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Drug Store

Walgreens

5121 Quince Rd, Memphis, TN 38117

Listing Price: $2,630,676

Cap Rate
7.40%
Tenant Name
Walgreens
Years Remaining On Lease
4.8
Gross SF
13,905
Guarantor
Corporate Guarantee
Rentable SF
13,905
Price/Gross SF
$189.19
Lease Type
Double Net
Rent Per Square Feet
$14.00

Investment Overview

Marcus & Millichap is pleased to present the corporate Walgreens located at 5121 Quince Road in Memphis, Tennessee. The property was constructed in 1996 as a build-to-suit for Walgreens. This 13,905 square foot building is situated on a 0.85 acre lot. The tenant, Walgreen Co., has five 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. The roof of this property was replaced in 2015. 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 within the Quince Station Shopping Center alongside tenants such as Dollar General, Subway, and Ace Hardware. The property features excellent visibility on Quince Road. Walgreens also benefits from its close proximity to Interstate-240, which experiences over 154,000 vehicles per day. The immediate trade area is home to an abundance of national retailers and quick-service restaurants including The Home Depot, Office Depot, Target, T.J. Maxx, Family Dollar, ALDI, among many others. Walgreens is also situated less than two miles from St. Francis Hospital - Memphis, a 519-bed hospital situated on a 42-acre campus. There are 20.8+ million square feet of retail within a five-mile radius from this asset. Walgreens is located three miles from Oak Court Mall which has 85+ stores and is anchored by Macy’s and Dillard's. Memphis, Tennessee and features great demographics; there are over 217,000 residents with an average household income exceeding $76,000 within a five-mile radius. This Walgreens property provides an investor with a stabilized investment grade asset situated near a hospital.

Investment Highlights

  • Five Years Remaining on Corporately Guaranteed, NN Lease Term
  • Investment Grade Tenant | Walgreen Co. (S&P: BBB)
  • Close Proximity to Interstate-240 – 154,000+ Vehicles Per Day
  • Roof was Replaced in 2015
  • Drive-Thru Pharmacy
  • Core Retail Market: 20.8+ Million Square Feet of Retail Within Five Miles
  • Close Proximity to Saint Francis Hospital – Memphis – 519-Beds
  • Great Demographics – Over 217,000 Residents With an Average Household Income Exceeding $76,000 Within a Five-Mile Radius

Exclusively Listed By

Broker of Record

  • Jody McKibben

    Vice President / Regional Manager

    (615) 997-2860

    License(s) TN: 307629

    Tennessee

Listing Price: $2,630,676

Cap Rate
7.40%
Tenant Name
Walgreens
Years Remaining On Lease
4.8
Gross SF
13,905
Guarantor
Corporate Guarantee
Rentable SF
13,905
Price/Gross SF
$189.19
Lease Type
Double Net
Rent Per Square Feet
$14.00

Investment Highlights

  • Five Years Remaining on Corporately Guaranteed, NN Lease Term
  • Investment Grade Tenant | Walgreen Co. (S&P: BBB)
  • Close Proximity to Interstate-240 – 154,000+ Vehicles Per Day
  • Roof was Replaced in 2015
  • Drive-Thru Pharmacy
  • Core Retail Market: 20.8+ Million Square Feet of Retail Within Five Miles
  • Close Proximity to Saint Francis Hospital – Memphis – 519-Beds
  • Great Demographics – Over 217,000 Residents With an Average Household Income Exceeding $76,000 Within a Five-Mile Radius

Investment Overview

Marcus & Millichap is pleased to present the corporate Walgreens located at 5121 Quince Road in Memphis, Tennessee. The property was constructed in 1996 as a build-to-suit for Walgreens. This 13,905 square foot building is situated on a 0.85 acre lot. The tenant, Walgreen Co., has five 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. The roof of this property was replaced in 2015. 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 within the Quince Station Shopping Center alongside tenants such as Dollar General, Subway, and Ace Hardware. The property features excellent visibility on Quince Road. Walgreens also benefits from its close proximity to Interstate-240, which experiences over 154,000 vehicles per day. The immediate trade area is home to an abundance of national retailers and quick-service restaurants including The Home Depot, Office Depot, Target, T.J. Maxx, Family Dollar, ALDI, among many others. Walgreens is also situated less than two miles from St. Francis Hospital - Memphis, a 519-bed hospital situated on a 42-acre campus. There are 20.8+ million square feet of retail within a five-mile radius from this asset. Walgreens is located three miles from Oak Court Mall which has 85+ stores and is anchored by Macy’s and Dillard's. Memphis, Tennessee and features great demographics; there are over 217,000 residents with an average household income exceeding $76,000 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

  • Jody McKibben

    Vice President / Regional Manager

    (615) 997-2860

    License(s): TN: 307629

    Tennessee

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