Walgreens | Strong Sales | 10.5 Yr NNN Lease

Walgreens | Strong Sales | 10.5 Yr NNN Lease

9601 Gibson Blvd SW
Albuquerque, NM

Price: $7,044,000
Cap: 7.00%
NOI: $495,000
Building Size: 16,284 SF
Lot Size: 1.76 AC

Investment Highlights

5 MILE POPULATION: 145,469
• This Walgreens is located in a dense residential infill with 145,469 people in a 5 mile radius.
 
TOP PERFORMING WALGREENS
• This Walgreens ranks in the top 93% of Walgreens locations in the country and is in the top 77% in New Mexico (Placer.ai).
• According to Placer.ai, 267.1K customers visit this Walgreens per year which ranks this store 483 out of 7,778 Walgreens in the country.
 
CORNER LOCATION AT AN INTERSECTION | 12,600 VPD
• Located on a hard corner at the intersection of Snow Vista Blvd and Gibson Blvd with a combined traffic count of 12,600 VPD.
• 2.5 Miles off Interstate 40 with 20,095 VPD.
 
ALBUQUERQUE | MOST POPULOUS CITY IN NM
• Albuquerque is the most populous city in NM and is the fourth largest city in the southwest with 572,864 residents.
• The city is New Mexico’s leading economic center, accounting for half the state’s economic activity.
• The economy is highly diversified, centering on science, medicine, technology, commerce, education, media entertainment, and culture (particularly fine arts); construction, film production, and retail.
• There are 37 major hospitals in Albuquerque that have a total gross patient revenue of $21 Billion per year.
• Home to multiple academic institutions such as the University of New Mexico (25,441 Students) and Central New Mexico Community College (22,278 Students).
• Film studios have a major presence throughout New Mexico; Netflix maintains a major production hub at Albuquerque Studios.
 
10.5 YEAR CORPORATE NNN LEASE
• This is a 16,284 SF Walgreens with a drive thru that has been operating at this location since 2009
• The subject property has a corporate guaranteed NNN Lease with Walgreens that commenced in July 2009 and expires in July 2034. Tenant has fifty, 1-year options periods thereafter.
• The Tenant is 100% responsible for all expenses including taxes, insurance, CAM, roof and structure.
 
WALGREENS OPERATES 9,000+ LOCATIONS IN ALL 50 STATES
• Walgreens has over 9,000 retail pharmacies across the US with 78% of the US population living with 5 miles of a Walgreens.
• Employs more than 85,000 healthcare service providers, including pharmacy technicians, nurse practitioners and other health professionals.
• In 2021, Walgreens Co. purchased the majority of VillageMD and in the beginning of 2023 VillageMD closed on its acquisition of Summit Health.
• This acquisition creates one of the largest independent provider groups in the country operating more than 680 provider locations in 26 markets with 20,000 employees.
• Walgreens Co. plans to open 600 more VillageMD locations at existing Walgreens in more than 30 markets by 2025 and 1,000 by 2027.
Don McMinn
OFFERING MEMORANDUM

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