Midwestern Walgreens | Absolute Net in Indiana
2400 East Center Street, Warsaw, IN, USA Map
Listing Price $4,784,614
| Status | Closed |
| Lease Type | Absolute Net |
| Property Type | Retail |
| CAP Rate | 6.5% |
| GLA (Sq. Ft.) | 14,500 |
| NOI | $311,000 |
| Lease Term Remaining | 5.5 Years |
| Options | 10 x 5 Years |
| State (BOR) | IN |
| Broker of Record | Josh Caruana |
| License # (BOR) | RB14034355 |
| Close Date | Mar 17, 2023 |
Investment Highlights
- Subject is a Prime 14,500 Square-Foot Build-to-Suit
Walgreens on a 1.68-Acre Lot with Ample Parking, Pylon Signage, Easy Ingress/Egress, Strategically Located on a Signalized Intersection - Absolute NNN Lease with a 25-Year Base Term and Zero Landlord Responsibility | Over Five Years Remaining and 10 x 5-Year Options
- Robust Traffic Counts on Argonne Road (12,588 VPD)
and Center Street (13,423 VPD), a Quarter Mile off of US Highway 30 (26,038 VPD) (Source: LandVision, CoStar, 2022) - Investment-Grade Credit Tenant Walgreens Boots Alliance (NASDAQ: WBA) has a Long-Term Stable Credit Rating of Baa2 (Stable) from Moody’s and Investment Grade Rating of BBB (Stable) from S&P
- Well Established Retail Corridor | Nearby National Retailers Include: Applebee’s, Taco Bell, Burger King, Wyndham, Holiday Inn, Avis, Ruby Tuesday, Kroger, Dunkin’, AutoZone, and Others
- Thriving Community with an Average Household Income of Over $87K within Five Miles of the Subject Asset, as of 2022
- Subject is less than 45 Miles from Ft Wayne International Airport, Serving 600K Passengers Annually and 40 Miles from Downtown Fort Wayne with a Population of 268,000 (fwairport.com)
- Parks and Outdoor Recreational Facilities Nearby Include: Winona Lake, Center Lake Wetland Conservation Area, Rozella Ford Golf Course, Kelly Park, Stonehenge Golf, and More
