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Drug Store

Walgreens

1000 Park Ave, Bridgeport, CT 06604

Listing Price: $8,800,000

Cap Rate
5.00%
Tenant Name
Walgreens
Years Remaining On Lease
10.2
Gross SF
14,160
Guarantor
Corporate Guarantee
Rentable SF
14,160
Price/Gross SF
$621.47
Lease Type
Absolute Net
Rent Per Square Feet
$31.07

Investment Overview

Marcus & Millichap is pleased to present the Walgreens location at 1000 Park Ave in Bridgeport, CT. This credit rated tenant has more than ten years remaining on the current term of their lease, which also features (10) 5-year options, the more desirable of Walgreens’ normal options structures. This particular location reports exceptionally strong sales numbers that suggest total store sales well in excess of $10M per year, making it one of the stronger Walgreens locations in operation. Moreover, those sales have been trending upwards, with an increase in sales over the last three years of roughly 10%. The 14,160 SF building features a drive-thru and sits on an oversized 2.05-acre lot that is nestled between Washington and Fairfield Avenues at two signalized hard corners that provide multiple points of ingress and egress to the property from three separate streets. The area is highly walkable and has good public transit nearby with a stop on the Greater Bridgeport Transit Authority line directly in front of the property. There are more than 16,500 vehicles passing the site daily. Located just one block from the entrance to CT Route 8 and five blocks from I-95, the subject property is situated in the heart of Bridgeport, the most populous city in Connecticut. The area around the property is very densely populated, with over a quarter-million residents within a 5-mile radius of the site. Bridgeport is itself a bustling business hub, but its close proximity and easy access to public transportation to nearby cities including New Haven, Stamford, and New York City make it a viable bedroom community to other cities as well.

Investment Highlights

  • Absolute Net lease with zero landlord responsibilities
  • 10+ years of remaining lease term
  • Favorable option structure – (10) 5-year options
  • Exceptionally strong reported sales >$3.7M* and trending upwards
  • Expanded store hours from 7am to midnight seven days a week
  • Highly trafficked area that sees >16,500 vehicles per day
  • 14,160 square foot building on an oversized 2.05-acre lot
  • Located in the heart of Connecticut's most populous city

Exclusively Listed By

Financing By

Listing Price: $8,800,000

Cap Rate
5.00%
Tenant Name
Walgreens
Years Remaining On Lease
10.2
Gross SF
14,160
Guarantor
Corporate Guarantee
Rentable SF
14,160
Price/Gross SF
$621.47
Lease Type
Absolute Net
Rent Per Square Feet
$31.07

Investment Highlights

  • Absolute Net lease with zero landlord responsibilities
  • 10+ years of remaining lease term
  • Favorable option structure – (10) 5-year options
  • Exceptionally strong reported sales >$3.7M* and trending upwards
  • Expanded store hours from 7am to midnight seven days a week
  • Highly trafficked area that sees >16,500 vehicles per day
  • 14,160 square foot building on an oversized 2.05-acre lot
  • Located in the heart of Connecticut's most populous city

Investment Overview

Marcus & Millichap is pleased to present the Walgreens location at 1000 Park Ave in Bridgeport, CT. This credit rated tenant has more than ten years remaining on the current term of their lease, which also features (10) 5-year options, the more desirable of Walgreens’ normal options structures. This particular location reports exceptionally strong sales numbers that suggest total store sales well in excess of $10M per year, making it one of the stronger Walgreens locations in operation. Moreover, those sales have been trending upwards, with an increase in sales over the last three years of roughly 10%. The 14,160 SF building features a drive-thru and sits on an oversized 2.05-acre lot that is nestled between Washington and Fairfield Avenues at two signalized hard corners that provide multiple points of ingress and egress to the property from three separate streets. The area is highly walkable and has good public transit nearby with a stop on the Greater Bridgeport Transit Authority line directly in front of the property. There are more than 16,500 vehicles passing the site daily. Located just one block from the entrance to CT Route 8 and five blocks from I-95, the subject property is situated in the heart of Bridgeport, the most populous city in Connecticut. The area around the property is very densely populated, with over a quarter-million residents within a 5-mile radius of the site. Bridgeport is itself a bustling business hub, but its close proximity and easy access to public transportation to nearby cities including New Haven, Stamford, and New York City make it a viable bedroom community to other cities as well.

Exclusively Listed By

Financing By

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