US - Lubbock, TX
$10,146,000 | 70,479 sf
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 200 W State Rd 436, in Altamonte Springs, FL (the “Property” or “Asset”). The Asset generates strong reported sales of $9.9 million annually (RX excluded) and is one of 200 Walgreens site that is partnered with Village Medical to provide customers primary clinical care on-site at the Property. 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.
Located within a 10-minute drive from Downtown Orlando, the Property benefits from the population growth and economic diversity of one of the most renown international destinations in the country. The Property is in Seminole County and ideally located less than a mile from Rasmussen University and Seminole State College - Altamonte Springs Campus with 32,000 combined students enrolled annually. The Asset is also proximate to Altamonte Mall, one of the most trafficked shopping centers in the region with 1.2 million square feet of retail space and over 6.7 million visitors annually.
The Asset is located within a dense commercial and retail trade area along West State Road 436 (66,800 VPD) and Wymore Road (14,500 VPD) near an Interstate 4 exit (130,000 VPD). It is proximate to Advent Health System, a 398-bed state-of-the-art medical campus providing care to over 200,000 patients annually and employing over 36,000 residents in the medical field. The hospital was the only hospital system in Central Florida to make Newsweek’s World’s Best Hospital 2021 list. It was also recognized as the #1 hospital in Central Florida by U.S. News & World Report.