Knox, IN - Walgreens

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a freestanding, corporate guaranteed Walgreens investment property located in Knox, Indiana. The tenant, Walgreen Co., has approximately 6 years remaining on its lease with 10 (5-year) options to extend. The lease is NNN with limited landlord responsibilities to roof, structure, and exterior utilities, making it an ideal, low management investment opportunity for a passive investor. Walgreens serves a crucial role as an independent partner of choice offering healthcare services that improve care, lower costs, and help patients. Operating nearly 9,000 retail locations across the U.S. and Puerto Rico, Walgreens is proud to serve nearly 9 million customers and patients daily. Walgreens’ parent company, Walgreens Boots Alliance (WBA), recently announced an agreement to be acquired by a Sycamore Partners-affiliated entity for up to $23.7 billion, with the intention of strengthening the brand’s position as a top provider of pharmacy, retail, and health services throughout the country.

The asset has excellent location as an outparcel to the Knox Mall, a grocery anchored shopping center. The shopping center encompasses nearly 100K square feet of retail space featuring tenants such as Tractor Supply Co., Family Dollar, McDonald’s, Pizza Hut, Knox Super Wash, and Five Star Marketplace (grocery store). Walgreens receives a significant amount of crossover exposure and consumer traffic from the surrounding retail center. The site is strategically positioned along S. Heaton Street/U.S. Highway 35 (13,300 VPD), a north/south traveling highway connecting the property to Michigan City and the southern base of Lake Michigan. The subject property benefits from limited competition, serving as the lone Walgreens location within a 15-mile radius. In addition, its proximity to the adjacent Knox Community High School, and the Northwest Health Starke Hospital, provide direct access to the surrounding consumer base. The 5-mile trade area is supported by a population of over 9,700 residents and 3,600 employees with an average household income of $73,363.