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Drug Store

Walgreens

9273 Lake Drive, Lexington, MN 55014

Listing Price: $3,259,125

Cap Rate
6.40%
Tenant Name
Walgreens
Years Remaining On Lease
3.0
Guarantor
Corporate Guarantee
Rentable SF
13,500
Lease Type
Double Net
Rent Per Square Feet
$15.45

Investment Overview

Marcus & Millichap is pleased to present the fee simple interest in the Walgreens located at 9273 Lake Drive in Lexington, Minnesota. Walgreens operates on a double-net lease with the landlord responsible for roof, structure, and parking lot. Walgreens recently extended the lease for five years and there are now three years remaining on the term with four, five-year renewal options and increases in those options. There was a new roof installed on the property in 2011. Walgreens is on a hard, signalized corner and sees 11,600 vehicles per day. There are over 123,000 people living within five miles, and over 42,000 living within three miles. The average household income of those living within five miles is over $114,000. The store is surrounded by national retailers such as Dairy Queen, McDonald’s, Dollar Tree, O’Reilly Auto Parts, Walmart Supercenter and more. The subject property is located just 35 minutes north of the Minneapolis-Saint Paul International Airport. Lexington, Minnesota is a city in Anoka County, Minnesota, and is a northern suburb of the Twin Cities metropolitan area. Anoka County is the fourth-most populous county in Minnesota. The area is surrounded by many large lakes, including Rice Lake, Reshanau Lake, and Centreville Lake among others, that attract visitors and residents from all over the county.

Investment Highlights

  • Three Years Remaining on Double-Net Lease | Four, Five-Year Renewal Options
  • New Roof Installed in 2011
  • Reported Store Sales Over $2.4 Million | S&P BBB Credit Rated Tenant
  • Walgreens is Paying Below Market Rent at this Location
  • Minimal Landlord Responsibilities
  • Located in a Hard, Signalized Intersection
  • Surrounded by National Retail Tenants such as McDonald's, O'Reilly Auto Parts, Dollar Tree, and Dairy Queen
  • Average Household Income Over $110,000 Within Three Mile Radius and Over $114,000 Within Five-Mile Radius | Population of Over 123,000 Within Five-Mile Radius

Exclusively Listed By

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s) MN: 40583288

    Minnesota

Listing Price: $3,259,125

Cap Rate
6.40%
Tenant Name
Walgreens
Years Remaining On Lease
3.0
Guarantor
Corporate Guarantee
Rentable SF
13,500
Lease Type
Double Net
Rent Per Square Feet
$15.45

Investment Highlights

  • Three Years Remaining on Double-Net Lease | Four, Five-Year Renewal Options
  • New Roof Installed in 2011
  • Reported Store Sales Over $2.4 Million | S&P BBB Credit Rated Tenant
  • Walgreens is Paying Below Market Rent at this Location
  • Minimal Landlord Responsibilities
  • Located in a Hard, Signalized Intersection
  • Surrounded by National Retail Tenants such as McDonald's, O'Reilly Auto Parts, Dollar Tree, and Dairy Queen
  • Average Household Income Over $110,000 Within Three Mile Radius and Over $114,000 Within Five-Mile Radius | Population of Over 123,000 Within Five-Mile Radius

Investment Overview

Marcus & Millichap is pleased to present the fee simple interest in the Walgreens located at 9273 Lake Drive in Lexington, Minnesota. Walgreens operates on a double-net lease with the landlord responsible for roof, structure, and parking lot. Walgreens recently extended the lease for five years and there are now three years remaining on the term with four, five-year renewal options and increases in those options. There was a new roof installed on the property in 2011. Walgreens is on a hard, signalized corner and sees 11,600 vehicles per day. There are over 123,000 people living within five miles, and over 42,000 living within three miles. The average household income of those living within five miles is over $114,000. The store is surrounded by national retailers such as Dairy Queen, McDonald’s, Dollar Tree, O’Reilly Auto Parts, Walmart Supercenter and more. The subject property is located just 35 minutes north of the Minneapolis-Saint Paul International Airport. Lexington, Minnesota is a city in Anoka County, Minnesota, and is a northern suburb of the Twin Cities metropolitan area. Anoka County is the fourth-most populous county in Minnesota. The area is surrounded by many large lakes, including Rice Lake, Reshanau Lake, and Centreville Lake among others, that attract visitors and residents from all over the county.

Exclusively Listed By

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s): MN: 40583288

    Minnesota

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