OMDM is pleased to exclusively offer for sale to qualified investors, the opportunity to purchase a 100% fee-simple interest in the Walgreens property located at 120 East Main Street in Streator, Illinois (the“Property”). The Property can be acquired at a low price point of $198PSF which is extraordinarily rare for Walgreens assets currently in the marketplace.
The property is fully leased by Walgreen Co. (WBA), operating under a lease with 9 years of remaining firm term. Walgreens recently expressed its commitment to the site by executing a nearly 9.5-year lease extension. The term runs through May 31, 2063, throughout the option periods.
Walgreens lease is NN with landlord responsibility limited to the maintenance and repair of all exterior items and structural portions of the building, as well as the replacement of parking areas. The Property received a new roof in 2010, that was recently repaired in 2019, and has been well maintained. The base rent is $178,750 annually, or $13.75 PSF.
Walgreen Co., a subsidiary of Walgreens Boots Alliance, Inc., (NASDAQ: WBA), as of June 2018, Walgreens generated revenue of $118.21 billion and net income of $4.08 billion. As of January, 2017, the company had a net worth of $13.7 billion. Currently, Walgreen Co. holds a BBB/ Stable rating by Standard and Poor’s and has a market capitalization of $59.202 billion.