Year Build: 2004
Building Size: 14,585 SqFt.
No of Stories: 1
Total Lot Area: 1.86 Acre
No of Parking: 0
No of Total Units: 1
Property Current Status: Normal Sale
Building Status: Existing
Heating and Cooling: Heating and Cooling
Building Class: Not Specified
Property on Ground Lease?: No
Net Lease Investment?: No
Business Price Included?: No
Roofing: Metal
Occupancy: 100%
Full Description
The Property is fully leased by Walgreen Co., operating under a seventy-five (75) year base lease term with the option to terminate with 12
months’ notice after the 25th year and every five years thereafter. Current annual rent is $345,000 or $23.69 PSF. Walgreens’ lease is absolute NNN with no landlord responsibilities for maintenance, repair or replacement throughout the term. Following the initial 25 year base term, Walgreens has ten Effective Option Periods of five years each. The subject property is located on the corner of Baltimore Avenue and East Madison Avenue.
Surrounding tenants in this retail corridor include: Bank of America, McDonald’s, Taco Bell, Autozone, Walmart and more. The property is located approximately 1.3 miles west of the Tanglewood Family Medical Center and 2.0 miles west of the Derby Family Medical Center.
Walgreen Co. is a Fortune 500 Company, and had FY2014 (ended August 31, 2014) revenue of $76.39 billion and net income of $1.93 billion. As of August 31, 2014, the company had a net worth of $20.45 billion. Currently, Walgreen Co. holds an BBB/Stable rating by Standard and Poor’s.