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Drug Store

Walgreens

1765 Middlesex St, Lowell, MA 01851

Listing Price: $11,950,000

Cap Rate
4.63%
Tenant Name
Corporate Walgreens
Years Remaining On Lease
15.9
Guarantor
Corporate Guarantee
Rentable SF
14,820
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$37.39

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for a Walgreens located at 1765 Middlesex Street in Lowell, Massachusetts. The site, constructed in 2012, consists of roughly 14,820 rentable square feet of building space on approximately 1.53 acres of land. Walgreens is subject to a 25-year triple-net lease, which commenced on November 5th, 2012. The annual rent is $554,112 and there are ten, five-year renewal periods extending the total possible lease term to 75 years. This is a rare opportunity to acquire an investment grade tenant located in a dense, urban infill market twenty-five miles outside of Boston, MA. This Walgreens is situated at the four-way intersection of Rourke Bridge and Middlesex Street which experiences over 53,000 vehicles per day. The site is located on the four-way intersection diagonal from a Market Basket owned and operated shopping center that had included a Rite Aid Pharmacy. This Rite Aid was acquired by Walgreens in 2018 and subsequently closed with all the prescriptions transferred to the subject Walgreens property. This site will continue being the dominant pharmacy in the area for the Walgreens brand. Walgreens Boots Alliance (Nasdaq: WBA) is the first global pharmacy-led, health and wellbeing enterprise in the world. The company was created through the combination of Walgreens and Alliance Boots in December 2014, bringing together two leading companies with iconic brands, complementary geographic footprints, shared values and a heritage of trusted health care services through pharmaceutical wholesaling and community pharmacy care, dating back more than 100 years.

Investment Highlights

  • Long-Term Absolute Triple Net Lease with 16 Years Remaining
  • Recent Construction | Built in 2012
  • Large 14,820 SF Prototype Located On Over 1.53 Acres of Land

Exclusively Listed By

  • Glen D. Kunofsky

    Licensed Associate Real Estate Broker

    (212) 430-5115

    Email Glen

    License(s): NY: 10301203289, NY: 109940808

    Manhattan

  • Adam Friedlander

    Licensed Associate Real Estate Broker

    (212) 430-6123

    Email Adam

    License(s): NY: 10301209884

    Manhattan

Broker of Record

  • Thomas Shihadeh

    Regional Manager

    (617) 896-7250

    License(s) MA: 1000485

    Massachusetts

Financing By

Listing Price: $11,950,000

Cap Rate
4.63%
Tenant Name
Corporate Walgreens
Years Remaining On Lease
15.9
Guarantor
Corporate Guarantee
Rentable SF
14,820
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$37.39

Investment Highlights

  • Long-Term Absolute Triple Net Lease with 16 Years Remaining
  • Recent Construction | Built in 2012
  • Large 14,820 SF Prototype Located On Over 1.53 Acres of Land

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for a Walgreens located at 1765 Middlesex Street in Lowell, Massachusetts. The site, constructed in 2012, consists of roughly 14,820 rentable square feet of building space on approximately 1.53 acres of land. Walgreens is subject to a 25-year triple-net lease, which commenced on November 5th, 2012. The annual rent is $554,112 and there are ten, five-year renewal periods extending the total possible lease term to 75 years. This is a rare opportunity to acquire an investment grade tenant located in a dense, urban infill market twenty-five miles outside of Boston, MA. This Walgreens is situated at the four-way intersection of Rourke Bridge and Middlesex Street which experiences over 53,000 vehicles per day. The site is located on the four-way intersection diagonal from a Market Basket owned and operated shopping center that had included a Rite Aid Pharmacy. This Rite Aid was acquired by Walgreens in 2018 and subsequently closed with all the prescriptions transferred to the subject Walgreens property. This site will continue being the dominant pharmacy in the area for the Walgreens brand. Walgreens Boots Alliance (Nasdaq: WBA) is the first global pharmacy-led, health and wellbeing enterprise in the world. The company was created through the combination of Walgreens and Alliance Boots in December 2014, bringing together two leading companies with iconic brands, complementary geographic footprints, shared values and a heritage of trusted health care services through pharmaceutical wholesaling and community pharmacy care, dating back more than 100 years.

Exclusively Listed By

  • Glen D. Kunofsky

    Licensed Associate Real Estate Broker

    (212) 430-5115

    Email Glen

    License(s): NY: 10301203289, NY: 109940808

    Manhattan

  • Adam Friedlander

    Licensed Associate Real Estate Broker

    (212) 430-6123

    Email Adam

    License(s): NY: 10301209884

    Manhattan

Broker of Record

  • Thomas Shihadeh

    Regional Manager

    (617) 896-7250

    License(s): MA: 1000485

    Massachusetts

Financing By

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