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Walgreens Leasehold, Louisville, KY

Walgreens Leasehold

Price $2,838,000
Cap Rate 9.00%
NOI $255,420
Lease Term 9.5 Years Remaining
Lease Type NNN Leasehold, with Tenant Responsible for Taxes, Insurance, and Maintenance, Including Roof and Structure
Rental Increases 10% Rental Increase Every Five (5) Years
Year Built 2007
Building Size 14,687 SF
Lot Size 1.69 acres (73,616 SF)
Status Under Contract
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

Investment Highlights

LONG-TERM NNN LEASE TO INVESTMENT GRADE TENANT
» Long-term NNN leasehold with no landlord responsibilities, ideal for an out-of-area investor
» Strong operating history since 2007, demonstrating long-term commitment to the location
» Walgreens Boots Alliance, Inc. (NASDAQ: “WBA”) is rated “BBB” by Standard & Poor’s and is ranked 19th 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 PRIME RETAIL CORRIDOR
» Excellent visibility and access to 46,669 vehicles per day and the signalized hard corner of Bardstown Road and Hillock Drive
» Bardstown Road provides convenient access to Interstate 295, which experiences a high traffic count of 65,986 vehicles per day near the property
» Across from both a Kohl’s-anchored shopping center also tenanted by Chickfil- A and a retail plaza featuring Sherwin-Williams, Outback Steakhouse, Chase, and more
» Additional retailers in the nearby area include Walmart Supercenter, Kroger, Aspen Creek Grill, Thorntons, and others

GROWING NEIGHBORHOOD WITH STRONG CUSTOMER BASE
» Just south of SouthPointe Commons, a 48-acre, 363,000-square-foot retail and lifestyle center anchored by Lowes
» Other recent developments in the area have included several apartment complexes close to the property, helping to boost the area’s already robust demographics
» Located in a densely populated area, with 124,622 residents within a five-mile radius
» Supported by an affluent customer base; the average household income within one mile of the property is $94,005

REBRANDED STORE WITH PRESCRIPTION DRIVE-THRU
» Store to be updated with Walgreens branding
» Features dual-lane prescription drive-thru
» Store sells beer, wine, and liquor


Property Description

The property is strategically located at the signalized hard corner of Bardstown Road and Hillock Drive, with excellent visibility and access to 46,669 vehicles per day. Bardstown Road provides convenient access to Interstate 295, which experiences a high traffic count of 65,986 vehicles per day near the property. Located in a prime retail corridor, the property is close to multiple large shopping centers with nationally recognized tenants. The property is across from both a Kohl’s-anchored shopping center also tenanted by Chick-fil-A and a retail plaza featuring Sherwin-Williams, Outback Steakhouse, Chase, and more. Additional retailers in the nearby area include Walmart Supercenter, Kroger, Aspen Creek Grill, Thorntons, and others.

The property benefits from its prime location in an expanding neighborhood of Louisville. The property is just south of SouthPointe Commons, a 48-acre, 363,000-square-foot retail and lifestyle center anchored by Lowes. Other recent developments in the area have included several apartment complexes close to the property, with a combined total of 550 apartment units, helping to boost the area’s already robust demographics. The property is located in a densely populated region and benefits from and affluent customer base; 124,622 residents live within a five-mile radius, and the average household income within one mile of the property is $94,005.

Contact Us About This Property

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