US - Lubbock, TX
IDR 151,190,207,000 | 6,548 m²
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 16690 SW 88th Street, Miami, FL (the “Property” or “Asset”). The Asset generates strong reported sales of $5.0 million annually (RX excluded). Due to its success, Walgreens will execute a brand-new absolute NNN 15-year lease at closing of escrow. The lease will feature 5.0% rent bumps every 5-years in the base term and options. Following the 15-year in-place lease term, there are twelve (12) 5-year extension options.
The Property benefits from the 21.8% population growth that has occurred in the past decade within a three-mile radius. Located in west Miami, the Property benefits from proximity to Baptist Health West Hospital in the Kendall submarket. This hospital is the first new hospital facility in Miami for over 35 years, has over 200 beds, serves 55,000 annual patients, and recently completed a new eastern pavilion and expanded emergency room.
The Asset is located within a dense commercial and retail trade area along Southwest 88th Street and Southwest 167th Avenue with direct exposure to over 85,000 vehicles per day. The property is an outparcel to Kendall Pointe, a highly trafficked shopping center in the region with 134,000 square feet of retail space and over 1.9 million visitors annually. There is a Papa John’s and Publix store that are ranked in the 97th and 75th percentile of their respective brands in the nation as well as an Aldi and BJ’s store that are ranked in the 90th and 73rd percentile of their respective brands in the state (Placer.ai). The Property is also near the Miami Executive Airport and The Hammocks West neighborhood, which is more expensive than 82.2% of the neighborhoods in the nation.