Lucky's Market - Tallahassee, FL
US - Tallahassee, FL
TRY 319,879,000 | 5,079 m²
Asset Description
Jones Lang LaSalle Americas, Inc. (“JLL”), is pleased to exclusively offer for sale the fee-simple interest in Walgreens (the “Property”) located at 16750 County Rd 30, Maple Grove, MN 55311. The 14,820 SF building is a build-to-suit that was constructed in 2006. The Property has effectively 8 years remaining on its original 25-year absolute NNN lease.
The tenant, Walgreens Co. is the largest drugstore chain in the U.S. with over 240,000 employees and nearly 9,000 stores across all 50 states. The parent company of Walgreens, Walgreens Boots Alliance (NASDAQ: WBA) boasts an investment- credit rating of BBB (S&P).
The Property is located in Maple Grove, which has experienced some of the highest growth in population and income among all of the Twin Cities’ suburbs and is a hub for well-established health technology and medical office users. Within a three-mile radius of the Property, the area contains nearly 40,000 residents, which have an average household income of over $156,000.
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Attributes
Asking Price
TRY 140,665,000
Building area Gross
1,377 m²
Occupancy
100.00%
Year built
2006
Land area Gross
0.76 ha (7,583 m²)
Cap Rate
6.00%
NOI
TRY 8,440,000
Media
Investment Highlights
Single-Tenant Net Lease Opportunity with Credit Tenant
- The property is leased directly with Walgreens Co., the largest drugstore chain in the U.S.
- Walgreens has proven to be the gold-standard for retail tenants, securing the investment for years to come
- The parent company of Walgreens, Walgreens Boots Alliance (NASDAQ: WBA) boasts an investment-credit rating of BBB (S&P)
Over Eight Years Remaining on Absolute NNN Lease
- Walgreens originally signed a 25-year lease in 2006, and has thus been at this location for nearly 17 years with over eight years remaining.
- The lease features an absolute triple-net structure, virtually eliminating the Landlord of all responsibilities.
Dense & Affluent Demographics
- Within a three mile radius, the area contains nearly 40,000 residents, which have average household income of over $156,000
- Consumer expenditures on retail in the same radius is an impressive 47% higher than the national average
Close Proximity to Major Roadways
- The property is highly visible from County Rd 30, which carries over 15,000 vehicles per day
- I-94 is less than a half-mile from the site and carries a staggering 115,600 vehicles per day in the area
Contact brokers
Walgreens - Maple Grove (0 Properties)
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Last updated
14 Aug 2023
