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Walgreens – New Small Format Store, Indianapolis, IN

Walgreens – New Small Format Store

Price $1,524,000
Cap Rate 5.25%
NOI $80,000
Lease Term 10 Years
Lease Type Net Lease, With Tenant Responsible For All Taxes, Insurance, Maintenance, And Repair, Excluding Roof And HVAC
Rental Increases 5% Rental Increases Every Five (5) Option Years
Year Built Q4 2019
Building Size 2,300 SF
Lot Size .71 Acres (30,928 SF)
Status Available
Lead Broker Information 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

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

NEW SMALL FORMAT STORE INCLUDING A FULL PHARMACY AND LIMITED FRONT-END OFFERINGS
» Store Format & Design Focused on Maximizing Customer Care and Convenience
» Location will Include a Full Pharmacy, Prescription Drive-thru and select retail product
» Location will support FedEx and ship-to-store services
» Walgreens Co-Chief Operating Officer, Alex Gourlay, told analysts “We’ve got about 30 or 40 [Small Format Stores] now actively in the ground…and we’re pleased with the results.” [Click here to read the full article.]

LONG-TERM CORPORATE LEASE TO LARGEST DRUG RETAILING CHAIN IN THE U.S.
» 10-year corporate net lease with 5% rental increases every five years during option periods, providing a hedge against inflation
» Lease guaranteed by Walgreens Boots Alliance, Inc. (NASDAQ: “WBA”) is rated “BBB/Stable” by Standard & Poor’s and is ranked 19th in the Fortune 500

HIGH-TRAFFIC LOCATION IN DENSE CORRIDOR
» Excellent visibility and access to 17,052 AADT on East Hanna Avenue directly in front of the site, 22,280 AADT on South East Street, and 11,139 AADT on Madison Avenue
» Located at the confluence of three highly trafficked thoroughfares (Interstate 65, Interstate 70, and Interstate 74)
» Five miles from Lucas Oil Stadium, home of the Indianapolis Colts (estimated $286 million annual economic impact)
» Minutes from University of Indianapolis (5,500+ students), Southport High School (2,100+ students), and Roncalli High School (1,200+ students)
» 216,921 residents living within a five-mile radius

NEW 2019 CONSTRUCTION
» Includes prescription drive-thru lane, providing



Property Description

The property is conveniently located on East Hanna Avenue, with excellent visibility and access to 17,052 vehicles per day directly in front of the property, 22,280 vehicles per day on South East Street, and 11,139 vehicles per day on Madison Avenue. Visibility is increased by the site’s location at the confluence of three highly trafficked thoroughfares (Interstate 65, Interstate 70, and Interstate 74). The property is centralized in a dense retail corridor and is within five miles of five major shopping centers with a combined 2 million SF
of retail space and 226 stores, including three Walmart locations. Other major tenants near the site include Taco Bell, Pizza Hut, Office Depot, Steak ‘n Shake, Papa John’s Pizza, Burlington, Arby’s, Subway, KFC, Kroger, and more.

The location benefits from its proximity to large schools, as it resides minutes from the University of Indianapolis (5,500+ students), Southport High School (2,100+ students), and Roncalli High School (1,200+ students). The site is five miles from Lucas Oil Stadium, home of the Indianapolis Colts (estimated $286 million annual economic impact). Additionally, the property is bordered by highly-populated neighborhoods, with 216,921 residents living within a five-mile radius.

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