US - Lubbock, TX
IDR 153,316,488,000 | 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 3490 Bird Rd in Miami, FL (the “Property” or “Asset”). The Asset is strategically situated at the intersection of S Dixie Hwy and Bird Rd with clear exposure to over 139,000 VPD. This location serves as a primary pharmaceutical provider for patients of Coral Cables Hospital, a 250-bed nationally renowned medical facility located 1-mile from the Property. In addition to the hospital, the Asset is surrounded by numerous medical practices, retail corridors, and residential communities with exceptional demographics. 178,000 people reside within 3-miles of the Property, boasting average household incomes of $118,000.
The Asset’s positioning and surrounding demographics has resulted in exceptional reported sales, $7.3 million in annual revenues (RX excluded). Additionally, this location ranks in the 72nd percentile of Walgreens stores in the US by annual visits, per Placer.ai.
As a result of this location’s 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.