Milford, OH - Walgreens

Description:

SRS Real Estate Partners in collaboration with Hoty Enterprises, Inc. is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, corporate signed, investment grade (S&P: BBB), Walgreens investment property located in Milford, Ohio (Cincinnati MSA). Walgreens has 6.5 years remaining in their initial term with 10 (5-year) options to extend. The lease is signed by Walgreen Co. (S&P: BBB) and is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor. Walgreens currently subleases the property to Dollar General, Landlord is not a party to the sublease with Dollar General and does not know the sublease terms and rent. Walgreens may sublease without the Landlord’s approval.

The subject property is strategically located along Lila Avenue, a major retail and commuter thoroughfare averaging 16,900 vehicles passing by daily. The building is equipped with a drive-thru, providing ease and convenience for customers. The site is located just over 1 mile from the on/off ramps to Interstate 275 (72,200 VPD), the primary north/south commuter thoroughfare traveling through Milford. Additionally, the asset is ideally situated across from Regency Milford Center, a 110,000 square foot neighborhood center anchored by Kroger. Located within the heart of a strong retail corridor, the asset is within close proximity to a variety of national/credit tenants including Walmart Supercenter, Target, Lowe’s Home Improvement, Big Lots, CVS Pharmacy, O’Reilly Auto Parts, McDonald’s, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. The 5-mile trade area is supported by more than 79,000 residents and 30,000 daytime employees with an affluent average household income of $128,412.

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Listing ID: a288X0000065MdBQAU