SOLD – Walgreens (Palm Beach, Florida)
1010 North Military Trial
Haverhill (Palm Beach), FL 33409
Ackerman & Co’s Retail Investment Sales Team is pleased to exclusively present for sale a NN-leased Walgreens located in Haverhill (Palm Beach), Florida. The Walgreens property was built in 2001 and has over 9 years remaining on its initial lease term. The building totals 15,120 SF and provides investors with long term stable cash flow.
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Overview
- Stable Cash Flow: This asset will provide a long-term, steady cash flow to ownership. As well, there are 10 five-year renewal options upon the term’s expiration. Also, the rental income is free of state income tax in Florida.
- Superior Credit Tenant: Walgreens originated in 1901 and presently has 8,046 drugstores in the United States and Puerto Rico. In 2010, Walgreens reported $67,400,000,000 in gross sales, which is 6.4% greater than calendar year 2009. Currently, Walgreens has a total of 244,000 employees and has an A rating from Standard & Poor’s. As of February 2011, Walgreen Co. had a net worth in excess of $14.68 billion.
- Mature Retail Submarket/Quality Demographics: The subject Walgreens is located at 1010 North Military Trail in Haverhill (Palm Beach), Fl, directly adjacent to the Palm Beach International Airport and an outparcel of a Super Wal-Mart. With over 7 million passengers through the airport a year, this is a unique location given the airport location and total population in the market. This area is a stable market with 41,500 VPD and such retailers as Dunkin Donuts, KFC, Wendy’s, and Wal-Mart. In addition, the population in a 5 mile radius is 259,179 with an average household income of $60,414.