Overview

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NN leased, investment grade (S&P: BBB), drive-thru equipped, Walgreens investment property located in Rockford, IL. The tenant, Bond Drug Company of Illinois, has over 2 years of lease term remaining with 4 (5-year) option periods left. The lease is guaranteed by the corporate entity and is NN with limited landlord responsibilities, making it an ideal, low-management 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.

The asset is strategically located at the signalized intersection of Charles Street and 20th Street, average a combined 30,600 vehicles passing by daily. The nearby proximity to Interstate 90, Interstate 39, and numerous other Highways allows this to be a centralized location with easy commutes from employees and customers. Walgreens is ideally situated within a dense retail corridor and is directly across from Rockford Plaza, a 239K+ SF Community Center anchored by Schnucks and Swedish American Medical Clinic. Ranking in the 90th percentile of all grocery stores within the local 15-mile radius, the Schnucks located in Rockford Plaza rakes in nearly 800K annual visits (Aug. 2022 – Jul. 2023, per Placer.ai). The additional nearby tenants consist of Advance Auto Parts, McDonald’s, Stockholm Inn, Family Dollar, Sam’s Pizza, Kegel’s Bicycle Store, 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 Paulson Apartments (72 units), Valley View Apartments (167 units), Valkommen Plaza (171 units), and others, providing a direct residential consumer base. The 5-mile trade area is supported by over 172,700 residents and 107,200 daytime employees, with an average annual household income of $69,353.

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