Baton Rouge, LA - Walgreens

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land and building ownership) in an absolute NNN, investment grade (S&P: BBB), drive-thru equipped, Walgreens investment property located in Baton Rouge, LA. The tenant has 15 years of firm lease term remaining with 10 (5-year) option periods to extend. The lease features a 5.00% rental increase every 5 years throughout the lease term and at the beginning of each option, growing NOI and hedging against inflation. The lease is signed by the corporate entity and is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor. Founded in 1901, Walgreens is among America’s largest pharmacies and health & beauty companies with nearly 9,000 stores in operation.

Walgreens is strategically located at the signalized, hard corner intersection of Lee Drive and Highland Road, averaging a combined 14,100+ vehicles passing by daily. The asset benefits from direct access onto State Highway 42, State Highway 30, Interstate 10, and Interstate 12, making this a centralized location with easy commutes for both employees and customers. Walgreens is ideally situated within a dense retail corridor and is adjacent to Highland Plaza, a 70K+ SF Neighborhood Center anchored by Walmart Neighborhood Market. The surrounding national/credit tenants include Chick-fil-A, Walmart Supercenter, Office Depot, Mattress Firm, Albertsons, and Trader Joe’s, among many others. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. In addition, the subject is 1 mile from Louisiana State University (LSU), a public land-grant research university with over 37,000 students. Furthermore, the property is near numerous single-family communities and multi-family complexes including Bayonne at South shore (240 units), Oakbrook Village (244 units), 5 East (268 units), and others, providing a direct residential consumer base. The 5-mile trade area is supported by over 145,400 residents and 171,900 daytime employees, with a healthy average household income of $95,107.