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Walgreens, Fresno, CA

Walgreens

Price $8,850,000
Cap Rate 5.65%
NOI $500,000
Lease Term 12 Years
Lease Type Net, with Tenant Responsible for all Taxes, Insurance, and Maintenance, Excluding Roof and Structure
Rental Increases N/A
Year Built 2001
Building Size 15,120 SF
Lot Size 1.71 acres (74,488 SF)
Status Available
Lead Broker Information Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

CORPORATE NET LEASE TO INVESTMENT GRADE TENANT
» Recent 10-year lease extension, demonstrating long-term commitment to the location
» Very strong operating history at this store since 2001
» Property features dual-lane prescription drive-thru, providing unparalleled customer convenience and boosting sales revenue
» Walgreens Boots Alliance, Inc. (NASDAQ: “WBA”) is rated “BBB” by Standard & Poor’s and is ranked 17th in the Fortune 500
» Walgreens is the largest drugstore chain in the U.S. based on prescription sales
» Walgreens recently acquired nearly 2,000 Rite Aid stores, making Walgreens the largest drugstore chain by number of locations

HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» Excellent visibility and access to 67,035 vehicles per day at the signalized hard corner of South Clovis Avenue and East Kings Canyon Road
» Directly across from a large retail center anchored by FoodMaxx
» Within walking distance of shopping centers featuring Vons, Rite Aid, Starbucks, and Burgerim
» Other notable retailers in the surrounding area include WinCo Foods, Home Depot, Walmart Supercenter, AutoZone, Wells Fargo, McDonald’s, and many others

CENTRAL LOCATION WITH ROBUST CUSTOMER BASE
» Centrally located less than five miles from downtown Fresno and less than three miles from Fresno Yosemite International Airport
» Near several schools, including Sunnyside High School (2,846 students), Kings Canyon Middle School (888 students), and Fresno Pacific University (3,980 students)
» Minutes from the site of The Big Fresno Fair, the Central Valley’s largest event, attracting more than 632,000 visitors to Fresno for two weeks each year
» Less than a mile from Sunnyside Country Club, which is a well-established Country Club community
» Bordered by densely populated


Property Description

The property is conveniently located at the signalized intersection of South Clovis Avenue and East Kings Canyon Road, with excellent visibility and access to 67,035 vehicles per day. Located in a prime retail corridor, the property is located near large shopping centers and nationally recognized retailers. The property is directly across from a large retail center anchored by FoodMaxx. Within walking distance of the property are shopping centers featuring Vons, Rite Aid, and Dollar Tree. Other notable retailers in the surrounding area include Starbucks, BurgerIM, WinCo Foods, Home Depot, Walmart Supercenter, AutoZone, Wells Fargo, McDonald’s, and many others.

The property is centrally located less than five miles from downtown Fresno and less than three miles from Fresno Yosemite International Airport. Several large schools are nearby, including Sunnyside High School (2,846 students), Kings Canyon Middle School (888 students), and Fresno Pacific University (3,980 students). The property is also just minutes from the site of The Big Fresno Fair, the Central Valley’s largest event, attracting more than 632,000 visitors to Fresno for two weeks each year. And Sunnyside Country Club, which includes a historic Billy Bell Championship 18-hole golf course. Additionally, the property is bordered by residential neighborhoods, with 237,462 residents living within a five-mile radius.

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