Walgreens | High Performing Location | Norristown, PA
Norristown, PA
Marketing description
Equity CRE is pleased to exclusively present for sale a property leased to Walgreens in Norristown, Pennsylvania. This offering includes a recently extended NNN lease that expires in July 2037, with nine 5-year renewal options. The lease is backed by a corporate guaranty from Walgreens, rated BB- by Standard & Poor’s, with over 8,000 locations in the United States, ensuring stable lease payments and long term security for property owners.
Located just 18 miles from Center City Philadelphia, the property sits prominently on the signalized corner of Ridge Pike and N Park Ave, with exposure to around 33,000 vehicles per day. It is situated in a strong retail corridor, adjacent to tenants such as Starbucks, Acme Markets, Pep Boys, TD Bank, Lidl, among many others.
Investment highlights
Recently Extended Lease: Walgreens has been at this location since 2005, and its lease expires in 2037, with nine 5-year renewal options.
Strong Corporate Guaranty: The lease is guaranteed by Walgreens, which is rated BB- by Standard and Poor’s. As one of the nation’s largest retail pharmacy chains with over 8,000 locations nationwide, Walgreens has a proven track record of performance and credit stability.
Strong Placer.ai Data: According to Placer.ai, this Walgreens location ranks in the 74th percentile in visits in Pennsylvania, and 63rd percentile nationally, with over 323,000 visits in the past 12 months.
Strategic Location: Walgreens is prominently located on the corner of Ridge Pike and N Park Ave, a high-traffic intersection which sees over 33,000 vehicles per day. The property sits in a strong retail corridor with many national tenants nearby, the site also benefits from close proximity to Shannondell at Valley Forge, a Continuing Care Retirement Community with over 1,100 residents.
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