Walgreens Pharmacy – Cleveland (Madison), OH

  • Walgreens_Madison_830x460

Available $4,181,988 - Retail - Single Tenant
Cap Rate:  7.75%Size:  14,490 SFTerm:  15 Years Print

 Investment Offering & Highlights

  • ABSOLUTE NET LEASE STRUCTURE
    Zero landlord responsibilities for operating or capital expenses
  • CORPORATE BACKED LONG TERM LEASE
    Walgreens signed a 25 year lease in March 2007 leaving approximately 15 years remaining on the initial lease term
  • BBB CREDIT RATING BY STANDARD & POOR’S
    Tenant is publicly traded on the NYSE and reported annual revenues in excess of $117 billion in 2016
  • DIRECTLY ACROSS FROM MADISON SHOPPING CENTER
    64,700 SF Retail Center Anchored by Tractor Supply Co., Peebles and Snap Fitness
  • EXCELLENT EXPOSURE ALONG AREA’S MAIN TRAFFIC ARTERY
    Combined Daily Traffic Counts Exceed 21,500 Vehicles
  • SIGNALIZED HARD CORNER LOCATION WITH DRIVE-THRU

Property Description

THE SUBJECT PROPERTY IS A LEASEHOLD INTEREST IN A 14,490 SQUARE FOOT WALGREENS LOCATED IN MADISON, OHIO. WALGREENS SIGNED A 25 YEAR LEASE WHICH COMMENCED IN 2007, LEAVING APPROXIMATELY 15 YEARS REMAINING ON THE TENANT’S INITIAL LEASE TERM.

The lease is absolute net providing for zero landlord responsibilities. Walgreens, which is publicly traded on the New York Stock Exchange under the ticker symbol “WBA”, has a current BBB credit rating by Standard & Poor’s and boasts annual revenues in excess of $117 billion in 2016.

Located at the signalized intersection of North Ridge Road and Hubbard Road, the subject property is positioned along the area’s main retail corridor directly across from Madison Shopping Center, a 64,700 square foot retail center anchored by Tractor Supply Co., Peebles and Snap Fitness with a proposed 26,600 square foot pending expansion. Other national retailers in the immediate area include Walmart Supercenter, Giant Eagle, Advance Auto Parts, Family Dollar, McDonald’s, Burger King and many more. The property features excellent exposure and accessibility via two main traffic arteries with combined daily traffic counts in excess of 21,500 vehicles.

Additional Details

  • Price: $4,181,988
  • Cap Rate: 7.75%
  • Lease Term: 15 Years
  • Building Size: 14,490 SF
  • Year Built: 2007
  • Status: Available
Property Location