Walgreens

Walgreens

9400 Mentor Ave
Mentor, OH

Price: $4,193,000
Cap: 6.35%
NOI: $266,193
Building Size: 13,905 SF
Lot Size: 2.03 AC

Investment Highlights

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.

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

AFFLUENT CLEVELAND SUBURB | AVG. HHI: $101,008
• Mentor is an affluent suburb located 25 miles northeast of downtown Cleveland.
• The 5 mile population from this Walgreens is $105,326 and the 3 mile avg. HHI is $101,008.
• Cleveland has a population of 385,525, making it the 2nd largest city in Ohio and the 51st largest city in the United States. Cleveland is also the county seat of Cuyahoga County.
• Cleveland is a manufacturing center due to its location on the southern shore of Lake Erie and connects many canals and railroad lines. Cleveland’s other economic drivers include financial services, healthcare, and biomedicals.
• Home to multiple professional sports teams including the NFL’s Cleveland Browns, the NBA’s Cleveland Cavaliers, and the MLB’s Cleveland Indians.

ACROSS FROM A 250,000 SF HOSPITAL
• This Walgreens is directly across the street from Lake Health Hospital, a 250,000 SF complex with 237 beds.
• Other nearby hospitals include Cleveland Clinic Mentor Hospital, Tripoint Medical Center, UH Lake West Medical Center and more.

SIGNALIZED INTERSECTION ON DENSE RETAIL CORRIDOR
• The subject property is positioned at the signalized intersection of Hwy 20 (20,112 VPD) and Chillicothe Rd (9,025 VPD)
• Located in the main retail pocket on Hwy 20. Nearby national retailers include Lowe’s Home Improvement, Trader Joe’s, Target, Walmart, Meijer, and more.

12.5 YEAR CORPORATE NNN LEASE
• 13,905 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.

Don McMinn
OFFERING MEMORANDUM

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