US - Lubbock, TX
¥1,414,484,000 | 6,548 sm
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 1001 North Dixie Highway, Lake Worth, FL (the “Property” or “Asset”). The Asset generates strong reported sales of $5.6 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 12% population growth that has occurred in the past decade within a five-mile radius. The Asset is located in eastern Lake Worth near the Intercoastal Waterway, which provides access to the Atlantic Ocean. The Property is within a residential and retail trade area along North Dixie Highway and North 10th Avenue with direct exposure to over 57,500 vehicles per day. The property is down the street from Palm Coast Plaza, one a highly trafficked shopping center in the region with 22+ retailers and over 1.5 million visitors annually. It is less than five-miles from the Palm Beach County Park/Lantana Airport; Palm Beach State College, a 114-acre academic campus with over 30,000 students enrolled annually; and JFK Medical Center, an HCA Florida Health System, with 527 beds and 900+ affiliated physicians.