPD) – Large 2.04-acre parcel at the signalized intersection of Gloucester Parkway and Claiborne Parkway, two primary routes through Ashburn that average a combined 24,100 vehicles per day. The Property is slightly elevated above street level allowing for added visibility to car traffic. The Property has two means of access and shared curb cuts with entrance points into the neighborhood to its rear. LIMITED COMPETITION – Walgreens benefits from very limited competition in the submarket with the nearest CVS and Walgreen locations more than three miles away. Notably, the store is the closest pharmacy to the south and southeast of INOVA Loudoun Hospital, a nationally recognized, advanced community hospital with 220 beds and 13,634 patient admissions per year. PROXIMITY TO STRONG DAYTIME DRIVERS – In addition to very strong population density, the Property is within one-mile to five area schools; including Ashburn Elementary (630 students), Chesterbrook Academy child care facility, Newton-Lee Elementary School (755 students), Trailside Middle School (1,222 students), and Loudoun School of Advanced Studies, the state’s top ranked School for the Arts and ranked 17th Best Private High Schools in the State of 132 by Niche 2021 Best Schools. AFFLUENT, RAPLIDLY GROWING LOUDOUN COUNTY SUBMARKET – Located 12 miles north of Dulles International Airport and 35 miles northwest of the District of Columbia, Ashburn is a highly affluent submarket that has experienced exceptional population growth in the last two decades. Since 2000, population increased 120 percent within one-mile and 160 percent within three and five-miles of the Property. Presently within one-mile there are 13,710 people with an average Household Income of $201,910, and more than 88,730 with an average Household Income of $192,917 within three miles. Population is projected to grow an additional seven percent and 12 percent by 2025 within one and three-miles. ESSENTIAL RETAILER – Walgreens’ locations have remained open throughout the recent Covid-19 stay-at-home orders and have implemented on-site testing and vaccine distribution. In February 2021, Walgreens was selected by the Centers for Disease Control and Prevention (CDC) and U.S. Department of Health and Human Services to provide COVID-19 vaccinations across 15 states and jurisdictions, including the state of Maryland. THE INDUSTRY LEADER – Walgreens Boots Alliance is the largest retail pharmacy, health and daily living destination across the USA and Europe. The retailer operates over 13,200 stores in 11 Countries. The company’s portfolio of retail and business brands includes Walgreens, Duane Reade, Boots and Alliance Healthcare, as well as increasingly global health and beauty product brands, such as No7, Botanicas, Liz Earle and Soap & Glory.

Investment Highlights

  • 11 Years Remain on Investment-Grade Lease
  • Preferred Five-Year Renewals
  • Wealthiest County in The Country; $201,000 AHI

Exclusively Listed By

  • Dean Zang

    Executive Managing Director Investments

    (202) 536-3754

    Email Dean

    License(s): MD: 665335, VA: 0225239201

    Washington, D.C.

  • David S. Crotts

    Senior Associate

    (202) 536-3757

    Email David

    License(s): MD: 652010, VA: 0225208906, DC: SP98374073

    Washington, D.C.

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

Drug Store

Walgreens | 11+ Years Remain | Washington, D.C. MSA | High Store Sales

Listing Price: $9,351,851

Cap Rate
5.40%
Tenant Name
Walgreens
Years Remaining On Lease
11.2
Guarantor
Corporate Guarantee
Rentable SF
14,820
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$34.08

Investment Highlights

  • 11 Years Remain on Investment-Grade Lease
  • Preferred Five-Year Renewals
  • Wealthiest County in The Country; $201,000 AHI

Investment Overview

LONG-TERM CORPORATE LEASE – The Tenant, Walgreens Co., has more than 11 years remaining on an absolute NNN lease with preferred five-year renewal options. Walgreens Co. maintains a Standard & Poor’s rating of BBB and is publicly traded on the New York Stock Exchange (NYSE:WBA). STRONG SALES REPORTING – Walgreens reports strong sales over $2.65 Million in Fiscal Year 2020. Data from Placer.ai supports that this a well-performing store as it averages 93 thousand visits per year and ranks in the top third of locations within a 15-mile radius. OVERSIZED CORNER PARCEL (24,100 VPD) – Large 2.04-acre parcel at the signalized intersection of Gloucester Parkway and Claiborne Parkway, two primary routes through Ashburn that average a combined 24,100 vehicles per day. The Property is slightly elevated above street level allowing for added visibility to car traffic. The Property has two means of access and shared curb cuts with entrance points into the neighborhood to its rear. LIMITED COMPETITION – Walgreens benefits from very limited competition in the submarket with the nearest CVS and Walgreen locations more than three miles away. Notably, the store is the closest pharmacy to the south and southeast of INOVA Loudoun Hospital, a nationally recognized, advanced community hospital with 220 beds and 13,634 patient admissions per year. PROXIMITY TO STRONG DAYTIME DRIVERS – In addition to very strong population density, the Property is within one-mile to five area schools; including Ashburn Elementary (630 students), Chesterbrook Academy child care facility, Newton-Lee Elementary School (755 students), Trailside Middle School (1,222 students), and Loudoun School of Advanced Studies, the state’s top ranked School for the Arts and ranked 17th Best Private High Schools in the State of 132 by Niche 2021 Best Schools. AFFLUENT, RAPLIDLY GROWING LOUDOUN COUNTY SUBMARKET – Located 12 miles north of Dulles International Airport and 35 miles northwest of the District of Columbia, Ashburn is a highly affluent submarket that has experienced exceptional population growth in the last two decades. Since 2000, population increased 120 percent within one-mile and 160 percent within three and five-miles of the Property. Presently within one-mile there are 13,710 people with an average Household Income of $201,910, and more than 88,730 with an average Household Income of $192,917 within three miles. Population is projected to grow an additional seven percent and 12 percent by 2025 within one and three-miles. ESSENTIAL RETAILER – Walgreens’ locations have remained open throughout the recent Covid-19 stay-at-home orders and have implemented on-site testing and vaccine distribution. In February 2021, Walgreens was selected by the Centers for Disease Control and Prevention (CDC) and U.S. Department of Health and Human Services to provide COVID-19 vaccinations across 15 states and jurisdictions, including the state of Maryland. THE INDUSTRY LEADER – Walgreens Boots Alliance is the largest retail pharmacy, health and daily living destination across the USA and Europe. The retailer operates over 13,200 stores in 11 Countries. The company’s portfolio of retail and business brands includes Walgreens, Duane Reade, Boots and Alliance Healthcare, as well as increasingly global health and beauty product brands, such as No7, Botanicas, Liz Earle and Soap & Glory.

Exclusively Listed By

  • Dean Zang

    Executive Managing Director Investments

    (202) 536-3754

    Email Dean

    License(s): MD: 665335, VA: 0225239201

    Washington, D.C.

  • David S. Crotts

    Senior Associate

    (202) 536-3757

    Email David

    License(s): MD: 652010, VA: 0225208906, DC: SP98374073

    Washington, D.C.

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

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