Walgreens 106 Memorial Dr 14,636 SF Retail Building Paris, TN 38242 $3,666,667 ($250.52/SF) 6.90% Cap Rate
INVESTMENT HIGHLIGHTS
- Recent Extension to initial lease term giving initial term of approximately 11 years remaining
- Long Operating History (22+ years), recent lease extension, low rent - all signs of Walgreens long term commitment to the site
- Low Rent ($17.34/SF) well below Walgreens national annual average lease ($20.25/SF)
- Strategically located at signalized intersection that sees over 28,000 vehicles per day
EXECUTIVE SUMMARY
- Absolute NNN Lease - No Landlord responsibilities
- Strong Corporate guarantee: Walgreens Co. (Nasdaq: WBA)
- Recent Lease Extension providing approximately 11 years of remaining initial lease term
- Long tenant operating history (22+ years)
- Low rent ($17.34/SF) compared to tenant’s annual lease national average of $20.25/SF
- Site sits at signalized intersection that sees over 28,000 VPD
- State Income Tax Free State
*New Development* Less than a mile South of the property down Mineral Wells Pkwy, “Paris Crossing”, a 160,000 SF retail power center with committed retailers Aldi, Hobby Lobby, TJ Maxx, PetSmart, Ulta, Five Below, Burlington, and more, has been approved for TIF programs from the 3 government bodies to begin development with an end date expected late 2026. The 2nd phase of this development includes a 150 unit apartment complex just north of the retail center and is expected to be completed by 2029. Additionally, the planners also approved a new Starbucks development on Mineral Wells Pkwy just south of Tidal Wave Auto Spa next to Walmart facing Walgreens.
- Strong Corporate guarantee: Walgreens Co. (Nasdaq: WBA)
- Recent Lease Extension providing approximately 11 years of remaining initial lease term
- Long tenant operating history (22+ years)
- Low rent ($17.34/SF) compared to tenant’s annual lease national average of $20.25/SF
- Site sits at signalized intersection that sees over 28,000 VPD
- State Income Tax Free State
*New Development* Less than a mile South of the property down Mineral Wells Pkwy, “Paris Crossing”, a 160,000 SF retail power center with committed retailers Aldi, Hobby Lobby, TJ Maxx, PetSmart, Ulta, Five Below, Burlington, and more, has been approved for TIF programs from the 3 government bodies to begin development with an end date expected late 2026. The 2nd phase of this development includes a 150 unit apartment complex just north of the retail center and is expected to be completed by 2029. Additionally, the planners also approved a new Starbucks development on Mineral Wells Pkwy just south of Tidal Wave Auto Spa next to Walmart facing Walgreens.
DATA ROOM Click Here to Access
- Offering Memorandum
- Operating and Financials
PROPERTY FACTS
Sale Type
Investment NNN
Sale Conditions
Property Type
Retail
Property Subtype
Building Size
14,636 SF
Building Class
B
Year Built
2002
Price
$3,666,667
Price Per SF
$250.52
Cap Rate
6.90%
NOI
$253,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.20
Lot Size
1.70 AC
Zoning
B3 - Zoned "Highway Commercial" - current use is approved
Parking
79 Spaces (5.4 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Corner Lot
- Pylon Sign
- Signage
- Storage Space
- Air Conditioning
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
-
- Retailer
- 14,590 SF
- $17.34
- Triple Net
- Jan 2036
Walgreens is a trusted and convenient local health destination that millions of Americans rely on every day. Their founder, Charles R. Walgreen Sr., was known for finding new ways to connect with customers on a personal level and treating each person like a guest in his own home. For over a century, they have expanded that personal connection through their network of neighborhood pharmacies and their innovative health services and products. The foundation for all of this is their trusted pharmacy expertise, and their team members who provide essential care that helps people achieve better health outcomes at an affordable cost.
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
|
|
Retailer | 14,590 SF | $17.34 | Triple Net | Jan 2036 |
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 106O-C-001.00 | Improvements Assessment | $469,000 |
| Land Assessment | $248,200 | Total Assessment | $717,200 |
CONTACTS
-
Andy Heck -
Andrew Medler -
IEB Real Estate
