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, freestanding, investment grade (S&P: BBB), Walgreens investment property located in Colorado Springs, Colorado. The tenant, Walgreen Co., has over 6.5 years remaining with 10 (5-year) options to extend, demonstrating their long-term commitment to the site. The lease is signed by Walgreen Co. (S&P: BBB) and is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor. Walgreens operates nearly 9,000 retail locations across America, Puerto Rico and the U.S. Virgin Islands, and serves approximately 9 million customers each day.

Walgreens is strategically located at the signalized, hard corner intersection of Rangewood Drive and East Woodmen Road, which serves over 53,000 vehicles per day. Furthermore, the site benefits from nearby direct access to State Highway 21 (60,000 VPD), making this an ideal, centralized location with easy commutes. The asset is positioned less than 3 miles east of Chapel Hills East, a 245,000 SF community center that’s home to Whole Foods, Nordstrom Rack, Best Buy, and more. Other nearby national/credit tenants include Walmart Supercenter, Sam’s Club, Home Depot, Sprouts, King Soopers, Hobby Lobby, Ross, Burlington, REI, and more. Strong tenant synergy increases consumer draw to the immediate subject trade area and promotes crossover tenant exposure to the site. Moreover, the site is situated 2 miles west of Centura St. Francis Hospital, a 364-bed hospital, providing a direct consumer base from which to draw. The dense 5-mile subject trade area is supported by more than 240,000 residents and 93,000 daytime employees. Residents within a 3-mile radius boast an affluent average household income of more than $122,000.

---