3515 Park Avenue, Memphis, TN 38111 For Sale

We are pleased to market for sale the Walgreens property located at 3515 Park Ave, Memphis, TN 38111 ("The Property"). Walgreens has been operating at this location for 24 years and has approximately 9 years remaining on its lease. The lease offers 5% rental increases every 5 years, and in each of the 12 5-year options. Walgreens will be paying $16.8 /sf in rent after the next increase, which is in line with the local retail market of $16-18 /sf. Walgreens operates on an absolute triple net lease, which provides for no landlord obligations whatsoever.

The Property is expected to benefit from the transfer of prescription counts from a nearby Walgreens located 2.3 miles away that is scheduled to close on July 21, 2026. According to Placer.ai, the property ranks in the top 25% of Walgreens nationwide. Strategically located 0.5 miles from the University of Memphis, the property benefits from close proximity to the university with over 24,000 students and faculty, generating steady traffic and pharmacy demand. Situated 5.5 miles from Downtown Memphis, the Property benefits from its close proximity to the city’s core and supports 101,000 households and a total population of over 245,000 within a 5-mile radius.

In addition, the property is located 2.5 miles from the FedEx World Hub, the largest sort facility in FedEx’s global network, employing over 30,000 people locally and generating annual revenues exceeding $45 billion. Positioned within a dense retail corridor, the Property is surrounded by over 8.6 million square feet of existing retail space within a 3-mile radius, with a vacancy rate under 4%.

Listed in conjunction with Brian Brockman, Bang Realty - Tennessee Inc, 513-898-1551, [email protected], TN DRE Lic. 343847.