Walgreens
4900 Mills Civic Pkwy West Des Moines, IA
Price: $5,700,000
Status: Sold
Cap Rate: 5.75%
Year Built: 2001
NOI: $342,000
Lot Size: 2.75 acres
Price Per Foot: $331
Lease Type: Absolute NNN
Remaining Term: 11+ Years (Recent 10-Year Early Extension)
GLA: 2.75 acres
Property Intro
Lee & Associates is pleased to exclusively offer for sale, the fee simple interest (land & building) in a trophy Walgreens property located in West Des Moines, IA (the “Property”). Built in 2001, the Property consists of a 17,969-square-foot retail building with a drive-thru that sits on an approximately 2.75-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.