Walgreens
| Status | Sold |
|---|---|
| Price | $10,752,000 |
| Cap Rate | 4.50% |
| NOI | $483,840 |
| Lease Type | Absolute NNN |
| Lease Term | 15-years |
| Lease Start | 2/6/2020 |
| Lease Expiration | 2/28/2035 |
| Building Size | 15,120 SF |
| Lot Size | 1.3 AC |
Overview
Located 35 miles northeast of San Diego, the site boasts excellent access and visibility on the signalized hard corner of N. Rose Street and Valley Parkway, which is Escondido’s primary retail thoroughfare.
Walgreens is situated among a critical mass of retailers which include Walmart, ALDI, Albertsons, Vallarta Supermarket, The Home Depot, Big Lots, JOANN Fabrics, Big 5 Sporting Goods, Office Depot, Planet Fitness, and Chase Bank. Quick service restaurants in the area include Chipotle, Del Taco, IHOP, Subway, Popeyes, Burger King, Pizza Hut, McDonald’s, and Taco Bell, among many others.
Additional traffic drivers within the immediate area include Palomar Medical Center Escondido (228 private rooms), the San Diego Zoo Safari Park, San Diego Children’s Discovery Museum, California Center for the Arts and Regal Escondido & IMAX theater.
Walgreens benefits from a substantial built-in customer base due to its proximity to Palomar College (enrollment: 31,600), Cal State University San Marcos (enrollment: 14,200), California College San Diego (enrollment: 875), Escondido High School (enrollment: 2,381), and a large concentration of apartment complexes and multifamily units.
- 15-Year Absolute NNN Lease with no Landlord Responsibilities
- 5% Rent Increases every 5-Years Including Option Periods (12 Options)
- Investment Grade Tenant (S&P BBB)
- Excellent Traffic Count (27.5k VPD) on Exceptional Retail Corridor
- 35 Miles Northeast of San Diego
- 5 Miles from Palomar Medical Center a 56-Acre Campus (288 Private Rooms)
