New Orleans, LA (Lake Forest) - Walgreens

Description:

SRS Real Estate Partners is pleased to present the opportunity to acquire the leased fee interest in a long-standing Walgreens property located in New Orleans, Louisiana. Backed
by a corporate guaranty from Sycamore Partners (dba Walgreens), this asset offers stable, long-term income from one of the nation’s most recognized pharmacy and retail chains. Walgreens has operated at this site since 2000 on a 60-year NN lease, with over 35 years of term remaining, demonstrating strong tenant commitment and income durability. The lease includes both fixed base rent and percentage rent, providing investors with upside tied to store performance: 2.0% of gross sales (excluding prescriptions and food), plus 0.5% of gross food sales and 0.5% of prescription sales. Structured as a NN lease, Walgreens is responsible for taxes and insurance, while landlord obligations are limited to the exterior, roof, structure, and utility lines, offering a low-management, passive ownership experience.

According to Placer.ai, this is a top-performing location, ranking in the 91st percentile nationally and the 89th percentile in Louisiana, with over 477,000 annual visits and strong, sustained foot traffic. The property sits at the signalized hard corner of Lake Forest Blvd (3,100 VPD) and Bullard Ave (13,500 VPD), with excellent regional access via I-10 (123,700 VPD) and US-90 (38,500 VPD). Nearby national tenants include Chase Bank, McDonald’s, Burger King, and KFC, with Walmart and Home Depot centers just five minutes away, further enhancing daily traffic and tenant synergy. The surrounding area features over 73,000 residents and 21,000 employees within five miles, and an average household income exceeding $91,000 in the 1-mile radius, driven by established neighborhoods and an affluent consumer base. Located within the New Orleans MSA, a diverse economy anchored by healthcare, energy, and higher education, the property benefits from a strong employment base and ongoing investment. This offering presents a rare opportunity to acquire a top-performing Walgreens with percentage rent, long-term lease security, minimal landlord responsibilities, and a prime corner location in one of Louisiana’s most vital growth markets.