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INVESTMENT HIGHLIGHTS
LONG TERM LEASE: Walgreens has been at the Property since it was constructed in 2004 and they have 5 years remaining on their primary lease. followed by ten (10), 5-year renewal options. Walgreens Subleased the premises to Dollar General in December 2022.
CORPORATE GUARANTY: The lease is fully guaranteed by Walgreens corporate. Walgreens’ parent, Walgreens Boot Alliance (NYSE: WBA), is a publicly traded company and reported 2023 sales of $139.1 billion. The Property is subleased to Dollar General which operates over 20,000 locations throughout the country. Dollar General’s net sales increased 2.2% to $38.7 Billion in fiscal year 2023 compared to $37.8 Billion in net sales in fiscal year 2022.
ZERO LANDLORD RESPONSIBILITIES: The Walgreens lease is absolute triple net and requires no landlord management responsibilities, making it an attractive investment for the passive real estate investor.
STRATEGIC RETAIL LOCATION: The Property enjoys prominent signage and outstanding visibility, frontage and access at the confluence of Salem Avenue and OH Route 49, the area’s primary commercial and commuter corridor. The Property sits in between Home Depot and Lowe’s and is adjacent to Pep Boys, Taco Bell, KFC and White Castle, all of which drive traffic to the immediate area. Additionally, the Property enjoys convenient access to area schools and is surrounded by densely populated residential neighborhoods and apartment communities that provide a built-in customer base.
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