Walgreens - Rhinelander, WI
421 S Eisenhower Pkwy, Rhinelander, WI, 54501-8361, US
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 421 S Eisenhower Pkwy, in Rhinelander, WI (the “Property” or “Asset”). The Asset is in the heart of the Rhinelander retail trade area situated at the hard corner of Eisenhower Pkwy and Lincoln St (combined ±12,200 vehicles per day).
The Property is in a dense retail corridor surrounded by major national retailers: Walmart Supercenter, Hobby Lobby, Kwik Trip, Home Depot and Dollar General. It is also proximate to Aspirus Rhinelander Hospital, a 99-bed, state-of-the-art medical facility with 50 specialists serving 4 local counties.
The Asset generates strong reported sales and is ranked in the 82nd percentile of Walgreens stores in the US by annual visits, per Placer.ai. Due to its success, recently executed on a brand-new absolute NNN 15-year lease with 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.
PRIME REAL ESTATE – DENSE RETAIL CORRIDOR
- Situated on the hard corner and centrally located within a desired retail trade area of Rhinelander, WI.
- The prime location and surrounding retailers drive nearly 52,300 vehicles past the site daily.
- Strong retail trade area surrounded by national retailers including Walmart Supercenter, Hobby Lobby, Kwik Trip, Home Depot, and Dollar General.
- Proximate to Aspirus Rhinelander Hospital with 99 beds and 50 specialists serving residents in 4 local counties.
BRAND-NEW 15-YEAR LEASE
- Strong reported sales at the property (available upon request).
- The Property is ranked in the 82nd percentile of Walgreens stores in the US by annual visits, per Placer.ai.
- Due to the strength of the location and performance, Walgreens executed a brand-new 15-year lease, representing their long-term commitment to the site.
ABSOLUTE NNN LEASE STRUCTURE
- Optimal absolute net structure results in a truly passive investment with zero landlord responsibilities and a growing cash flow stream throughout the lease term.