Catylist ID: #30610481
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|
|Unit Price:||$373.83 PSF|
|Property Use Type:||Net Leased Investment (NNN)|
|Sale Terms:||Cash to Seller|
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
|Proximity:||1 mile||3 miles||5 miles|
Matthew ReevesMarcus & Millichap CARNM CIE Member
|© Copyright 2001-2020 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Commercial Association of REALTORS® - New Mexico nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.|