Walgreens Absolute NNN Portfolio

$25,745,147

Description

Marcus & Millichap is pleased to present a portfolio of six Walgreens located across five states comprising of a total of 87,085 square feet of retail on 10.86 acres of land. Walgreen Co. backs all six
absolute NNN Leases which require no landlord responsibilities. Each lease has seven years remaining on the base term with 10 (five-year) extensions to renew. All leases have the same expiration
dates and are all cross collateralized by a single non-recourse loan with a maturity date matching the expiration dates of the leases. An investor has the opportunity to purchase a NNN Portfolio of
Walgreens backed credit properties with only 23 percent down payment. All six locations have very reasonable rents and are located at hard corner signalized intersections.
Walgreens, one of the nation’s largest drugstore chains, constitutes the Retail Pharmacy USA Division of Walgreens Boots Alliance, Inc. (Nasdaq: WBA), the first global pharmacy-led, health, and
wellbeing enterprise. More than 8 million customers interact with Walgreens each day in communities across America, using the most convenient, multichannel access to consumer goods and services and trusted, cost-effective pharmacy, health and wellness services and advice. Walgreens operates 8,100 drugstores with a presence in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. Walgreens digital business includes Walgreens.com, drugstore.com, Beauty.com, SkinStore.com and VisionDirect.com. Walgreens also manages more than 400 Healthcare Clinics and provider practice locations around the country. Walgreens Boots Alliance reported sales of $118.21 Billion in fiscal year 2017 and their credit ranking by Standard and Poor’s is BBB. Walgreens Boots Alliance (Nasdaq: WBA) is the first global pharmacy led, health and wellbeing enterprise in the world. The company was created through the combination of Walgreens and Alliance Boots in December 2014, bringing together two leading companies with iconic brands, complementary geographic footprints, shared values and a heritage of trusted health care services through pharmaceutical wholesaling and community pharmacy care, dating back more than 100 years.

  • 6 Walgreens locations with Absolute NNN Leases in Texas, Arizona, New Mexico, Arizona, and Illinois
  • Walgreens Corporate Guarantee (NYSE: WBA) – Investment Grade Tenant (S&P BBB)
  • Minimal Equity Requirement: Assumable Non Recourse Loan with 23% Equity Requirement (+/- $5.8 Million)
  • All 6 Walgreens have identical lease expiration dates which match the loan maturity date
  • Stores are located on hard corner signalized intersections
  • Fee Simple Assets allowing for Depreciation

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Address

  • State/county: Arizona, Illinois, New Mexico, Oklahoma, Texas
  • Country: United States

Detail

  • Price: $25,745,147

Additional details

  • CAP RATE: 6.63%
  • NOI: $1,705,616

Features