Walgreens
Retail | 9.00% Cap Rate | 14,470 Sq Ft
Marketing description
Horvath & Tremblay is pleased to present the exclusive opportunity to purchase the single-tenant, Absolute NNN leased, Walgreens located at 7039 Mechanicsville Turnpike in Mechanicsville, Virginia (the “Property). Walgreens has been at the Property since its construction in 2011 and has 10+ years remaining on an absolute triple-net lease with ten (10), 5-year renewal options.
The Property occupies a highly visible corner location at the signalized intersection of Lee Davis Road and Mechanicsville Turnpike (US Route 360), one of the area’s most heavily traveled retail and commuter corridors. Benefiting from prominent frontage, dual access points, and strong daily traffic counts, the site offers excellent accessibility and exposure to consumers throughout the Mechanicsville trade area. Positioned as an outparcel to Hanover Village, a regional shopping destination anchored by Aldi and Tractor Supply Co, the Property also sits immediately adjacent to Publix, further reinforcing the corridor’s retail strength. The surrounding area features a significant concentration of national retailers, restaurants, service businesses, and nearby schools that collectively generate consistent consumer activity. Dense residential development throughout the surrounding neighborhoods provides a stable and affluent customer base, while convenient access to Interstate 295, located approximately 1.25 miles away, and proximity to Downtown Richmond, just 8.5 miles southwest, enhance the Property’s long-term commercial appeal and regional connectivity.
Investment highlights
LONG TERM LEASE: Walgreens has 10+ years remaining on their primary lease term followed by ten (10), 5-year renewal options.
ZERO MANAGEMENT RESPONSIBILITIES: The Walgreens lease is Absolute NNN and requires zero management responsibilities making it an attractive fee simple investment for the passive real estate investor.
INVESTMENT GRADE CREDIT: The lease is guaranteed by Walgreens corporate, a trusted, global innovator in retail pharmacy with approximately 8,000 locations across the U.S. and Puerto Rico. In August 2025, the company was acquired by Sycamore Partners. The private equity firm paid $10 Billion for the company.
STRATEGIC LOCATION: The Property is situated at the signalized intersection of Lee Davis Road and Mechanicsville Turnpike (US Route 360), the area’s primary commercial and commuter corridor. The Property benefits from excellent visibility and frontage as well as two points of access. The Property is an outparcel to Hanover Village, a large shopping center anchored by Aldi and Tractor Supply Co, and is adjacent to Publix. Walgreens is situated in the center of a dominant trade area with large shopping centers, countless national and local retailers and restaurants, businesses, and several area schools that drive traffic to the area. The trade area is surrounded by densely populated residential neighborhoods, providing a strong consumer base. The Property is 1.25 miles from Interstate 295, and just 8.5 miles from Downtown Richmond.
OUTSTANDING TRAFFIC COUNTS: Over 54,000 vehicles per day pass by the Property at the signalized intersection of Mechanicsville Turnpike and Lee Davis Road.
STRONG DEMOGRAPHICS: Approximately 34,200 people live within 3 miles of the Property with an average household income of $127,601. More than 86,400 people live within 5 miles of the Property with an average household income of $114,211.
RETAIL TRADE AREA: Additional retailers drawing traffic to the trade area include Walmart Supercenter, Target, Home Depot, Lowe’s, BJ’s Wholesale Club, Publix, Food Lion, Aldi, Harbor Freight, Hobby Lobby, Kohl’s, Tractor Supply Co, Marshalls, CVS, Advance Auto Parts, AutoZone, Outback, Panera, Chick-fil-A, Starbucks, McDonald’s, Burger king, Wendy’s, KFC, Arby’s, Taco Bell, Five Guys, Jersey Mike’s, Waffle House, Cracker Barrel, Crumbl, Panda Express, and Wawa.
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