Walgreens Zero Cashflow Leasehold

Tenant

Walgreens

Location

Orlando, FL

Price

$4,063,310

CAP Rate

Unstated

NOI

$270,924

Lease Term

19.5 Years Remaining

Occupancy

100%

Building Size

16,472 Sq. Ft.

Property Type

Single Tenant

Year Built

2012

Lot Size

1.96 acres

Status

Under Contract

Property Contacts:

Karly Iacono

First Vice President Investments

(201) 742-6119 | Email

  • Zero Cashflow Structure with Assumable Self Amortizing Debt
  • Absolute NNN Corporately Guaranteed Lease
  • Investment Grade Tenant | BBB (S&P)
  • Prime Real Estate | Located 0.4 Miles from SeaWorld Orlando & Other Major Attractions
  • Excellent Visibility | 54,500 Vehicles Per Day
  • Attractive Paydown Re-Advance Feature on Debt
  • Major Tourist Destination | Over 75 Million Annual Visitors
  • $2+ Billion in High-Profile Developments Planned for 2020 and Beyond

The Iacono Team at Marcus and Millichap is pleased to exclusively present a Walgreens leasehold interest in Orlando, FL. The property is subject to an absolute NNN lease with a firm term of 19.5 years remaining. There are no rent holidays and the debt is fully self-amortizing. The existing zero cashflow loan must be assumed and includes the attractive pay down re-advance feature. It is priced at 15.50% equity over the debt balance.

Walgreens is the second largest pharmacy chain in the US. It specializes in filling prescriptions, health and wellness products, health information, and photo services. The company operates more than 9,277 locations across all 50 states and US territories. Walgreens was founded in Chicago, IL in 1901 and went public in 1927. It is headquartered in the Chicago suburb of Deerfield, IL.

The subject property is uniquely located just 0.4 miles from SeaWorld Orlando and its complementary theme parks such as Discovery Cove and Aquatica SeaWorld. Walgreens is ideally positioned on a hard corner signalized intersection with more than 54,500 vehicles per day. There are many prominent national retailers surrounding the subject property such as Wawa, Taco Bell, Wendy’s, Panera Bread, Buffalo Wild Wings and many more. Orlando is a major metropolitan city in Florida and has more than 285,000 residents. Furthermore, Orlando is the theme park capital of the world and draws in more than 75 million annual visitors each year. International Drive has more than $2 billion high-profile developments planned in 2020 and beyond including numerous hotels, restaurants, bars and other entertainment venues. In addition to SeaWorld, the subject property is centrally located near Orlando’s many other attractions such as Orange County Convention Center, The Wheel at ICON Park, Ripley’s Believe it or Not, WonderWorks, Orlando Vineland Premium Outlets and more. This is a unique opportunity for an investor to acquire a well-performing asset with strong underlying real estate