Baltimore, MD - Walgreens

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, Walgreens investment property located in Baltimore, Maryland. The tenant, Walgreen Co., recently signed a new 15 year lease with 12 (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, steadily 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. Operating nearly 9,000 retail locations across America, Puerto Rico and the U.S. Virgin Islands, Walgreens is proud to be a neighborhood health destination serving nearly 10 million customers each day.

The asset is strategically located at the signalized, hard corner intersection of Loch Raven Avenue and Taylor Avenue with a combined 55,600 vehicles passing daily. Taylor Avenue is the main retail thoroughfare serving the suburbs north of downtown Baltimore, featuring a Walmart, Target, Lowe’s, and Sprouts Market, all within 2-miles of the subject property. Walgreens conveniently sits at an intersection comprised of two grocery-anchored shopping centers, a Planet Fitness-anchored center, and national QSR tenants including McDonald’s, Taco Bell, and IHOP. Walgreens will benefit tremendously from the crossover retail exposure generated by the concentration of retailers at the intersection and along the thoroughfare. The surrounding trade area is highlighted by affluent residential communities, apartment complexes, and Towson University. The 5-mile trade area is supported by a population of over 375,400 residents with an average household income of $111,955.