Melbourne, FL - 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 Melbourne, Florida. 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 located at the signalized, hard corner intersection of Palm Bay Road NE and Dairy Road with a combined 71,500 vehicles passing daily. Palm Bay Road NE is the major retail thoroughfare serving the city of Melbourne. Palm Bay Road NE features a variety of national/credit tenants such as Walmart Supercenter, Target, Bass Pro Shops, Sprouts Farmers Market, ALDI, Publix Super Market, Starbucks, Chick-fil-A, Taco Bell, and an adjacent 7-Eleven equipped with a gas station. Walgreens will benefit tremendously from the crossover retail exposure generated by the concentration of retailers along the thoroughfare and the direct consumer population existing in nearby communities and apartment complexes. The 5-mile trade area is supported by a population of over 153,300 residents and 64,000 employees with an average household income of $77,668.