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Drug Store

Walgreens, Nashville

2421 Lebanon Pike, Nashville, TN 37214

Listing Price: $7,048,148

Cap Rate
5.40%
Tenant Name
Walgreens
Years Remaining On Lease
8.1
Gross SF
14,490
Guarantor
Corporate Guarantee
Rentable SF
14,490
Price/Gross SF
$486.41
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$26.27

Investment Overview

Marcus & Millichap is pleased to present for sale this Absolute Net
Leased Walgreens located at 2421 Lebanon Pike in Nashville,
Tennessee. The subject property consists of a free-standing building
comprised of 14,490 square feet of retail space and is situated on a
large 1.6-acre parcel of land.
Strategically located on the Hard-Signalized Intersection of Route-70, a
major East-West thoroughfare, and McGavock Pk, the property is highly
visible to more than 42,956 vehicles per day. It also features excellent
access and is within close proximity to Briley Parkway, a major highway
with high traffic counts exceeding 102,201 daily. The subject property
sits just one block from a Publix anchored Shopping Center, across
a free-standing Kroger, and part of a dense retail corridor which is
home to a number of National and Regional retailers including but not
limited to CVS, McDonalds, SunTrust, Krystal, Burger King, Pizza Hut,
and many more. The property sits just in the outskirts of Downtown
Nashville and benefits from over 140,000 full time residents in the
immediate trade area.
Walgreens signed their original 25 Year Absolute Net Lease in 2004
and has over eight years of term remaining. The Absolute-Net lease is
guaranteed by Walgreens Boot Alliance and provides nine options to
extend for five years each.
Walgreens (NYSE: WBA) is a publicly traded company with an S&P
Credit Rating of BBB and is ranked #19 in the Fortune 500 (2020).
Walgreen Co. operates over 9,275 stores in all 50 states, the District of
Columbia, Puerto Rico and Guam. The company also operates worksite
health centers, home care facilities, and specialty and mail service
pharmacies.

Investment Highlights

  • Investment Grade Credit Tenant, Rated BBB+ by S&P
  • Corporate Guarantee | Walgreens Boot Alliance
  • Absolute NNN Lease | No Landlord Responsibilities
  • Strong Store Sales - Fee Simple Allowing for Depreciation
  • Just a Few Miles from Downtown Nashville
  • Tennessee is a No Income Tax Free State

Exclusively Listed By

Broker of Record

  • Jody McKibben

    Vice President / Regional Manager

    (615) 997-2860

    License(s) TN: 307629

    Tennessee

Listing Price: $7,048,148

Cap Rate
5.40%
Tenant Name
Walgreens
Years Remaining On Lease
8.1
Gross SF
14,490
Guarantor
Corporate Guarantee
Rentable SF
14,490
Price/Gross SF
$486.41
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$26.27

Investment Highlights

  • Investment Grade Credit Tenant, Rated BBB+ by S&P
  • Corporate Guarantee | Walgreens Boot Alliance
  • Absolute NNN Lease | No Landlord Responsibilities
  • Strong Store Sales - Fee Simple Allowing for Depreciation
  • Just a Few Miles from Downtown Nashville
  • Tennessee is a No Income Tax Free State

Investment Overview

Marcus & Millichap is pleased to present for sale this Absolute Net
Leased Walgreens located at 2421 Lebanon Pike in Nashville,
Tennessee. The subject property consists of a free-standing building
comprised of 14,490 square feet of retail space and is situated on a
large 1.6-acre parcel of land.
Strategically located on the Hard-Signalized Intersection of Route-70, a
major East-West thoroughfare, and McGavock Pk, the property is highly
visible to more than 42,956 vehicles per day. It also features excellent
access and is within close proximity to Briley Parkway, a major highway
with high traffic counts exceeding 102,201 daily. The subject property
sits just one block from a Publix anchored Shopping Center, across
a free-standing Kroger, and part of a dense retail corridor which is
home to a number of National and Regional retailers including but not
limited to CVS, McDonalds, SunTrust, Krystal, Burger King, Pizza Hut,
and many more. The property sits just in the outskirts of Downtown
Nashville and benefits from over 140,000 full time residents in the
immediate trade area.
Walgreens signed their original 25 Year Absolute Net Lease in 2004
and has over eight years of term remaining. The Absolute-Net lease is
guaranteed by Walgreens Boot Alliance and provides nine options to
extend for five years each.
Walgreens (NYSE: WBA) is a publicly traded company with an S&P
Credit Rating of BBB and is ranked #19 in the Fortune 500 (2020).
Walgreen Co. operates over 9,275 stores in all 50 states, the District of
Columbia, Puerto Rico and Guam. The company also operates worksite
health centers, home care facilities, and specialty and mail service
pharmacies.

Exclusively Listed By

Broker of Record

  • Jody McKibben

    Vice President / Regional Manager

    (615) 997-2860

    License(s): TN: 307629

    Tennessee

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