Listed by CBRE - Atlanta, CBRE - San Diego, CBRE Atlanta, CBRE - Orlando
$5,200,000
Walgreens: West Palm Beach, FL
Details
Property Type Retail
Sub Type Pharmacy/Drug
Square Footage 15,034
Net Rentable (SqFt) 15,034
Cap Rate 6.80%
NOI $354,640
Tenancy Single
Lease Type NN
Lease Expiration 02/28/2031
Remaining Term 4.7
Rent Bumps No
Lease Options Six, 5-Year Options (Automatically Renewed)
Year Built 2000
Acreage 1.790
Parking Spaces 68 spaces
Parking Per SqFt 4.52
Investment Type Net Lease
Lease Commencement 01/01/2000
Ground Lease No
Retail | 6.80% CAP | 15,034 SqFt
Marketing description
CBRE is pleased to present a rare investment opportunity to acquire a Walgreens-occupied net lease retail property located at 963 South Military Trail in West Palm Beach, Florida. This property is positioned with excellent access and visibility at the corner of the signalized intersection of South Military Trail (48,000 VPD) and Summit Boulevard (23,800 VPD), and is 1 mile south from the on-ramp to Southern Boulevard (70,000 VPD).
The 15,034-square-foot building sits on 1.79 acres and is leased to Walgreen Co. through February 2031 with six, 5-year renewal options that are automatically renewed. Walgreens' original 20-year term was set to expire in 2019 but the lease was extended through 2031 and now has approximately 4.8 years of term remaining.
As a leading retailer and one of the largest purchasers of prescription drugs in the world, Walgreens is consistently among the largest U.S. companies by revenue and ranks #26 on the 2025 Fortune 500 list. In September 2025, Walgreens was taken private by Sycamore Partners, a private equity firm specializing in consumer and retail-related investments.
Investment highlights
- As a leading retailer and one of the largest purchasers of prescription drugs in the world, Walgreens is consistently among the largest U.S. companies by revenue and ranks #26 on the 2025 Fortune 500 list. In September 2025, Walgreens was taken private by Sycamore Partners, a private equity firm specializing in consumer and retail-related investments. At time of acquisition (Q3 FY 2025), Walgreens reported TTM Revenue of $154.5 billion and TTM Adjusted EBITDA of $3.8 billion as of May 31, 2025. S&P and Moody's withdrew all of their ratings on Walgreens Boots Alliance Inc. and Walgreen Co. following the completion of the company's acquisition by Sycamore Partners. At time of withdraw, S&P's long-term issuer credit rating was BB- and Moody's corporate family rating was Ba3.
- Walgreens' original 20-year term was set to expire in 2019. The lease was extended through 2031 and now has ±4.8 years of term remaining with six, 5-year renewal options (automatically renewed).
- Located 6.4 miles southwest of downtown Palm Beach, Walgreens is positioned with excellent access and visibility at the corner of the signalized intersection of South Military Trail (48,000 VPD) and Summit Boulevard (23,800 VPD), and is 1 mile south from the on-ramp to Southern Boulevard (70,000 VPD). This corridor is one of Palm Beach County's highest-traffic retail corridors, surrounded by dense residential demand, established commercial uses and limited infill competition.
- The property is strategically located across South Military Trail from the 130,285-square-foot Polo Grounds Mall, which is anchored by Publix and further occupied by bealls, Five Below, USPS, AT&T and Papa Johns Pizza, among others. Outparcels to the center include McDonald's, Chase Bank, WingStop, La Brasa Grill and Cricket Wireless.
- Walgreens is positioned within one of West Palm's primary retail and commercial corridor with 6.5 MSF of retail, 1.7 MSF of office, 3.8 MSF of industrial and 19,002 multifamily units within a 3-mile radius. Additional retailers in the immediate area include Walmart Supercenter, The Home Depot, Sprouts Farmers Market, Walmart Neighborhood Market, Crunch Fitness, Planet Fitness, Foot Locker, Family Dollar, Dollar Tree, CVS, Applebee's Grill + Bar, Chick-fil-A, McDonald's, Wendy's, Chipotle Mexican Grill, Starbucks, Dunkin', Burger King, Popeyes Louisiana Kitchen, Chase Bank, Wells Fargo, TD Bank, O'Reilly Auto Parts, AutoZone Auto Parts and Valvoline Instant Oil Change, to name a few.
- Walgreens is surrounded by dynamic demographics with a population of 151,449 and an average annual household income of $90,416 within a 3-mile radius. Additionally, there are more than 8,200 households and 2,235 multifamily units within a mile, placing a significant built-in customer base within walking distance of the property.
- The property is proximate to a number of major traffic drivers in the area including Trump International Golf Club West Palm Beach (1.2 miles east), Cox Science Center & Aquarium (3.4 miles northeast), Palm Beach International Airport (3.5 miles northeast), Okeeheelee Park (4.3 miles southwest) and Palm Beach State College (4.8 miles southeast; 26,000 students), among many others.
- The Miami–Fort Lauderdale–Palm Beach Metropolitan Statistical Area (the South Florida MSA or South Florida) consists of Broward, Miami-Dade and Palm Beach Counties and is situated along the southeastern coast of Florida. With over 6.2 million residents, South Florida is the most populous MSA in Florida, accounting for more than 30% of the state's residents and the 9th most populous MSA nationally.
Listing Contacts
Listed by CBRE - Atlanta, CBRE - San Diego, CBRE Atlanta, CBRE - Orlando
Valuation Calculator
Login or Sign up to see Valuation Metrics
Sign up for Crexi to see valuation metrics for this property
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$354,640.00
$29,553.33/mo
Valuation Metrics
0
DSCR
6.82%
Cap Rate
6.82%
ROI
Map
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Is there information that looks off?
