• An Award Winning Net Lease & Retail Commercial Real Estate Group

Long Term Walgreens – Strong Performing Sales

73626 LA-25, Covington, LA 70435, USA
$4,788,362

Description

Marcus & Millichap is pleased to present for sale this Fee Simple Walgreens located in Covington, Louisiana. The subject property consists of a freestanding building comprised of 14,820 square
feet of retail space on a 1.92-acre parcel of land.
Strategically located at the hard-signalized intersection of State Highway 25 (LA 25) and US 190, a major East-West thoroughfare, the property is highly visible to more than 27,500 vehicles daily. Covington is part of the greater New Orleans MSA which estimated 1,275,762 full time residents in 2018, up 7.2 percent from 2010. The immediate trade area benefits from an estimated 45,000 full time residents with an average household income exceeding $95,000 annually.
There are numerous national and regional retailers surrounding the are including Winn-Dixie, Dollar General, Wendy’s, PJ’s Coffee, Burger King, McDonald’s, Tractor Supply, Taco Bell, Subway, among others.
Walgreens signed a 25 year Absolute NNN Lease with Zero landlord responsibility and has over 11 years remaining on the initial term, with ten options to extend for five years each. Walgreens (NYSE: WBA) is a publicly traded company with an S&P Credit Rating of BBB and is ranked #17 in the Fortune 500 (2019). Some financial highlights include 2018 Revenues of $131.537 billion and 2018 Net Profits of $5.024 billion. Walgreen Co. operates over 8,200 stores in all 50 states, the District of Columbia, Puerto Rico and Guam. The company also operates worksite health centers, home care facilities, and specialty and mail service pharmacies. This is an opportunity for an investor to acquire a long term fee-simple Walgreens with strong performing sales on a highly trafficked signalized corner.

  • Walgreens Corporate Guarantee (NYSE: WBA) – Investment Grade Tenant (S&P BBB)
  • Absolute NNN – Zero Landlord Responsibility
  • Located on Highly Visible Signalized Corner
  • Fee Simple Allowing for Depreciation
  • Approximately 11 Years remaining in Initial 25-Year Term
  • Exposure to More than 27,500 Vehicles Per Day
  • House Hold Income Exceeding $95,000 in Market Area
  • Drive-Thru Pharmacy
  • Strong Performing Sales
  • Large 1.92-Acre Parcel of Land
  • New Orleans MSA

Property Documents

  • City: Covington
  • State/county: Louisiana
  • Zip/Postal Code: 70435
  • Country: United States

Detail

  • Price: $4,788,362

Additional details

  • CAP Rate: 5.80%
  • NOI: $277,725

Features