Walgreens: North Palm Beach, FL (Greater Miami Area)
RARE WALGREENS LEASE WITH RENT INCREASES
The Lease provides 5% fixed rent increases every 5-years during the primary term and the 12, 5-year option periods.
NEW 15-YEAR ABSOLUTE NNN LEASE
The subject property operates under a new Absolute NNN Lease with no Landlord management or maintenance responsibilities whatsoever.
INVESTMENT GRADE TENANT
The Lease is guaranteed by Walgreen Co., a subsidiary of Walgreens Boots Alliance, Inc. and rated Baa2/Stable by Moody’s.
WELL-ESTABLISHED LOCATION WITH DRIVE-THRU
The Subject Property benefits from a drive-through pick-up window to deliver prescription and non-prescription drugs along with many other essential retail items during the COVID-19 pandemic. Walgreens has a 20-year operational history at this location and the new 15-year absolute NNN lease (with increases) reflects their re-commitment to this location for the foreseeable future.
ESSENTIAL RETAILER OPERATING AND ASSISTING U.S. AUTHORITIES DURING THE COVID-19 PANDEMIC(2)
As a global, pharmacy-led health care company, Walgreens Boots Alliance has been working to ensure the safety and well-being of their colleagues, patients and customers during the pandemic of COVID-19. Their retail pharmacies have worked to provide up-todate information and public health guidelines to customers, and their emergency response teams across the business are actively working to find ways play a greater role in what has become a global emergency – including working with the United States federal government to expand access to COVID-19 testing.
AFFLUENT LOCATION IN FLORIDA’S MOST POPULOUS METROPOLITAN AREA
There are 139,405 residents with an average household income of $92,009 within a 5-mile radius of the subject property. The MiamiFt. Lauderdale metropolitan area is the most populous in the state of Florida and the second largest MSA in the nation. Extending 120 miles from north to south, there are nearly 6.2 million residents in the Greater Miami region.
PROMINENT N. PALM BEACH LOCATION WITH EXCELLENT ACCESS & VISIBILITY ALONG HIGHWAY 1(3)
Walgreens is located on a hard corner with direct street frontage along Northlake Blvd (22,061 VPD) and the iconic Highway 1 (23,066 VPD), the main north-south commercial corridor stretching all the way from the Canadian border clear to the tip of Key West. The subject property is strategically positioned across the 4-way signalized intersection from the Northlake Promenade Shoppes, an 82,000 square foot Publix-anchored shopping center. In the Winter of 2021, Northlake Promenade Shoppes is planning to add approximately 75,000 square feet of new retail space. National tenants in the immediate area include The UPS Store, Public Storage, 7-Eleven, IHOP, CVS, Firestone Complete Auto Care, Papa John’s Pizza, Wendy’s, BP, Publix Supermarket, Enterprise Rent-A-Car, Domino’s Pizza, Harbor Freight Tools, Dairy Queen, Toyota Dealership and many more.
(1) Rentable Area, Lot Size, Guarantor, Lease Terms, Building Specifications, Year Built, Demographics and S&P/Moody’s Ratings are estimates. Buyer is responsible for verifying during the Due Diligence process.
(2) All financial data shown above is for Walgreens Boots Alliance, Inc., the Parent Company. The Tenant under the Lease, Walgreen Co., is a subsidiary of Walgreens Boots Alliance, Inc., the parent company. Walgreens Boots Alliance, Inc. does not guarantee the lease. Sources: www.walgreensbootsalliance.com, Moody’s
(3) Please be advised that this was before the COVID-19 pandemic and therefore the project may have been delayed or canceled. The buyer will need to verify the status of the project. Marcus & Millichap is not making any warranty, expressed or implied, regarding the status of the project. Marcus & Millichap has not and will not verify the status of the project
FL Broker of Record: Ryan Nee
Lic.# BK3154667
