Walgreens

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple (land and building ownership) in a NN leased, investment grade (S&P: BBB), drive-thru equipped, Walgreens investment property located in Terre Haute, IN. The tenant, Walgreen Co., has recently extended their lease an additional 10 years with 6 (5-Year) option periods, demonstrating their commitment to the site. The lease is signed by the corporate entity (S&P: BBB) and is NN with landlord responsibilities limited to structure, roof, exterior utility lines, and parking lot, making it an ideal, low-management investment opportunity for a passive investor. Headquartered in Deerfield, IL, Walgreens operates more than 9,200 stores across all 50 states and was recently included in FORTUNE’s 2020 list of the World’s Most Admired Companies for the 27th consecutive year. Walgreens is currently number 19 on the list of Fortune 500 companies.
Walgreens is strategically located at the signalized, hard corner intersection of Wabash Avenue and N. 13th Street, averaging a combined 32,800 vehicles passing by daily. The building is complete with a drive-thru pharmacy, providing ease and convenience for customers. On average, stores with drive-thrus experience higher sales than those without. The immediate retail corridor is home to a variety of national/credit tenants including Kroger, O’Reilly Auto Parts, Dollar General, Aldi, Meijer, Walmart Supercenter, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. Additionally, Walgreens benefits from direct accessibility to two nationally recognized universities – Rose-Hulman Institute of Technology and Indiana State University, providing a direct consumer base from which to draw. Rose-Hulman Institute of Technology is less than four miles east of the subject property and is a top-ranked private undergraduate engineering college with over 2,000 enrolled students, while Indiana State University is within walking distance to the site and is a public university with over 12,000 students. Furthermore, the property is within proximity to multiple apartment complexes including Sycamore Place, Miller Parrott Lofts, Woodgate Gardens, and more, further providing a direct consumer base from which Walgreens can draw. The 5-mile trade area is supported by a population of 73,273 residents and 48,726 daytime employees with an average household income of $57,372.