Overview

Description

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, Walgreens investment property located in Tamarac (Fort Lauderdale MSA), Florida. The tenant, Walgreen Co., has over 14 years remaining on their initial lease with 12 (5-year) options to extend, demonstrating their commitment to the site. The lease features 5% rental increases every 5 years throughout the initial term and at the beginning of each 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. Operating nearly 9,000 retail locations across America, Puerto Rico and the U.S. Virgin Islands, Walgreens is proud to be a neighborhood health destination serving nearly 10 million customers each day.

The Walgreens is located at the signalized, hard corner intersection of W. Commercial Blvd. and NW. 64th Ave. with a combined (87,200 VPD). The site benefits from nearby direct on/off ramp access to the Florida Turnpike, a major thoroughfare averaging over 124,000 vehicles per day. The asset is ideally situated in a dense retail corridor, with numerous nearby national/credit tenants including Publix, Aldi, Family Dollar, Walmart, Starbucks, 7-Eleven, RaceTrac, Dollar Tree, McDonald’s and many more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The subject property is in close proximity to Cross Keys Apartments (322 units) and Tamarac Pointe Apartments (200 units), further increasing consumer traffic to the site. The 5-mile trade area is supported by over 487,000 residents and 174,000 employees, providing a direct consumer base from which to draw. The 5-mile trade area has an average household income of $78,520

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