US - Lubbock, TX
HK$79,525,000 | 70,479 sf
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale a single tenant Walgreens (the “Property” or “Asset”) offering in Margate, FL. Located at the corner of W Atlantic Blvd and Rock Island Rd, the Asset has prime exposure to over 72,000 VPD. The Property sits on an oversized 2.25-acre parcel adjacent to a Publix anchored shopping center. The surrounding 3-mile area is comprised of 193,000 residents, marking a 12.1% population increase since 2010. The Asset’s positioning on a highly trafficked intersection within a strong growth corridor is reflected in its performance. This Walgreens generates robust annual sales of $5.1 million (RX excluded) and ranks in the 84th percentile of most visited Walgreens locations, per Placer ai.
Due to its success at this location, Walgreens will execute a 15-year Absolute NNN lease with contractual increases and (12) 5-year renewal options upon closing of escrow. This Asset provides an opportunity to acquire a long-term cash flow guaranteed by Walgreens Corporate with zero landlord responsibilities.
In the unlikely event Walgreens elects to vacate the premise following its 15-year term, this Property would present a desirable redevelopment opportunity on an oversized lot with high traffic exposure in a growth market.