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 6635 Bandera Road in San Antonio, TX (the “Property” or “Asset”). The Asset generates strong reported sales of $8.0 million annually. The absolute NNN lease has 11 years remaining with 5.0% rent bumps every 5-years in the base term, including a 5% bump in October of next year. The property sits on a large 1.90-acre parcel in a top retail / medical corridor in the city.
The Property benefits from an average household income of over $80,000 and a 10.0% population growth that has occurred in the past decade within a one-mile radius. The Asset is located in the northwestern region of San Antonio along Bandera Road and Grissom Road with direct exposure to over 82,000 vehicles per day. The property is situated within a dense trade area with over 25.8M SF and 26.6M SF of retail and medical office & office space, respectively. Less than 3-miles from the Property is Methodist Hospital, the fifth highest patient revenue hospital in the state of Texas. The hospital is co-owned by HCA Healthcare, the nation’s leading provider of health care services, and Methodist Healthcare Ministries, South Texas’ largest non-public funding source of community health care with over $976 million contributed since 1995. Walgreens benefits significantly from proximity to a large health system with approximately 608,000 inpatients and outpatients looking to have prescriptions filled.
- Investment-grade tenant (S&P: BBB)
- 11-year, absolute NNN lease with 5% rent bumps every 5 years and an annual NOI of $337,500
- Strong Reported Annual Sales of 8,021,000
- 3 Miles from Methodist Hospital, a 811-bed medical center ranked 5th in Texas for highest net patient revenue
- Proximate to a Dairy Queen and Planet Fitness that are in the 96th and 89th Percentile of their respective stores in the nation (per Placer.ai)
- Located at the lighted intersection of Bandera Rd & Grissom Rd (82,000 VPD)