Walgreens | Strong Performing Store
3301 N Fourth St Longview, TX 75605
Price: $7,150,000
Status: Sold
Cap Rate: 5.87%
Year Built: 2004
NOI: $420,000
Lot Size: 2.57 acres
Price Per Foot: $506
Lease Type: Absolute Triple-Net (NNN)
Remaining Term: 7+ Years
GLA: 14118 sqft
Property Intro
Lee & Associates, in conjunction with Texas real estate broker Bang Realty-Texas, Inc. (Broker Lic# 9007017), is pleased to exclusively offer for sale the fee simple interest (land & building) in a Walgreens property located in Longview, TX (the “Property”). Built in 2004, the Property consists of a 14,118-square-foot retail building with two drive-thru lanes that sits on an approximately 2.57-acre parcel.
investment highlights
- WALGREENS (NYSE: WBA) • INVESTMENT GRADE CREDIT (S&P: BBB) • LARGEST RETAIL PHARMACY IN THE U.S. & EUROPE
- 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.
- NEARLY 8 YEARS REMAINING ON FIRM LEASE TERM • ABSOLUTE NNN LEASE • NO LANDLORD RESPONSIBILITIES
- There are nearly 8 years of firm lease term remaining on the lease with five (5) five-year renewal options. The lease is absolute triple-net (NNN), which means the landlord has zero management responsibilities and simply collects a rent check each month.
- STRONG PERFORMING WALGREENS STORE • INCOME TAX FREE STATE • PROXIMITY TO LONGVIEW REGIONAL MEDICAL CENTER • DOUBLE DRIVE-THRU LANES
- This Walgreens is reporting strong unit level sales (see broker for details) that are above the national average for a Walgreens store, which is likely attributed to its location less than one mile from the Longview Regional Medical Center, a 224-bed facility that serves the area. The proximity to this facility provides a built-in customer base for this Walgreens location and utilizes their double drive-thru lanes for efficient prescription pick-up.
- SHADOW ANCHORED BY SAM’S CLUB, WALMART & LOWE’S • HARD CORNER SIGNALIZED INTERSECTION • EXCELLENT VISIBILITY & ACCESS
- The Walgreens is shadow anchored by Sam’s Club, Walmart, and Lowe’s, driving consistent traffic to the trade area. The property is strategically located on the hard corner signalized intersection of N. Fourth St and E. Loop 281, providing excellent visibility to combined 46,000+ cars per day, and multiple entrances to the property, providing easy in/out access.
- PROPERTY FRONTS E. LOOP 281 • MAJOR TRAVEL CORRIDOR • ONLY ONE MILE FROM HWY 259 (28,600+ CPD) • ACCESS TO DIRECT TRAVEL ARTERIES
- The Walgreens fronts E. Loop 281, a major travel corridor carrying commuters to/from Hwy 259 (28,600 CPD), and offering quick access to multiple direct travel arteries in/out of Downtown Longview and beyond.
- LOCATED IN LONGVIEW • CENTER OF ECONOMIC ACTIVITY FOR NORTHEAST TEXAS • STRONG HOUSING MARKET • REGIONAL SHOPPING HUB
- The subject property is located in Longview, the county seat of Gregg County, which lies 2 hours east of Dallas and one hour west of Shreveport, Louisiana. Longview is the center of economic activity for a significant part of northeast Texas, supporting a growing economy, a strong housing market, and a regional shopping hub with new retail development and construction on the north side of the city. Major industries include energy, medical services, technology, and manufacturing.
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