Investment Offering
Milwaukee, WI - Walgreens
2950 N Oakland Ave | Milwaukee, WI 53211
2007
Year Built14,823
± SF Offering GLA0.99
± AC Land AreaDescription
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, investment grade (S&P: BBB), drive-thru equipped, Walgreens investment property located in Milwaukee, WI. The tenant has 9 years of firm term remaining with 10 (5-year) option periods left to extend. The lease is signed by the corporate entity and is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor. Founded in 1901, Walgreens is among America’s largest pharmacies and health & beauty companies with nearly 9,000 stores in operation.
Location
Walgreens is strategically located at the signalized, hard corner intersection of Oakland Avenue and Locust Street, averaging a combined 35,500 vehicles passing by daily. The asset benefits from direct access onto State Highway 32 (19,500 VPD), State Highway 190 (38,700 VPD), and Interstate 43 (148,000 VPD), providing direct access across the Milwaukee MSA. Walgreens is ideally situated within a dense retail corridor with numerous surrounding national/credit tenants including Whole Foods Market, Walmart Supercenter, ALDI, Sherwin-Williams, Pick ‘n Save, and Cousins Subs, among many others. The strong tenant synergy increases consumer draw to the immediate trade area, promotes crossover store exposure, and supports the local economy. In addition, the subject is 0.5 miles southwest of the University of Wisconsin-Milwaukee, a public, four-year, research university with over 23,000 students and 7,300 faculty members. Walgreens is also a quick 5-minute drive to Ascension Columbia St. Mary’s Hospital, a 394-bed tertiary care hospital dedicated to providing world-class care. Furthermore, the subject property is near numerous single-family communities and multi-family complexes including The Eastsider (55 units – neighboring asset), Maryland Park (130 units), Locust Court (230 units), and more, providing a direct residential consumer base. The 5-mile trade area is supported by over 304,300 residents and 194,800 daytime employees, with a healthy average household income of $86,859.