RECENT LEASE EXTENSION
INVESTMENT GRADE CREDIT TENANT
Walgreens Boots Alliance, Inc. holds an investment grade credit rating of BBB with Standard & Poor’s. As of August 31, 2019, Walgreens has Revenues of $136.9 Billion and a tangible net worth of $12.6 Billion.
STRONG INCOME TAX-FREE TENNESSEE MARKET
Subject Property is located in the Memphis city limits and in the community of Cordova. Cordova is a thriving submarket of Memphis with a single digit vacancy rate of 5.1% and growing market rents.
PRIME DRUG STORE LOCATION
Within three miles of the Subject Property, there are over 18,000 households and the average household income is $134K. Additionally, the closest competitor to this Walgreens is over two miles away providing convenience to a large group of consumers.
VALUE-ADD COMPONENT WITH RENTAL INCREASE
The Tenant has an upcoming 10% r ental increase in their first option period.
TENANT REPORTS UNIT SALES FIGURES
Per the lease agreement, the Tenant is obligated to provide unit level sales figures.
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The information contained herein has been obtained from sources deemed reliable or implied, is made with respect to such information. Terms of sale or lease and availability are subject to change or withdrawal without notice.