Walgreens
Wasilla, AK
| Price | $11,048,000 |
| Cap Rate | 5.25% Return |
| NOI | $580,000 |
| Lease Term | 12+ Years |
| Lease Type | Absolute NNN Lease, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure, And Parking Lot |
| Rental Increases | Contact For Details |
| Year Built | 2008 |
| Building Size | 14,723 SF |
| Lot Size | 1.18 Acres (51,401 SF) |
| Status | Available |
| Lead Broker Information | Vincent Aicale Executive Managing Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Executive Managing Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Michael T. Yuras, CCIM Vice Chairman 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Executive Managing Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 |
Investment Highlights
ABSOLUTE NNN LEASE TO ONE OF THE LARGEST DRUG RETAILING CHAINS IN THE UNITED STATES
» Walgreens Boots Alliance, Inc. (NASDAQ: “WBA”) is rated “BBB/Stable” by Standard & Poor’s and is ranked 16th in the Fortune 500
» Walgreens is the second-largest pharmacy store chain in the United States with over 9,000 retail locations and is proud to be a neighborhood health destination serving approximately eight million customers each day
» 12+ years remaining on absolute NNN lease with no landlord responsibilities
» Strong performing store with prescription drive-thru lane, providing additional customer convenience and boosting sales revenue
» Alaska is an income tax free state
LOCATED IN HIGHLY VISIBLE AND AFFLUENT ALASKA SUBMARKET
» Located off the signalized hard corner intersection of East Parks Highway and East Palmer-Wasilla Highway (54,134 AADT)
» $101,565 average annual household income within five miles of the location
» 41,578 residents live within a five-mile radius, providing a stable customer base
» 27 percent population increase within five miles of the site since 2010, demonstrating Wasilla’s recent rapid growth
CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Outparcel to a Target and Michaels-anchored shopping center
» Surrounded by a strong mix of local and national retailers, including Fred Meyer, Home Depot, Sportsman’s Warehouse, Starbucks, Wells Fargo, Raising Cane’s, Burger King, AutoZone, Arby’s, and many others
» Located near several major recreational areas and lakes, including Wasilla Lake, Finger Lake State Recreation Site, and Lucile Lake
» Gateway to Anchorage, Alaska’s most populous city (contains approximately 40 percent of the state’s population)
» Only Walgreens location within 27 miles of the site
Property Description
This Walgreens is conveniently located off the signalized hard corner intersection of East Parks Highway and East Palmer-Wasilla Highway (54,134 AADT). The property is located in an affluent area, with a $101,565 average annual household income within five miles of the location. 41,578 residents live within a five-mile radius, providing a stable customer base. The property has also experienced recent rapid and sustained growth, with a 27 percent population increase within five miles of the site since 2010.
The property benefits from its central location near large employers, retailers, and community hubs. The site is outparcel to a Target and Michaels-anchored shopping center. The location is surrounded by a strong mix of local and national retailers, including Fred Meyer, Home Depot, Sportsman’s Warehouse, Starbucks, Wells Fargo, Raising Cane’s, Burger King, Arby’s, and many others. Additionally, the site is located near several major recreational areas and lakes, including Wasilla Lake, Finger Lake State Recreation Site, and Lucile Lake. The property serves as a common gateway to Anchorage, Alaska’s most populous city (contains approximately 40 percent of the state’s population) and is the only Walgreens location within 27 miles of the site.
