Walgreen's
Retail | 9.00% CAP | 14,500 SqFt
Marketing description
Horvath & Tremblay is pleased to present the exclusive opportunity to purchase the single-tenant, absolute triple-net leased Walgreens located at 158 Main Street in North Reading, Massachusetts (the “Property”). Walgreens has occupied this Property since it was constructed in 2008 and they have 8+ years remaining on an absolute triple-net lease with fifty (50), 1-year renewal options.
The Property is situated on a highly visible corner parcel at the signalized intersection of Main Street (MA Route 28) and MA Route 62, two of the area’s primary commercial and commuter corridors. The Property enjoys outstanding visibility and frontage and benefits from three points of access. The Property is ideally situated along Main Street positioned directly in between the town’s two larger shopping centers. Walgreens is 0.7-miles from the Stop & Shop anchored Atlantic Plaza and 0.7-miles from the Walmart anchored North Reading Plaza. Additionally, Walgreens is 1.6-miles from MA Route 125 and 2-miles from Interstate 93. The North Reading Middle and High Schools are also just 2-miles from the Property.
Investment highlights
LONG TERM LEASE: Walgreens has 8+ years remaining on their primary lease followed by fifty (50), 1-year renewal options.
ZERO MANAGEMENT RESPONSIBILITIES: The Walgreens lease is absolute triple net and requires zero management responsibilities making it an attractive fee simple investment for the passive real estate investor.
INVESTMENT GRADE CREDIT: The lease is fully guaranteed by Walgreens corporate. Walgreens’ parent, Walgreens Boot Alliance (NYSE: WBA), is a publicly traded company and reported 2023 sales of $139.1 billion.
STRATEGIC RETAIL LOCATION: The Property is situated on a highly visible corner parcel at the signalized intersection of Main Street (MA Route 28) and MA Route 62, two of the area’s primary commercial and commuter corridors. The Property enjoys outstanding visibility and frontage and benefits from three points of access. The Property is ideally situated along Main Street positioned directly in between the town’s two larger shopping centers. Walgreens is 0.7-miles from the Stop & Shop anchored Atlantic Plaza and 0.7-miles from the Walmart anchored North Reading Plaza. Additionally, Walgreens is 1.6-miles from MA Route 125 and 2-miles from Interstate 93. The North Reading Middle and High Schools are also just 2-miles from the Property.
RETAIL TRADE AREA: Additional national retailers drawing traffic to the trade area include Walmart, Stop & Shop, Ocean State Job Lot, Marshalls, Home Goods, CVS, Firestone, Midas, Napa Auto Parts, Citizens Bank, 7-Eleven, Orange Theory, McDonald’s, Wendy’s, Starbucks, Papa Gino’s, Subway, and Dunkin’
TRAFFIC COUNTS: More than 24,700 vehicles pass the property daily at the signalized intersection of Main Street (MA Route 28) and Lowell Road (MA Route 62).
AFFLUENT DEMOGRAPHICS: Approximately 27,900 people live within 3-miles of the Property with an average household income of $212,889 and an impressive 96,700 people live within 5-miles of the Property. Additionally, there are more than 65,600 employees in the same area.
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