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 9709 Silverdale Way Northwest, Silverdale, Washington (the “Property” or “Asset”). Due to its success, Walgreens has over 11 years left on its absolute NNN lease with 5.0% rent bumps every 5-years in the base term and options.
The Property is also ranked in the 82nd and 90th percentile of Walgreens in the nation and state for annual visits, respectively (per Placer.ai). It is also ranked #1 out of 7 Walgreens locations within a 15-mile radius.
The Property benefits from the 10% population growth that has occurred in the past decade within a 5-mile radius. The area is also affluent, with $120,000 average household income within a 5-mile radius. The Property is within a dense retail trade area along Silverdale Way Northwest and Northwest Bucklin Hill Road with direct exposure to over 35,000 vehicles per day. Less than half a mile away is the Best Western Plus Silverdale Beach Hotel that ranks in the 95th percentile of Best Western hotels nationally per Placer.ai. The Property is also near Saint Michael Medical Center, a 238-bed medical facility that is a part of the Virginia Mason Franciscan Health system and has over $3 trillion in total patient revenue. Walgreens benefits from the pharmacy demand in the area as patients pick up their prescriptions after leaving the hospital.
- Brand new 15-year absolute NNN lease with no landlord responsibilities
- Investment-grade tenancy (S&P: BBB) with corporate guaranty
- 82nd and 90th percentile ranked Walgreens in the Nation and State for annual visits
- Nearby Saint Michael Medical Center with 238 beds and over $3 trillion in total revenue
- Located on the corner of Silverdale Way NW & Northwest Bucklin Hill Rd
- Washington is a tax free state and the 2nd best state in the country according to U.S. News
- Annual household income of over $125,000 within a 3-mi radius of the asset