Walgreens (NYSE: WBA) – Investment Grade Credit Tenant (S&P: BBB) – Largest Retail Pharmacy in the U.S. & Europe – The building is leased to Walgreens who is owned by parent company Walgreens Boots Alliance, Inc. (NYSE: WBA). This parent company is currently the largest retail pharmacy in the US and Europe, with 13,200 stores in over 11 countries and an impressive $50B market CAP.
Strong Store Sales – Above National Average for Walgreens – 11% Rent to Sales Ratio – Low Rent – Walgreens is reporting strong unit level sales at this location (see broker for details) that are above the national average for a Walgreens store. In fact, this location is showing a strong rent to sales ration of 11% which is a true indicator of this store’s strong profitability.
Rare Walgreens Early 10-Year Lease Extension – Absolute NNN Lease – No Landlord Responsibilities – Walgreens just exercised a rare 10-year lease extension early, demonstrating the tenant’s obvious commitment to this site. The early lease renewal leaves 11+ years of firm lease term remaining and ten (10) 5-year renewal options. In addition, the absolute triple-net (NNN) lease requires the tenant pay for taxes, insurance, and 100% of the maintenance of the land & building. The landlord has zero maintenance responsibilities on the asset, providing an investor with a passive income stream from a strong investment grade credit tenant.
Hard Corner Signalized Intersection (30,400+ CPD) – Excellent Visibility & Access – Only 1/2 Mile from Interstate 35 – The subject property is located on the hard corner signalized intersection of Mills Civic Pkwy & S. 50th St, providing excellent visibility to combined traffic counts over 30,400 cars per day. This location offers multiple entrances to the site for easy in/out access to the property. The property is strategically located less than a half mile from Interstate 35, a major north-south travel artery carrying 41,000 commuters/travelers per day to/from Downtown Des Moines via I-80.
Across from Hy-Vee Grocery Anchored Center – Located on Major Retail Corridor Home to Major National Tenants – Strong Draw to Trade Area – The subject property is located across from a Hy-vee Grocery anchored center, with national co-tenants such as IHOP, USPS, Wells Fargo, and Starbucks, providing outstanding retail synergy and a strong draw to the trade area.
Mills Civic Pkwy is a major retail corridor and home to Mills Crossing, Jordan Creek Town Center, and Premiere Shoppes shopping center, with national tenants including Target, REI, Walmart, Aldi, Kohl’s, Dollar Tree, TJ Maxx, Trader Joe’s, Maurices, OfficeMax, and many more.
Located in West Des Moines, Second-Largest City in Des Moines MSA – Major Center of Insurance, Financial Industries – The property is located in West Des Moines, Iowa. West Des Moines, Iowa is located at the crossroads of interstates 35 and 80 and is part of Polk, Dallas, Warren, and Madison counties. West Des Moines is one of the fastest growing communities in Iowa, with a population of more than 68,000 people and a business-friendly home to more than 3,000 businesses.
West Des Moines is located just 11 miles west of Des Moines, the capital and most populous city in Iowa. With a population of nearly 217,000 residents (2018), the City of Des Moines is the core of one of the fastest growing metro areas (DSM USA) in the Midwest and is a financially strong city with exceptional city services, fostering an involved community in a customer friendly atmosphere.
Des Moines is a major center of the U.S. insurance industry, and has a sizable financial services and publishing business base. The city was credited as the “number one spot for U.S. insurance companies” in a Business Wire article and named the third-largest “insurance capital” of the world. The city is the headquarters for the Principal Financial Group, the Meredith Corporation, Ruan Transportation, EMC Insurance Companies, and Wellmark Blue Cross Blue Shield.