Sales Price: $7,978,723
Cap Rate: 4.85%
Guarantor: Investment Grade Credit (BBB)
Term Remaining: 15 years
Rate Increases: 5% x 5 years
You get out what you put in. From our first call in Q1 to closing escrow in Q3, our client was committed to our process by staying engaged and consistently providing clear feedback. NLX had a clear target for his criteria and as a result, sourced the exact deal he was looking for off-market: a Walgreens in FL with a new 15-year lease offering rent increases in the base term and option periods, an absolute NNN lease, at a competitive cap rate. The best part—our client used to frequent this exact Walgreens location when he lived in Florida many years ago.
“I had an exceptional experience working with Kourosh and Mehdi. They had a “white glove service” approach that is unrivaled to the brokers that have previously worked with me. Their knowledge, expansive network, and integrity were all key factors in finding the ideal property for me. I would be happy to work with them again in the future." - Anand
- Built in 2003, Walgreens signed a fresh 15-year absolute NNN lease, showing commitment to the location after 19 years of operating history. A rarity for drugstores, this lease included 5% increases every five (5) years through the base term and renewal options. Within a 1-mile radius, the population of over 15k is projected to grow by 7% over the next five (5) years. Market rents have also experienced over 7% YOY growth, with Walgreens currently signing a market rent of $22 psf.