Walgreens | New 15-Year Absolute NNN Lease | Albuquerque

Retail-Commercial for Sale
Catylist Listing ID: 30610481
Property Subtypes: Free-Standing Building
Building Size (RSF): 16,510 SF
Gross Building Area: See Agent
Gross Land Area: 1.41 Acres
Sale Price: $6,171,963
Unit Price: $373.83 PSF
Property Use Type: Net Leased Investment (NNN)
Sale Terms: Cash to Seller
Cap Rate: 5.35%
Last Updated: 11/23/2020

Overview / Comments

RARE WALGREENS LEASE WITH RENT INCREASES
The Lease provides 5% fixed rent increases every 5-years during the primary term and the 12, 5-year option periods.

NEW 15-YEAR ABSOLUTE NNN LEASE
The subject property operates under a new Absolute NNN Lease with no Landlord management or maintenance responsibilities whatsoever.

INVESTMENT GRADE TENANT
The Lease is guaranteed by Walgreen Co., a subsidiary of Walgreens Boots Alliance, Inc. and rated Baa2/Stable by Moody’s.

WELL-ESTABLISHED LOCATION WITH DRIVE-THRU
The subject property benefits from a drive-through pick-up window to deliver prescription and non-prescription drugs along with many other essential retail items during the COVID-19 pandemic. Walgreens has an 8-year operational history at this location and the new 15-year absolute NNN lease (with increases) reflects their re-commitment to this location for the foreseeable future.

ESSENTIAL RETAILER OPERATING AND ASSISTING U.S. AUTHORITIES DURING THE COVID-19 PANDEMIC(2)
As a global, pharmacy-led health care company, Walgreens Boots Alliance has been working to ensure the safety and well-being of their colleagues, patients and customers during the pandemic of COVID-19. Their retail pharmacies have worked to provide up-to-date information and public health guidelines to customers, and their emergency response teams across the business are actively working to find ways play a greater role in what has become a global emergency – including working with the United States federal government to expand access to COVID-19 testing.

HIGHLY SKILLED WORKFORCE WITH STRONG DEMOGRAPHICS
New Mexico and the Albuquerque MSA have a very talented workforce and one of the largest concentrations of PhDs per capita in the nation. Companies investing and growing in the metro region are Facebook, Intel, Raytheon, Verizon, Fidelity Investments, Blue Cross Blue Shield, Comcast and many more. There are 161,655 residents with an average household income of $52,353 within 5-miles of the subject property.

CENTRAL ALBUQUERQUE LOCATION WITH EXCELLENT VISIBILITY SITUATED NEAR I-40 AND I-25
Walgreens is located on a hard corner with direct street frontage along Isleta Blvd SW (16,632 VPD) and Rio Bravo Blvd SW (26,998 VPD), one of Albuquerque’s main commercial corridors. Strategically situated near I-40 and I-25, the subject property is in the heart of Albuquerque, the largest city in New Mexico.

Attachments & Media

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: South Valley
Tax ID/APN: 101205334746711113

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,928 68,295 186,101
Median Age: 33.93 31 31.93
Households: 2,854 21,654 66,921

Contact

Photograph of Listing Agent

Matthew Reeves

Marcus & Millichap CARNM CIE Member
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