Walgreens
NNN Lease | 20+ Year Operating History | Drive-Thru | Signalized Corner | Quad Cities MSA
Marketing description
Forged Real Estate is pleased to exclusively offer the opportunity to acquire the fee simple interest in a single tenant property leased to Walgreens, (the “Property”) in Moline, the largest city located in Rock Island County, situated in northwest Illinois. Walgreens operates on a triple-net (NNN) lease with just under 12 years of firm term remaining. The triple-net (NNN) lease structure allows for a hands-free, passive form of ownership. Walgreens has operated at this location since 2002. The 20+ year operating history has allowed Walgreens to create an identity within the community. Walgreens is positioned at the corner of the signalized intersection between 16th Street (19,800 VPD) and 36th Avenue (10,900 VPD) benefiting from ample visibility. The property also boasts numerous modes of accessibility, from both 16th Street and 15th Street D. Walgreens sits less than 1 mile from Exit 4A off Interstate 74, a major interstate highway in the country that boasts 45,700 VPD. The area surrounding Walgreens is home to some of the top performing retail within their respective category/chain in the country. The Rock River Plaza in Moline has seen 6.2 million visits in the last 12 months and within the Shopping Center category, ranks in the top 98th percentile in Illinois and the top 97th percentile in the United States. In Illinois, Lowe’s ranks in the top 94th percentile of its chain and Walmart Supercenter ranks in the top 88th percentile of its chain (Placer.ai). The 5-mile area surrounding the Property exhibits excellent demographics with a population of over 131,700 and 57,600 households.
Walgreens is the second-largest drugstore chain in the country within the U.S. Retail Pharmacy Segment of Walgreens Boots Alliance, Inc. (Nasdaq: WBA). Walgreens currently boasts nearly 8,700 convenient retail locations that in addition to their prescription services, offers deals on vitamins, personal care, grocery items, and more. As of their Q4 2024 financial report released October 14th, WBA reported a sales increase of 6% over Q4 2023 and sales of $147.7 billion for fiscal 2024, an increase of 6.2% from the same period in 2023. Last year, Walgreens Boots Alliance had been recognized as the Most Innovative Company of the Year, receiving a Gold Stevie Award through The 2023 American Business Awards.
Investment highlights
NNN LEASE – Walgreens operates on a triple-net (NNN) lease with just under 12 years of firm term remaining. The triple-net (NNN) lease structure allows for a hands-free, passive form of ownership.
LONG OPERATING HISTORY (20+ YEARS) – Walgreens has operated at this location since 2002. The 20+ year operating history has allowed Walgreens to create an identity within the community.
PRIME LOCATION – Walgreens is positioned at the corner of the signalized intersection between 16th Street (19,800 VPD) and 36th Avenue (10,900 VPD) benefiting from ample visibility. The property also boasts numerous modes of accessibility, from both 16th Street and 15th Street D.
DENSELY POPULATED AREA – Moline is the most populous city in Rock Island County. The 5-mile area surrounding the Property exhibits excellent demographics with a population of over 131,700 and 57,600 households.
NEARBY MAJOR INTERSTATE HIGHWAY I-74 (45,700 VPD) – Walgreens sits less than 1 mile from Exit 4A off Interstate 74, a major interstate highway in the country that boasts 45,700 VPD.
STRONG PLACER.AI PERFORMANCE OF SURROUNDING RETAIL – The area surrounding Walgreens is home to some of the top performing retail within their respective category/chain in the country. The Rock River Plaza in Moline has seen 6.2 million visits in the last 12 months and within the Shopping Center category, ranks in the top 98th percentile in Illinois and the top 97th percentile in the United States. In Illinois, Lowe’s ranks in the top 94th percentile of its chain and Walmart Supercenter ranks in the top 88th percentile of its chain (Placer.ai).
BUSTLING RETAIL CORRIDOR – Walgreens is surrounded by a host of nearby national retailers including: Walmart Supercenter, Target, Lowe’s Home Improvement, Wells Fargo Bank, Menard’s, Kohl’s, Hobby Lobby, PetSmart, Ross Dress for Less, Marshalls, Dick’s Sporting Goods, JOANN, Harbor Freight Tools, Ollie’s Bargain Outlet, Planet Fitness, Party City, Petco, Dollar Tree, Firestone, Tires Plus, Aspen Dental, GameStop, Mattress Firm, Verizon, T-Mobile, Applebee’s, Olive Garden, Buffalo Wild Wings, Panera Bread, Chipotle, 7-Eleven, McDonald’s, Chick-Fil-A, Starbucks, Popeyes, Wendy’s, Taco Bell, Burger King, Panda Express, KFC, and Arby’s demonstrating the strength of the retail corridor.
In cooperation with Jimmy Goodman, The Boulder Group
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