Walgreens - East Providence

600 Warren Ave East Providence , RI 02914

Walgreens - East Providence - Retail for sale

Overview


.Jones Lang LaSalle is pleased to offer for sale the leasehold interest in a freestanding Walgreens (the “Property”, or “Asset”) located in East Providence, Rhode Island (Providence, RI MSA). Situated adjacent to Interstate 195 with over 120,000 VPD, the Asset is perfectly located to serve the Providence County market. Walgreens Co, (the “Tenant”), is under an absolute NNN lease structure with no landlord responsibilities and over 14.6 years left of lease term. Walgreen Boots Alliance is the largest drug store company in the United States ranked by sales, and holds a ‘BBB’/Stable credit rating by Standard & Poor’s. The company is listed on the NASDAQ under ticker symbol “WBA”.

Investment Highlights



The Asset is leased on an absolute NNN basis to Walgreens with zero landlord obligations

The tenant has over 14.6 years of lease term remaining

The Asset is located along Warren Avenue adjacent to Interstate 195 that sees over 121,000 VPD

The property is located 3 miles from downtown Providence, RI with 95,000+ residents with an $80,000+ average household income within a 3-mild radius

Walgreens holds an investment-grade rating of ‘BBB’ by Standard & Poor’s

Providence, Rhode Island, the capital and is the most populous city in the state of Rhode Island

Greater Providence is the third largest city in the New England area and is home to over 1.6 million residents


General
Property Type Retail
Property Subtype Single Tenant / Standalone
Tenure Type Sale / Purchase
Property Address 600 Warren Ave, East Providence, RI 02914-2808
Building Size 16,657  ft2
Financial
Price $3,790,850
Cap Rate 7.65%
Current NOI $290,000.00
Lease
Tenant's Name Walgreens Boots Alliance, Inc
Credit Rating (S&P) BBB
Lease Type NNN
Annual Rent $290,000.00
Lease Expiration Date 04/30/2033
Remaining Term 14Yrs
Download Offering Memorandum

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