Overview

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, investment grade (S&P: BBB), drive-thru equipped, Walgreens investment property located in South Ogden, UT (Salt Like City MSA). The tenant, Walgreen Co., has over 5 years of lease term remaining with an additional 10 (5-year) option periods to extend. The lease is signed by the corporate entity (S&P: BBB | NASDAQ: WBA) and is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment for a passive investor. Founded in 1901, Walgreens is among the United State’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 Riverdale Road and 36th Street, averaging a combined 72,800 vehicles passing by daily. The asset benefits from nearby access onto Interstate 15 and Interstate 84, making this a centralized location with easy commutes for employees and customers. The asset is ideally situated within a dense retail trade area and is near The Family Center at Riverdale (351K+ SF), Riverdale Center (658K+ SF), Newgate Mall (703K+ SF), and other major shopping centers. The nearby tenants include Costco Wholesale, Macey’s, Smith’s, Petco, The Home Depot, Walmart Supercenter, and others. The surrounding national and regional tenant presence drives a steady stream of loyal, local consumers and promotes crossover store exposure. Furthermore, the property is near numerous single-family communities and multi-family complexes including The Rainier (120 units), Greenhill at Riverdale (145 units), Seasons on Riverdale (180 units), and others, providing a direct residential consumer base. The 5-mile trade area is supported by over 171,600 residents and 86,600 daytime employees, with a healthy average household income of $91,327.

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