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|Last Updated Date||26 Jun 2020|
JLL is pleased to offer for sale the fee-simple interest in a corporate Walgreens located in Ballston Lake, New York. The property sits on the hard corner of an over-sized 7.96 acre parcel with exclusive market share to the local Ballston Lake community. It is located near an exit and entry ramp to Interstate 87, a major highway that runs from New York City through Albany and has traffic volumes of 80,000 VPD. With drive-thru access and modes of ingress and egress from both Round Lake Road and Raylinsky Road, the property’s hard corner location offers ease-of-access.
With over 13,800 stores across the U.S., Walgreens is the preferred retail pharmacy serving a remarkable 6 million customers per day. Walgreens’ investment grade tenancy (Moody’s: ‘Baa2’) provides greater financial security to the rental cash flows. Cash flows compliment significant residual value driven by original build-to-suit project costs of $2.6 million. The property is the only nationally branded pharmacy within a 5-mile radius, offering unparalleled market share.
- Absolute triple net lease with zero landlord responsibilities
- Four, 5-year renewal options and contractual rental increases
- Leading retail pharmacy chain with $136.8 billion annual revenue
- Offering more than 18,000 products and filling over 1.1 billion prescriptions per month
- Strategic location with excellent exposure to local customer traffic