Drug Store

Walgreens, Slidell

4142 Pontchartrain Dr, Slidell, LA 70458

Listing Price: $4,400,000

Cap Rate
6.25%
Tenant Name
Walgreens
Years Remaining On Lease
8.20
Gross SF
14,511
Guarantor
Corporate Guarantee
Rentable SF
14,511
Price/Gross SF
$303.22
Lease Type
Absolute Net
Rent Per Square Feet
$18.95

Investment Overview

Marcus & Millichap is pleased to present for sale this Fee Simple
Walgreens located in Slidell, Louisiana. The subject property consists of a
free-standing building comprised of 14,560 square feet of retail space on
a large 1.8-acre parcel of land.
Strategically located at the hard-signalized intersection of Spartan Drive
and State Route 11, a major North-South thoroughfare, the property is
highly visible to more than 26,000 vehicles daily. In addition, it serves as
the last retail option before the Maestri Bridge, a 5-mile bridge carrying
travelers across Lake Pontchartrain between New Orleans and Slidell,
Louisiana.
Slidell is part of the greater New Orleans MSA with estimated 1,275,762
full time residents in 2018, up 7.2 percent from 2010. The immediate
trade area benefits from an estimated 66,645 full time residents with an
average household income exceeding $75,000 annually.
There are numerous national and regional retailers in the surrounding
area including Pizza Hut, Wendys, Subway, Chase Bank, McDonalds,
Sonic, Walmart, Winn-Dixie, Burger King, among many others. The closest
competing Drugstore is over 4 miles north and not located on the State
Route 11 North-South thoroughfare. Consequently, the subject property
benefits from a unique advantage which allows for absolute dominance of
market share in this particular trade area while serving all travelers coming
to and from New Orleans via the Maestri Bridge.
Walgreens signed a 25 Year Absolute NNN Lease with Zero Landlord
responsibility and has over 8 years remaining on the initial term, with ten
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 #17 in
the Fortune 500 (2019). Some financial highlights include 2018 Revenues
of $131.537 billion and 2018 Net Profits of $5.024 billion. Walgreen Co.
operates over 8,200 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.
This is an opportunity for an investor to acquire a long-term fee-simple
Walgreens with strong performing sales on a highly trafficked signalized
corner.

Investment Highlights

  • Walgreens Corporate Guarantee (NYSE: WBA) Investment Grade Tenant (S&P BBB)
  • Absolute NNN Zero Landlord Responsibility
  • Located on Highly Visible Signalized Corner
  • Fee Simple Allowing for Depreciation
  • Household Income Exceeding $75,000 in Market Area
  • Large 1.8-Acre Parcel of Land

Exclusively Listed By

Listing Price: $4,400,000

Cap Rate
6.25%
Tenant Name
Walgreens
Years Remaining On Lease
8.20
Gross SF
14,511
Guarantor
Corporate Guarantee
Rentable SF
14,511
Price/Gross SF
$303.22
Lease Type
Absolute Net
Rent Per Square Feet
$18.95

Investment Highlights

  • Walgreens Corporate Guarantee (NYSE: WBA) Investment Grade Tenant (S&P BBB)
  • Absolute NNN Zero Landlord Responsibility
  • Located on Highly Visible Signalized Corner
  • Fee Simple Allowing for Depreciation
  • Household Income Exceeding $75,000 in Market Area
  • Large 1.8-Acre Parcel of Land

Investment Overview

Marcus & Millichap is pleased to present for sale this Fee Simple
Walgreens located in Slidell, Louisiana. The subject property consists of a
free-standing building comprised of 14,560 square feet of retail space on
a large 1.8-acre parcel of land.
Strategically located at the hard-signalized intersection of Spartan Drive
and State Route 11, a major North-South thoroughfare, the property is
highly visible to more than 26,000 vehicles daily. In addition, it serves as
the last retail option before the Maestri Bridge, a 5-mile bridge carrying
travelers across Lake Pontchartrain between New Orleans and Slidell,
Louisiana.
Slidell is part of the greater New Orleans MSA with estimated 1,275,762
full time residents in 2018, up 7.2 percent from 2010. The immediate
trade area benefits from an estimated 66,645 full time residents with an
average household income exceeding $75,000 annually.
There are numerous national and regional retailers in the surrounding
area including Pizza Hut, Wendys, Subway, Chase Bank, McDonalds,
Sonic, Walmart, Winn-Dixie, Burger King, among many others. The closest
competing Drugstore is over 4 miles north and not located on the State
Route 11 North-South thoroughfare. Consequently, the subject property
benefits from a unique advantage which allows for absolute dominance of
market share in this particular trade area while serving all travelers coming
to and from New Orleans via the Maestri Bridge.
Walgreens signed a 25 Year Absolute NNN Lease with Zero Landlord
responsibility and has over 8 years remaining on the initial term, with ten
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 #17 in
the Fortune 500 (2019). Some financial highlights include 2018 Revenues
of $131.537 billion and 2018 Net Profits of $5.024 billion. Walgreen Co.
operates over 8,200 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.
This is an opportunity for an investor to acquire a long-term fee-simple
Walgreens with strong performing sales on a highly trafficked signalized
corner.

Exclusively Listed By

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