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Drug Store

Walgreens

6525 University Ave NE, Fridley, MN 55432

Listing Price: $3,802,817

Cap Rate
7.10%
Tenant Name
Walgreens
Years Remaining On Lease
7.2
Gross SF
13,905
Guarantor
Corporate Guarantee
Rentable SF
13,905
Price/Gross SF
$273.49
Lease Type
Double Net
Rent Per Square Feet
$19.42

Investment Overview

Marcus & Millichap is pleased to present the corporate Walgreens located at 6525 University Ave NE in Fridley, Minnesota. The property was constructed in 1998 as a build-to-suit for Walgreens. This 13,905 square foot building is situated on a 2.32 acre lot. The tenant, Walgreen Co., has seven years remaining on the base lease term with eight, five-year options to renew. Walgreen Co. is subject to a corporately-guaranteed NN lease with the landlord responsible for roof & structure. This Walgreens is part of a three-property Walgreens Portfolio. Locations may be acquired separately or in combination. Walgreens is owned by the Walgreens Boots Alliance, Inc. (NASDAQ: WBA, S&P BBB). The parent company is currently the largest retail pharmacy in the US and Europe, with 13,200 stores in over 11 countries. Walgreens is a market leader in the US and has 9,277 retail stores which includes Walgreens and Duane Reade. More than eight million customers interact with Walgreens each day in communities across America, using the most convenient, multi-channel access to consumer goods and services and trusted, cost-effective pharmacy, health and wellness services and advice. This Walgreens property is strategically located with excellent visibility on University Avenue at the corner of a signalized intersection. The property also benefits from its close proximity to Interstate-694, which experiences over 155,000 vehicles per day. The immediate trade area is home to an abundance of national retailers and quick-service restaurants including Target, Walmart Supercenter, Sams Club, The Home Depot, Planet Fitness, Cub Foods, Big Lots, among many others. Walgreens is also situated less than two miles from Mercy Hospital Unity Campus, a 164-bed short term acute care hospital. There are 11.8+ million square feet of retail within a five-mile radius from this asset. Walgreens is located 3.5 miles from Northtown Mall which has 100+ stores and is anchored by Hobby Lobby, Burlington Coat Factory, Best Buy, and LA Fitness. University Avenue NE experiences over 34,000 vehicles per day. Fridley, Minnesota is situated ten miles north of Minneapolis and features great demographics; there are over 254,000 residents with an average household income exceeding $81,000 within a five-mile radius. This Walgreens property provides an investor with a stabilized investment grade asset situated near a hospital.

Investment Highlights

  • Seven Years Remaining on Corporately Guaranteed, NN Lease Term
  • Investment Grade Tenant | Walgreen Co. (S&P: BBB)
  • Excellent Visibility on University Avenue NE 34,000 Vehicles Per Day
  • Drive-Thru Pharmacy
  • Core Retail Market: 11.8+ Million Square Feet of Retail Within Five Miles
  • Close Proximity to Mercy Hospital Unity Campus and Northtown Mall
  • Great Demographics – Over 254,000 Residents With an Average Household Income Exceeding $81,000 Within a 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: $3,802,817

Cap Rate
7.10%
Tenant Name
Walgreens
Years Remaining On Lease
7.2
Gross SF
13,905
Guarantor
Corporate Guarantee
Rentable SF
13,905
Price/Gross SF
$273.49
Lease Type
Double Net
Rent Per Square Feet
$19.42

Investment Highlights

  • Seven Years Remaining on Corporately Guaranteed, NN Lease Term
  • Investment Grade Tenant | Walgreen Co. (S&P: BBB)
  • Excellent Visibility on University Avenue NE 34,000 Vehicles Per Day
  • Drive-Thru Pharmacy
  • Core Retail Market: 11.8+ Million Square Feet of Retail Within Five Miles
  • Close Proximity to Mercy Hospital Unity Campus and Northtown Mall
  • Great Demographics – Over 254,000 Residents With an Average Household Income Exceeding $81,000 Within a Five-Mile Radius

Investment Overview

Marcus & Millichap is pleased to present the corporate Walgreens located at 6525 University Ave NE in Fridley, Minnesota. The property was constructed in 1998 as a build-to-suit for Walgreens. This 13,905 square foot building is situated on a 2.32 acre lot. The tenant, Walgreen Co., has seven years remaining on the base lease term with eight, five-year options to renew. Walgreen Co. is subject to a corporately-guaranteed NN lease with the landlord responsible for roof & structure. This Walgreens is part of a three-property Walgreens Portfolio. Locations may be acquired separately or in combination. Walgreens is owned by the Walgreens Boots Alliance, Inc. (NASDAQ: WBA, S&P BBB). The parent company is currently the largest retail pharmacy in the US and Europe, with 13,200 stores in over 11 countries. Walgreens is a market leader in the US and has 9,277 retail stores which includes Walgreens and Duane Reade. More than eight million customers interact with Walgreens each day in communities across America, using the most convenient, multi-channel access to consumer goods and services and trusted, cost-effective pharmacy, health and wellness services and advice. This Walgreens property is strategically located with excellent visibility on University Avenue at the corner of a signalized intersection. The property also benefits from its close proximity to Interstate-694, which experiences over 155,000 vehicles per day. The immediate trade area is home to an abundance of national retailers and quick-service restaurants including Target, Walmart Supercenter, Sams Club, The Home Depot, Planet Fitness, Cub Foods, Big Lots, among many others. Walgreens is also situated less than two miles from Mercy Hospital Unity Campus, a 164-bed short term acute care hospital. There are 11.8+ million square feet of retail within a five-mile radius from this asset. Walgreens is located 3.5 miles from Northtown Mall which has 100+ stores and is anchored by Hobby Lobby, Burlington Coat Factory, Best Buy, and LA Fitness. University Avenue NE experiences over 34,000 vehicles per day. Fridley, Minnesota is situated ten miles north of Minneapolis and features great demographics; there are over 254,000 residents with an average household income exceeding $81,000 within a five-mile radius. This Walgreens property provides an investor with a stabilized investment grade asset situated near a hospital.

Exclusively Listed By

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s): MN: 40583288

    Minnesota

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