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Drug Store

Walgreens - 5% Every 5-Years

318 W Prospect Rd, Ashtabula, OH 44004

Listing Price: $4,446,000

Cap Rate
5.00%
Tenant Name
Walgreens
Years Remaining On Lease
12.7
Gross SF
14,820
Guarantor
Corporate Guarantee
Rentable SF
14,820
Price/Gross SF
$300.00
Lease Type
Absolute Net
Rent Per Square Feet
$15.00

Investment Overview

The Deltondo Group and Marcus & Millichap are pleased to present for sale Walgreens a single-tenant property located at 318 West Prospect Road, Cleveland (Ashtabula), Ohio 44004. The subject property is comprised of 14,820 square feet and was built in 2005. The building sits on a large 1.82 Acre lot located just off West Prospect Road which oversees ±13,000 Vehicles Per Day. Walgreens signed a new 13-year lease with Twelve, 5-year options including rare 5% increases every 5-years. Walgreens Boots Alliance (NASDAQ: WBA) is a global leader in retail and wholesale pharmacy, touching millions of lives every day through dispensing and distributing medicines, and through its convenient retail locations, digital platforms and health and beauty products. The company has more than 100 years of trusted healthcare heritage and innovation in community pharmacy and pharmaceutical wholesaling. WBA has one of the largest global pharmaceutical wholesale and distribution networks, with more than 425 distribution centers delivering to more than 250,000 pharmacies, doctors, health centers and hospitals each year in more than 20 countries. WBA is one of the world’s largest purchasers of prescription drugs and many other health and well-being products. The company’s size, scale and expertise help position them to expand the supply of, and address the rising cost of, prescription drugs in the U.S. and worldwide.

Investment Highlights

  • Absolute-Net Lease: New 13-Year Lease with Twelve, 5-Year Options to Extend. Rent Increases Include 5% in Year 6 & 11 as well as 5% Increases in Each Option
  • Corporate Guarantee: The Lease is Guaranteed by Walgreens (Walgreens Boots Alliance Inc., NYSE: WBA) which has an S&P Investment Grade Credit Rating of BBB.
  • Essential Tenant: Walgreen's Deemed an "Essential Tenant" through COVID-19 related Shelter-in-place Orders and Offers Consumers Safe Access to Pharmacy and Retail Pickup Via their Drive-thru.

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (216) 264-2000

    License(s) OH: BRK.2007005898

    Ohio

Drug Store

Walgreens - 5% Every 5-Years

Listing Price: $4,446,000

Cap Rate
5.00%
Tenant Name
Walgreens
Years Remaining On Lease
12.7
Gross SF
14,820
Guarantor
Corporate Guarantee
Rentable SF
14,820
Price/Gross SF
$300.00
Lease Type
Absolute Net
Rent Per Square Feet
$15.00

Investment Highlights

  • Absolute-Net Lease: New 13-Year Lease with Twelve, 5-Year Options to Extend. Rent Increases Include 5% in Year 6 & 11 as well as 5% Increases in Each Option
  • Corporate Guarantee: The Lease is Guaranteed by Walgreens (Walgreens Boots Alliance Inc., NYSE: WBA) which has an S&P Investment Grade Credit Rating of BBB.
  • Essential Tenant: Walgreen's Deemed an "Essential Tenant" through COVID-19 related Shelter-in-place Orders and Offers Consumers Safe Access to Pharmacy and Retail Pickup Via their Drive-thru.

Investment Overview

The Deltondo Group and Marcus & Millichap are pleased to present for sale Walgreens a single-tenant property located at 318 West Prospect Road, Cleveland (Ashtabula), Ohio 44004. The subject property is comprised of 14,820 square feet and was built in 2005. The building sits on a large 1.82 Acre lot located just off West Prospect Road which oversees ±13,000 Vehicles Per Day. Walgreens signed a new 13-year lease with Twelve, 5-year options including rare 5% increases every 5-years. Walgreens Boots Alliance (NASDAQ: WBA) is a global leader in retail and wholesale pharmacy, touching millions of lives every day through dispensing and distributing medicines, and through its convenient retail locations, digital platforms and health and beauty products. The company has more than 100 years of trusted healthcare heritage and innovation in community pharmacy and pharmaceutical wholesaling. WBA has one of the largest global pharmaceutical wholesale and distribution networks, with more than 425 distribution centers delivering to more than 250,000 pharmacies, doctors, health centers and hospitals each year in more than 20 countries. WBA is one of the world’s largest purchasers of prescription drugs and many other health and well-being products. The company’s size, scale and expertise help position them to expand the supply of, and address the rising cost of, prescription drugs in the U.S. and worldwide.

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (216) 264-2000

    License(s): OH: BRK.2007005898

    Ohio

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