Sturgeon Bay, WI - Walgreens

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, drive-thru–equipped Walgreens investment property. The tenant, Walgreen Co., has 10+ years of firm lease term remaining, with ten (10) additional five-year renewal options, providing long-term income durability. The lease includes a one-time 15%+ rental increase at the beginning of the first option period, offering a meaningful step-up in NOI and a hedge against inflation. The lease is corporate-signed by Walgreen Co., which operates over 8,500 locations across the U.S. and Puerto Rico and serves nearly 9 million customers daily. In August 2025, Sycamore Partners completed its $23.7 billion acquisition of Walgreens Boots Alliance (WBA), further supporting the tenant’s financial strength. The lease is absolute NNN with zero landlord responsibilities, making this an ideal, management-free investment for a passive investor.

The subject property is ideally located at the signalized, hard corner intersection of S Duluth Ave and State Hwy 42 & 57, with over 21,200 vehicles passing daily. The property features a drive-thru pharmacy, offering strong daily-use functionality and customer convenience. It is positioned within a dense retail trade area surrounded by national tenants such as Target, Sherwin-Williams, and Starbucks, creating strong consumer draw and supporting site performance. The property is also just minutes from Door County Medical Center, a top-rated regional hospital with a full continuum of care, which helps drive steady demand for pharmacy services. A strong residential base, including Bayview Apartments (16 units), The Peninsula Apartments (96 units) and Bay Pointe Apartments (68 units), contributes to the 5-mile trade area’s 30,000+ residents and $100,237 average household income, reinforcing long-term retail fundamentals.

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Listing ID: a28TP000002XUSnYAO