Walgreens
1391 Big Bend Rd Twin Oaks, MO 63021
Price: $6,030,000
Status: Sold
Cap Rate: 6.25%
Year Built: 2005
NOI: $380,000
Lot Size: 1.57 acres
Price Per Foot: $413
SF: 14,722 SF
Remaining Term: 11 Years
Lease Type: Absolute Triple-Net (NNN)
Property Intro
Lee & Associates, in conjunction with Missouri real estate broker DZ Net Lease Realty, LLC license 2010035304, is pleased to exclusively offer for sale, the fee simple interest (land & building) in a Walgreens property located in Twin Oaks, MO within the St Louis MSA (the “Property”). Built in 2005, the Property consists of a 14,722-square-foot retail building with a drive thru that sits on an approximately 1.57-acre parcel.
investment highlights
- CONSISTENTLY STRONG SALES REPORTING (11.4% RENT TO SALES RATIO) OUTPARCEL TO THE SCHNUCKS AT TWIN OAKS CROSSING CENTER
- Lee & Associates, in conjunction with Missouri real estate broker DZ Net Lease Realty, LLC license 2010035304, is pleased to exclusively offer for sale, the fee simple interest (land & building) in a Walgreens property located in Twin Oaks, MO within the St Louis MSA (the “Property”). Built in 2005, the Property consists of a 14,722-square-foot retail building with a drivethru that sits on an approximately 1.57-acre parcel.
- The building is leased to Walgreens Co. (NYSE: WBA) on a corporate lease providing an investor with an investment grade credit rating from Standard of Poor’s of “BBB”. Walgreen’s parent company Walgreens Boots Alliance, Inc. 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.
- There are 11 years of firm lease term remaining on the lease with ten (10) Five-year renewal options. In addition, 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.
- 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, providing an investor with a passive income stream from a strong investment grade credit tenant.
- 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 ratio of 11.4% which is a true indicator of this store’s strong profitability. The strong store sales at this location are due to a combination of the high visibility and high traffic volumes between Big Bend Road and Missouri Highway 141 as well as the dense surrounding housing population.
- This location also benefits from the surrounding retail, residential and commercial developments.
- The subject property offers highly desirable demographics with an average household income of over $115,000 within a 3-mile radius and $134,000 within a 5-mile radius. The property’s location is also dense with 152,000 people within a 5-mile radius.
listing agents
