Walgreens | 12.5 Year NNN Lease | Strong Sales

Walgreens | 12.5 Year NNN Lease | Strong Sales

3601 16th St
Moline, IL

Price: $4,870,000
Cap: 6.50%
NOI: $316,492
Building Size: 15,120 SF
Lot Size: 1.7 AC

Investment Highlights

2 MILES FROM TRINITY MEDICAL CENTER | 236,709 SF WITH 600+ BEDS
• Trinity Medical Center is 2 miles from this Walgreens. The complex is 236,709 SF with 600+ beds and is the largest hospital in Moline.
• In 2022, Trinity Medical Center opened a new $30M rehab center on the southeast side of the complex.

ABOVE AVERAGE STORE SALES
• This Walgreens has above average store sales and has a healthy rent to sales ratio.

INTERSTATE LOCATION (40,500 VPD)
• Positioned less than 1 mile of Interstate 74 (40,500 VPD) at the intersection of 16th Street (10,500 VPD) and 36th Ave (6,700 VPD).
• SouthPark Mall, a 518,732 SF Mall with 60 shops, is also located off Interstate 74 and is only 1 mile from this Walgreens.
• Other nearby national retailers include Target, Kohls, Lowe’s Home Improvement, Walmart and more.

MOLINE, IL | LARGEST CITY IN ROCK ISLAND COUNTY
• Moline is located in northwest Illinois and is one of the Quad Cities, The Quad Cities is a region of cities: Davenport and Bettendorf in southeastern Iowa, and Rock Island, Moline and East Moline in northwestern Illinois.
• Moline is a retail hub for the Illinois Quad Cities, as South Park Mall and numerous big-box shopping plazas are located in the city.
• Quad City International Airport is located in Moline and is only 2 miles from this Walgreens. The airport supports over 665K passengers each year.
• Home to multiple colleges and universities including Black Hawk College (3,773 students) and Western Illinois University-Quad Cities (7,643 students).

12.5 YEAR CORPORATE NNN LEASE
• 15,120 SF Walgreens with a drive thru that has been operating successfully at this location since 2002
• The subject property has a corporate guaranteed NNN Lease with Walgreens that expires in September 2036 and there are 12.5 Years remaining.
• The original 25 Year lease commenced in January 2002 with a 2027 expiration date. However, in 2021, Walgreens exercised an early lease extension through September 2036.
• Walgreens has seven, 5 Year Options thereafter with no rent increases.
• The Tenant is 100% responsible for all expenses including taxes, insurance, CAM, roof and structure.

INVESTMENT GRADE TENANT
• Walgreens Boots Alliance is the largest retail pharmacy, health and daily living destination across the U.S. and Europe with 9,277 stores in all 50 states.
• Walgreens is publicly traded (WBA: NYSE) with a net worth in excess of $110 billion.
• Both Walgreen Co. and Walgreens Boots Alliance, Inc. are investment-grade rated each with a Standard & Poor’s rating of BBB.

Don McMinn
OFFERING MEMORANDUM

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