Walgreens: Salem, OR
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 14-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.
4-WAY SIGNALIZED CORNER, CENTRAL LOCATION IN SALEM SURROUNDED BY NATIONAL RETAILERS
The subject property is centrally located in Salem and situated at the main 4-way signalized corner of State Street and Lancaster Drive SE. The property has excellent visibility at the main intersection with strong traffic counts of 16,578 VPD along State Street and 22,392 VPD along Lancaster Drive SE. The subject property is immediately surrounded by several national retailers including Dick’s Sporting Goods, AutoZone, Sonic Drive-In, Residence Inn by Marriott, Costco, Hampton Inn & Suites, O’Reilly Auto Parts, Home Depot, WinCo, Ashley Home Store, CarMax, Taco Bell, Comfort Suites and many more.
PRIME WESTERN DISTRIBUTION HUB BETWEEN CALIFORNIA AND WASHINGTON
The Salem region is becoming well known as a prime transportation and distribution hub of the West with immediate access to Interstate 5, intersecting with Highway 22 in Salem. Providing multiple connections east to Idaho and west to the Oregon Coast, Salem is ideally located on the I-5 corridor in close proximity to rail, water, and air transportation modes.
(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
OR Broker of Record: Adam Lewis
Lic.# 201209561
