Spring Hill, FL - Walgreens

Description:

SRS Real Estate Partners-SOFLO LLC National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, drive-thru pharmacy equipped, freestanding, Walgreens investment property located in Spring Hill, Florida (Tampa MSA). The tenant has 8+ years remaining on the initial term of the lease with 6 (5-year) options to extend, demonstrating their commitment to the site. The lease features 5% rental increases every 5 years throughout the initial term and at the beginning of each option period, growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor. Headquartered in Deerfield, IL, Walgreens operates over 9,200 stores across all 50 states and was recently included in FORTUNE’s 2020 list of the World’s Most Admired Companies for the 27th consecutive year.

Walgreens is strategically located at the signalized, hard corner intersection of Spring Hill Dr and Pinehurst Drive, averaging more than 23,200 vehicles passing by daily. The building is equipped with a drive-thru pharmacy, providing ease and convenience for customers. The site is ideally situated adjacent to a Save A Lot-anchored neighborhood center with co-tenants including Family Dollar, Dog Gone Healthy, and more. Other nearby national/credit tenants include Walmart Supercenter, Ross Dress for Less, Big Lots, McDonald’s, 7-Eleven, Dollar General, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. Moreover, the site is within close proximity to multiple apartment complexes including Glen Oaks (65 units) and Hammock Ridge (104 units), providing a direct residential consumer base to draw from. The 5-mile trade area is supported by more than 89,000 residents and 18,300 daytime employees with an average household income of $61,600.

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