Walgreens (NYSE: WBA) – 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.
Trophy Asset – Strong Store Sales – Corporate Lease Guaranty from Walgreens Co. – Investment Grade Credit (S&P: BBB) – Sales at this location are very strong due to the proximity of the Wellington Regional Medical Center and the dense surrounding housing population (see agent for unit level sales reports). This alleviates any future vacancy risk concerns knowing this is a profitable location for Walgreens. The lease provides an investor with a strong corporate guaranty from Walgreens Co. who carries an investment grade credit rating of “BBB” from Standard & Poor’s.
Across from Wellington Regional Medical Center – Built-In Customer Base and Sales Driver – The subject property is strategically located across from the Wellington Regional Medical Center, a 233-bed, acute care hospital, owned by a subsidiary of Universal Health Services, Inc., one of the largest healthcare management companies in the nation. In 2018, WRMC admitted nearly 12,000 patients and had 51,000 emergency visits.
Over 68,000 People & Average HH Income $114,000 Within 3 Mile Radius – Absolute NNN Lease – The site offers strong surrounding demographics, with over 68,000 people living within a 3-mile radius of the subject property with an average household income over $114,000, lending well to the tenant’s concept and supporting its continued success.
Walgreens has 12 years of firm lease term remaining. In addition, the lease is absolute triple-net (NNN), where the tenant pays for taxes, insurance, and 100% of the maintenance of the land & building. The landlord has zero maintenance responsibilities on this asset.
Outparcel to the Mall at Wellington Green: 1.273M Sq Ft Super Regional Mall – Dense Retail Trade Area – The subject property is located at the entrance of the 1,273,000 square foot Mall at Wellington Green on the hard corner signalized intersection of Forest Hill Blvd and Hunter Dr (47,000+ CPD). The super-regional Mall at Wellington Green is a two-level super-regional shopping mall featuring over 170 stores including Dillard’s, Macy’s, JCPenney, LA Fitness, City Furniture, H&M, Apple, CMX Theaters, and Ashley Furniture, and eateries California Pizza Kitchen, Chick-fil-A, and Cask + Shaker Craft Bar and Kitchen. Other shopping centers – the Shoppes of Wellington Green, a lifestyle center, and Wellington Green Commons, a Whole Foods Market-anchored power center – encircle the shopping mall, providing an outstanding customer draw to the trade area.
Located in Wellington within Miami MSA – Home to Palm Beach Int’l Equestrian Center – Proximity to Beaches, Palm Beach Int’l Airport – The property is located within the Village of Wellington, Florida, just west of West Palm Beach. Wellington is part of Palm Beach County, within the Miami metropolitan area, which is the seventh-largest metropolitan area in the United States with approximately 6.198 inhabitants as of the 2018 census. Located just 66 miles north of Miami, the city had a population of nearly 65,000 in 2017, making it the fifth-largest municipality in Palm Beach County.
Wellington is recognized as the winter equestrian capital of the world, hosting forty weeks of equestrian events, notably show jumping, hunting, dressage and polo annually. Every year, from January to April, Wellington is host to the Winter Equestrian Festival, the largest and longest running horse show in the world. Wellington has been named Money Magazine’s “Top 100” Best Places to Live.