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Walgreens Ground Lease with 10% Increases Every 10 Years

4860 Donald Ross Rd, Palm Beach Gardens, FL 33418, USA
$6,000,000

Description

Marcus & Millichap is pleased to present this Trophy Location Walgreens Ground Lease located at 4860 Donald Ross Road, in Palm Beach Gardens, Florida.
The property has very rare 10% increases every 10 years beginning in 2028. An investor has the opportunity to acquire a Trophy Absolute NNN Leased Walgreens Ground Lease in one of the most affluent neighborhoods of Florida.
The subject property consists of a 14,500 square feet building situated on a large 1.57-acre-parcel of land with excellent vehicular exposure to Donald Ross Road and Central Boulevard with combined traffic counts exceeding 46,700 vehicles per day. The three mile population has average household income exceeding $124,680 per year.
Palm Beach Gardens, a signature city of luxury and tranquility, is known as Florida’s Golf Capital. Just inland from the coast you will find more than a dozen courses and some of the best in the game. It is headquarters to the Professional Golfers Association of America and is a scenic area of perfectly landscaped gardens, privacy and abundant wealth.
The subject property is located directly across from Alton Town Center, a 350,000 square foot mixed use development with power/big box, entertainment/lifestyle and retail components. There are also numerous other national retailers in the immediate area including Publix, Bank of America, BB&T, PNC Bank, Wells Fargo, McDonalds and Dunkin Donuts.

  • Walgreens Paying an Effective Rent of $20/SF which is at Least 30% Below Market
  • Very Rare Walgreens Ground Lease with 10% Increases every 10 Years — +/- 15 Years on the Base Term
  • Explosive Population Growth: Projected 34% Population Growth in 1 Mile Radius by 2022
  • Average Household Income Exceeds $124,680 in a Three Mile Radius
  • Hard Corner – Signalized Intersection with Traffic Count in Excess of 46,700 Vehicles Per Day
  • Drive-Thru Pharmacy
  • Florida is a No Income Tax State

Property Documents

  • Walgreens-Donald-Ross-FL-om-ib
  • City: Palm Beach Gardens
  • State/county: Florida
  • Zip/Postal Code: 33418
  • Country: United States

Detail

  • Price: $6,000,000

Additional details

  • CAP Rate: 5.00%
  • NOI: $300,000

Features