Clinton, UT - Walgreens

1962 W. 1800 N., Clearfield, UT

$5,100,000

Price

6.31%

Cap Rate

$321,996

NOI

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Overview
Cap Rate
6.31%
NOI
$321,996
Building Size
14,820 sqft
Occupancy
100%
Year Built
2004
Description

SRS National Net Lease Group is pleased to present the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, corporate signed, investment grade (S&P: BBB) Walgreens investment property located in Clinton, Utah. The tenant, Walgreen Co., has over 6 years of firm term remaining on its current lease with 10 (5-year) options to extend. The lease is corporate signed by Walgreen Co. (NASDAQ: WBA | S&P: BBB) and is absolute NNN with zero landlord responsibilities, making this an ideal, management-free investment opportunity for a passive investor. Headquartered in Deerfield, Illinois, Walgreens operates more than 9,200 stores across all 50 states and was recently included in FORTUNE magazine’s 2020 list of the World’s Most Admired Companies for the 27th consecutive year.

The subject property is strategically located at the signalized, hard-corner intersection of W. 1800 N and State Highway 108, averaging a combined 39,400 vehicles passing by daily. Furthermore, the site benefits from nearby direct on/off ramp access to Interstate 15, a major thoroughfare serving the greater Salt Lake City metropolitan area averaging 125,000 vehicles per day. In addition, the property’s significant street frontage and large pylon sign at the corner of State Highway 108 and W. 1800 N create excellent visibility for the site. The Walgreens is ideally situated as an outparcel to Park Plaza, a 300,000+ SF shopping center anchored by Lowe’s, Kohl’s, Ross Dress for Less, Petco, and more. Other nearby national/credit tenants include Walmart Supercenter, Jo-Ann Fabrics, AutoZone, O’Reilly Auto Parts, Smith’s, WinCo Foods, and many more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 5-mile trade area is supported by over 187,000 residents and nearly 40,000 employees, providing a direct consumer base from which to draw. Residents within 1 mile of the subject property boast an affluent average household income of $109,182. Clinton, Utah is a prosperous suburban community within the Salt Lake City - Provo - Ogden Combined Statistical Area.

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Listing ID: a288X000003m0gJQAQ
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