Marysville, WA - Walgreens

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Walgreens investment property located in Marysville, Washington (Seattle MSA). The tenant has approximately 8 years remaining with 11 (5-year) options to extend, demonstrating their long-term commitment to the site. The lease features 10% rental increases at the beginning of every other option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor. Founded in 1901, Walgreens proudly serves more than 9 million customers and patients each day across its nearly 8,000 stores throughout the U.S. and Puerto Rico. Walgreens developed and constructed the adjacent Jimmy John’s outparcel, which is currently operated under a Walgreens sublease. The additional outparcel creates a unique two-building configuration that enhances the property’s long-term utility, underlying real estate value, and provides a low basis acquisition relative to the combined improvements and future residual value of the asset. Upon expiration of the Walgreens lease, ownership and control of the Jimmy John’s improvements will revert from Walgreens to the new buyer, providing additional residual value and future leasing flexibility. Investors benefit from the ease and simplicity of an absolute NNN, single-tenant lease with zero landlord responsibilities while maintaining long-term upside through future ownership and control of the Jimmy John’s improvements. Current ownership is not a party to the Jimmy John’s sublease and has not been provided information regarding the rental rate, lease terms, or other economic provisions.

Walgreens is strategically located at the signalized hard corner intersection of State Avenue and Highway 528 which supports more than 40,000 vehicles per day. Furthermore, the asset benefits from nearby access to Interstate 5 (144,300 VPD), Highway 9 (21,900 VPD), and 88th Street Northeast (23,600 VPD). The site is adjacent to Marysville Town Center, a 172,000 SF community center anchored by Safeway, Burlington, Petco, Staples, Daiso, The Fitness Compound, and more. Other nearby national/credit tenants include Walmart Supercenter, Home Depot, Grocery Outlet, Planet Fitness, Dollar Tree, and more. Strong tenant synergy increases consumer draw to the immediate subject trade area and promotes crossover tenant exposure to the site. The 5-mile subject trade area is supported by more than 115,000 residents and 37,000 daytime employees who earn affluent average household incomes of more than $126,000.

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Listing ID: a28TP0000035gw9YAA