Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale the opportunity to acquire the fee-simple interest in a Walgreens located at 550 W Dixie Avenue, Elizabethtown, KY (the “Property” or “Asset”). Walgreens benefits from its location that is less than half a mile from Baptist Health Hardin Hospital, a full-service acute care hospital with 300-beds, 600+ physicians, and 21 specialties that serves over 400,000 residents in ten central Kentucky counties.
The Asset is located 45 miles south of Louisville in central Elizabethtown with a population of over 32,000 residents, and its average daytime population doubles due to its regional appeal. The Property is within a dense retail trade area along West Dixie Avenue and St John Road with direct exposure to over 33,000 vehicles per day. Within 40 miles of the Property, there are nine colleges with over 39,000 students enrolled including the University of Louisville, Bellarmine University, and Elizabethtown Community College.
Upon close of escrow, Walgreens will execute a 15-year absolute NNN lease with 5% rent bumps every 5-years throughout the primary term and renewal option periods.
- Brand new 15-year absolute NNN lease with no landlord responsibilities
- Investment-grade tenancy (S&P: BBB) with corporate guaranty
- High performing location with $3.5M reported gross sales (excluding RX)
- Adjacent to Baptist Health Hardin Hospital
- 5% rent escalations every 5-years
- 9 Colleges & Universities within 40-Miles with over 39,000 students enrolled
- Average daytime population doubles within immediate vicinity of the Asset