Overview

Description

SRS Real Estate Partners, LLC in collaboration with NAI United is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, freestanding, corporate signed, Walgreens investment property located in Sioux City, IA. The tenant, Walgreen Co., has approximately 10 years of firm term remaining with 11 (5-year) option periods left to extend. 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 the United States’ largest pharmacies and health & beauty companies with nearly 9,000 stores in operation.

Walgreens is strategically located at the signalized, hard corner intersection of 19th Street and Hamilton Boulevard, averaging a combined 33,100 vehicles passing by daily. The asset also benefits from nearby access onto Interstate 29 (91,000 VPD), making it an ideal and centralized location with easy access for customers and employees. Walgreens is ideally situated within a dense retail trade area with numerous surrounding national tenants including Hy-Vee, AutoZone, Petco, McDonald’s, Popeyes, Save-a-Lot, The Home Depot, and others. The dense trade area increases consumer draw to the area, promotes crossover store exposure, and contributes to the local economy. The asset is also near numerous single-family communities and multi-family complexes including Bellevue Apartments (53 units), Evergreen Terrace (55 units), and Sioux Apartment Homes (89 units), providing a direct residential consumer base. The 5-mile trade area is supported by over 101,400 residents and 51,500 daytime employees, with a healthy average household income of $81,420.

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