Walgreens

  • NNN (Triple net)
Cincinnati, OH
Location: Ohio


Offering Memorandum
  • Building Size: 15,120 sq/ft
  • Cap Rate: 6.50 %
  • Status: Available
$5,615,000.00

Property Information

  • Type: Pharmacy
  • Net Operating Income : $365,000
  • Lot Size : 2.17
  • Year Built : 2001
  • Building Size : 15120
  • Cap Rate : 6.50
  • Status : Available

Investment Overview

TFG of Marcus and Millichap is pleased to offer the exclusively listed Walgreens located at 9 West Mitchell Avenue in Cincinnati, OH. The 15,120-square foot building was constructed in 2001 and is situated on 2.17 acres of land. Located on a busy hard corner intersection with over 47,000 average vehicles per day and boasts a strong population of over 300,000 within a 5-mile radius. Walgreens extended the lease for 12 years back in 2016 showing long-term commitment to this location. Cincinnati is the 3rd largest city in Ohio and is one of the fastest growing economies in the Midwest.

Walgreens Boots Alliance, Inc., together with its subsidiaries, operates a network of drugstores in the United States. It provides consumer goods and services, pharmacy, and health and wellness services through drugstores, as well as through mail, and by telephone and online. The company sells prescription and non-prescription drugs; and general merchandise, including convenience and fresh foods, household items, personal care, photofinishing and candy, and beauty care. It also provides specialty pharmacy services for managing complex chronic health conditions; customers infusion therapy services consisting of administration of intravenous medications for center treatments, chronic pain, heart failure, and other infections and disorders; and clinical services, such as laboratory monitoring, medication profile review, nutritional assessments, and patient and caregiver education. In addition, the company manages in-store convenient care clinics (Healthcare Clinics). As of August 31, 2016 it operated 7,175 locations in 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. The company also managed approximately 400 healthcare Clinics and provider practice locations. The company was founded in 1901 and is based in Deerfield, Illinois.

Cincinnati is a city in the U.S. state of Ohio and is the government seat of Hamilton County. Settled in 1788, the city is located at the northern side of the confluence of the Licking and Ohio rivers. The city drives the Cincinnati-Middletown-Wilmington combined statistical area, which had a population of 2,172,191 in the 2010 census. With a population of 301,301, Cincinnati is the third-largest city in Ohio and 65th in the United States. It is the fastest growing economic power in the Midwestern United States based on percentages and the 28th-biggest metropolitan statistical area in the U.S. Cincinnati is also within a single day’s drive of two-thirds of the United States populace.

Investment Highlights

NN Lease to Walgreens through 8/2028
Walgreens Corporate Guarantee
Minimal Landlord Responsibilities

Facilities

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Contact Agent

Geoff Ficke

First Vice President Investments Director, Net Leased Properties National Office and Industrial Properties

License: TX 0593051

Dylan Holmes

Pharmacy Specialist Net Leased Properties

License: 674182

Nicole Patel

Associate Directory / Capital Markets Specialist

Michael Glass

BOR

License: OH BRK.2007005898