Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Del Rio, TX - Walgreens
909 Veterans Blvd | Del Rio, TX 78840
$892,000
Price6.5%
Cap Rate$57,960
NOI2020
Year Built1,900
± SF Offering GLADescription
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, corporate guaranteed, freestanding, Walgreens investment property located in Del Rio, Texas. The tenant, Walgreens Co. (S&P: BBB), recently executed a brand new 5-year lease with 7 (5-year) options to extend. The lease features 10% rental increases at the beginning of each option period, growing NOI and hedging against inflation. The lease is NNN with landlord responsibilities limited to roof replacement, parking lot replacement, and repairs/replacement of structure. Current ownership is in the process of replacing the roof, limiting future capital expenditures required by a new investor. The building features one of Walgreens latest prototypes, a small format store that strives to maximize customer care and convenience. The property is slated to open in summer 2020.
Location
The subject property is strategically located at the corner of Veterans Blvd./U.S. Highway 90 and E. 8th St., with a combined 23,000 vehicles passing by daily. The asset benefits from excellent visibility via a large pylon sign, making it easily identifiable to passing cars. In addition, the property features multiple points on ingress/egress, providing ease and convenience for customers. Veterans Blvd./U.S. Highway 90 is a primary north/south retail thoroughfare serving the city of Del Rio, with a variety of national/credit tenants including Walmart Supercenter, The Home Depot, Dollar Tree, McDonald’s, CVS, and more. Additionally, the property is just 1.5 miles southwest of Interstate 239 (14,500 VPD), a major commuter highway traveling throughout Del Rio. Moreover, the property is located just 8 miles west of Laughlin Air Force Base, the busiest United States Air Force pilot training complex in the world. The 5-mile trade area is supported by a population of nearly 45,000 residents with an average household income of $58,000.
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