Investment Offering
Levittown, PA - Walgreens
8500 New Falls Road | Levittown, PA 19054
$6,192,000
Price6.25%
Cap Rate$387,000
NOI14,820
± SF Offering GLADescription
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land and building ownership) in an absolute NNN leased, corporate guaranteed, drive-thru equipped, Walgreens (NASDAQ: WBA | S&P: BBB), investment property located in Levittown, PA (Philadelphia MSA). The tenant, Walgreen Eastern Co., Inc., currently has 12 years remaining in their current lease term. The lease is corporate guaranteed and is absolute NNN with zero landlord responsibilities.
Location
The subject property is strategically located at the signalized hard corner intersection of S. Oxford Valley Rd. and New Falls Rd., averaging 35,300 combined vehicles passing by each day. The site is complete with a hgihly visible pylon sign at the corner, providing excellent visibility and street frontage along both busy cross streets. Walgreens is equipped with a pharmacy drive-thru, providing ease and convenience for consumers. The asset is ideally positioned within a dense retail corridor, with nearby national/credit tenants including Wells Fargo, McDonalds, Dollar Tree, Autozone, and more, increasing consumer draw and promoting crossover shopping to the site. Further, Walgreens is located about 2 miles southeast of Oxford Valley Mall, a 1.3 million square foot retail shopping center that has become a destination for consumers in the surrounding region. Oxford Valley Mall and its surrounding retail corridor feature national/credit tenants including Lowe’s, Sam’s Club, The Home Depot, Nordstrom, Dick’s Sporting Goods, Best Buy, and more, further increasing consumer draw.
About a 30 minute drive away, Levittown is a bedroom community of Philadelphia, the most populated city in the state of Pennsylvania. Philadelphia is home to over 1.5 million residents and numerous sports teams including the Eagles (NFL), 76ers (NBA), Phillies (MLB) and Flyers (NHL), increasing consumer draw to the region. The Philadelphia Airport reported over 29 milion passengers in 2017.
More locally, the 5-mile trade area serves a dense population of more than 184,000 residents, boasting an affluent average household income of $98,000.
Contact
Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215