Canoga Park, CA - Walgreens
$11,748,000
7560 Topanga Canyon Boulevard, Los Angeles, CA 91303
3.75
Cap Rate
440,555
NOI
Details:
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, investment grade (S&P: BBB), drive-thru equipped, Walgreens investment property located in Canoga Park, CA (Los Angeles MSA). The tenant, Walgreen Co., recently executed a brand new 13-year lease with 13 (5-year) options to extend, demonstrating their commitment to the site. The lease features rare 5% rental increases every 5 years throughout the initial term and option periods, increasing NOI and hedging against inflation. The lease is signed by the corporate entity (S&P: BBB) and 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 more than 9,000 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 Topanga Canyon Road and Saticoy Street, averaging a combined 51,900 vehicles passing by daily. The building is equipped with a drive-thru pharmacy, providing ease and convenience for customers. The site benefits from excellent visibility and access via a large pylon sign and multiple points of ingress/egress. Additionally, the asset is ideally situated 1 mile north of Westfield Topanga & The Village, a 2.3 million SF shopping mall anchored by Target, Macy’s, and Neiman Marcus. The Westfield Topanga & The Village mall is the trade area’s premium shopping destination featuring over 270 retail, dining, and entertainment options. Other nearby national/credit tenants include Costco Wholesale, The Home Depot, Walmart Supercenter, Ralph’s, Trader Joe’s, HomeGoods, T.J. Maxx, Ross Dress for Less, Burlington, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for Walgreens. Moreover, the subject property is 2 miles northwest of Pierce College, a 426-acre campus that currently enrolls over 20,000 students and employs 740 faculty/staff. The 5-mile trade area is supported by a dense population of more than 409,000 residents and 209,000 daytime employees with an affluent average household income of $118,901.
Location
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