Walgreens NNN Lease | Strong Store Sales | Signalized Hard Corner

2421 Lebanon Pike, Nashville, TN 37214, USA
$7,048,148

Description

Marcus & Millichap is pleased to present for sale this Absolute Net Leased Walgreens located at 2421 Lebanon Pike in Nashville, Tennessee. The subject property consists of a free-standing building comprised of 14,490 square feet of retail space and is situated on a large 1.6-acre parcel of land.
Strategically located on the Hard-Signalized Intersection of Route-70, a major East-West thoroughfare, and McGavock Pk, the property is highly visible to more than 42,956 vehicles per day. It also features excellent access and is within close proximity to Briley Parkway, a major highway with high traffic counts exceeding 102,201 daily. The subject property sits just one block from a Publix anchored Shopping Center, across a free-standing Kroger, and part of a dense retail corridor which is home to a number of National and Regional retailers including but not limited to CVS, McDonalds, SunTrust, Krystal, Burger King, Pizza Hut, and many more. The property sits just in the outskirts of Downtown Nashville and benefits from over 140,000 full time residents in the
immediate trade area.
Walgreens signed their original 25 Year Absolute Net Lease in 2004 and has over eight years of term remaining. The Absolute-Net lease is guaranteed by Walgreens Boot Alliance and provides nine 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 #19 in the Fortune 500 (2020). Walgreen Co. operates over 9,275 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.

  • Investment Grade Credit Tenant, Rated BBB+ by S&P
  • Corporate Guarantee | Walgreens Boot Alliance
  • Absolute NNN Lease | No Landlord Responsibilities
  • Signalized Hard Corner Location | Daily Traffic Counts Exceeding 42,956
  • Strong Store Sales
  • Just a Few Miles from Downtown Nashville
  • Dense Demographics | 140,000+ Full Time Residents within Immediate Trade Area
  • Less than 10 Minutes from Nashville International Airport
  • Positioned Along Area’s Major Retail & Traffic Corridor
  • Fee Simple Allowing for Depreciation
  • Tennessee is a No Income Tax Free State

Property Documents

  • City: Nashville
  • State/county: Tennessee
  • Zip/Postal Code: 37214
  • Country: United States

Detail

  • Price: $7,048,148
  • Year Built: 2004

Additional details

  • CAP RATE: 5.40%
  • NOI: $380,600

Features