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Walgreens, Louisville (Lyndon Lane), KY

Walgreens

Louisville, KY

Price $9,334,000
Cap Rate 6.00%
NOI $560,000
Lease Term 30 Years
Lease Type Net Lease, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Excluding Roof And Structure
Rental Increases Fixed
Year Built 2001
Building Size 15,120 SF
Lot Size 1.83 Acres (79,715 SF)
Status Available
Lead Broker Information Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

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

Investment Highlights

30-YEAR NET LEASE TO A MASSIVE FORTUNE 500 PHARMACY STORE CHAIN
» Walgreens Boots Alliance, Inc. (NASDAQ: “WBA”) is rated “BBB/Stable” by Standard & Poor’s and is ranked 18th in the Fortune 500
» Walgreens is the second-largest pharmacy store chain in the U.S. with nearly 9,000 retail locations and is proud to be a neighborhood health destination serving approximately 10 million customers each day
» Walgreens employs 245,000+ people and 86,000+ healthcare service providers, including pharmacists, pharmacy technicians, and other health-related professionals
» Tenant has been at current location since 2001 – tenant’s dedication to the site is exemplified by its long term commitment to this location
» 8+ years remaining on net lease with minimal landlord responsibilities
» Property features prescription drive-thru lane, providing additional customer convenience and boosting sales revenue

IDEAL LOCATION AT THE CONFLUENCE OF MAJOR INTERSTATE HIGHWAYS
» Prime location at the signalized four-way intersection of Lyndon Lane and New La Grange Road (combined 48,400 AADT)
» Located at the confluence of major U.S. thoroughfares, including Interstates 264, 265, and 71 (combined 287,493 AADT)
» Surrounded by notable national tenants such as Walmart Supercenter, Target, The Home Depot, Lowe’s Home Improvement, Best Buy, Topgolf, Kroger, Whole Foods Market, Chick-fil -A, and many more
» Located near major Louisville employers and community hubs, including University of Louisville (23,194 students, $1.8 billion annual economic impact) and Louisville International Airport (3.2 million passengers in 2021, $10.4 billion in economic impact annually from aviation)

EXCELLENT DEMOGRAPHICS NEAR LOUISVILLE ATTRACTIONS AND HUBS
» 209,954 residents live within five miles of the property, creating an extremely large and reliable customer base for the site
» Average annual household income of $114,277 within a five-mile radius of the site, providing an affluent customer base
» Projected income increases within 1-, 3-, and 5-mile radii over the next five years poise Walgreens and Louisville for steady concurrent growth
» Gateway to Downtown Louisville, the largest central business district in Kentucky
» Louisville’s economic momentum remained strong in 2022 with Louisville Metro Government’s Economic Development team locating 51 projects that represent $2.09 billion in new investment and 3,696 new jobs


Property Description

» This Walgreens is conveniently located at the signalized four-way intersection of Lyndon Lane and New La Grange Road (combined 48,400 AADT)
» Located in a massive reatail corridor, the property is surrounded by notable tenants such as Walmart Supercenter, Target, The Home Depot, Lowe’s Home Improvement, Best Buy, Topgolf, Kroger, Whole Foods Market, Chick-fil-A, and many more, creating significant crossover shopping
» The site is strategically located near major Louisville employers and community hubs, including University of Louisville (23,194 students, $1.8 billion annual economic impact) and Louisville International Airport (3.2 million passengers in 2021, $10.4 billion in economic impact annually from aviation)
» The site greatly benefits from its large customer base, drawing from 209,954 residents living within five miles of the property
» An average annual household income of$114,277 within a five-mile radius of the site provides an affluent customer base
» Louisville’s economic momentum remained strong in 2022 with Louisville Metro Government’s Economic Development team locating 51 projects that represent $2.09 billion in new investment and 3,696 new jobs

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