Walgreens | Madeira Beach, FL
CORPORATE GUARANTY | INVESTMENT GRADE CREDIT (S&P: BBB) | $136.87 BILLION IN FY 2019 | 18,500+ LOCATIONS
Walgreens is a leading drug store chain with 9,277 retail store locations across the US and 18,500 retail locations worldwide. Walgreens is a household name with more than 75% of the US population living within 5 miles of one of its stores. For fiscal year
2019, Walgreens Boots Alliance, Inc. (S&P: BBB) generated revenues of approximately $136.87 billion, making it the 2nd largest drug store chain worldwide by revenue.
LONG TERM BONDABLE NNN GROUND LEASE (LEASEHOLD) | ZERO LANDLORD RESPONSIBILITIES
Walgreens signed a long-term lease in November 2014 and currently has approximately 19.4 years remaining in the primary term. The bondable triple-net (NNN) lease has zero landlord responsibilities, with the tenant being responsible for all maintenance, repair and replacement. Under the coterminous Ground Lease, Walgreens pays Ground Rent directly to the Land (Fee) Owner and Building Rent directly to the Building (Leasehold) Owner.
TAX ADVANTAGED ZERO CASH FLOW (ZCF) OFFERING | HIGH LEVERAGE | FULLY DEPRECIABLE
The in-place ZCF loan and fully depreciable leasehold ownership interest generate annual passive losses that work to offset taxable income from other investments, thus helping to reduce an investor’s overall tax basis.
PROMINENT HARD CORNER LOCATION | HIGHLY VISIBLE & EASILY ACCESSIBLE SITE
The subject property is strategically positioned on a hard corner at the 45,373 VPD intersection of 150th Avenue and Duhme Road. Walgreen’s is easily accessible with curb cuts located along both 150th Avenue, a primary thoroughfare to Madeira beachfront locations, and Duhme Road and features two (2) points of ingress/egress around its perimeter.
3RD MOST POPULOUS STATE IN U.S. | DESIRABLE COASTAL COMMUNITY | NO PERSONAL INCOME TAX
Located approximately 23 miles southwest of downtown Tampa, FL on the barrier island between the Gulf of Mexico and the Boca Ciega Bay, the subject property is strategically located to serve the 8,200+ residents with average household incomes exceeding $84,500 within 1 mile. With the 3rd largest population and the 4th best tax climate in the U.S., Florida is an attractive market for net lease investors from all around the country.
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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.