Walgreens Retail Center (Colorado Springs)

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Featured Property
Property Type	Retail Multi-Tenant
State	CO
Sale price	$ 6,534,950
Cap Rate	8.00%
Lease Term (Years)	0.00
Lease Type	NNN
Landlord Responsibilities
Guarantor	Walgreen Co.
Credit Rating	S&P Rated A
Net Worth	14.37 Billion
Tenant Mix	Multi-Tenant
Tenant Number	9
Tenant Information	Walgreen operates more than 6,600 stores in 49 states, the District of Columbia, Puerto Rico, and has two mail order facilities. Prescription drugs account for nearly two-thirds of sales; the rest comes from general merchandise, over-the-counter medications, cosmetics, and groceries. Walgreen usually builds rather than buys stores, so it can pick prime locations. For added convenience, most stores offer drive-through pharmacies, and almost all offer one-hour photo processing. Walgreen is slowing future store openings to focus on strengthening existing stores. Over the past decades, Grupo Bimbo has acquired several bakeries and brought them together to form Bimbo Bakeries USA, which today is a leading baker in the continental US with sales over $1.2 billion. Its rich heritage and passion for its products, brands and consumers are driven by a history of growth that began in 1984, although some of their leading brands date back to the early 1900s.
Tenant Web Site
Ticker Symbol
NOI	$ 522,636.00
Rent Adjustments
Percentage Rent	N/A
Lease Renewal Options
Lease Term (Years)
Price per Square Foot	$ 233.22
Rent per Square Foot	$ 18.65
Property Status	Available
Lease Commencement
Rent Commencement
Notes on Lease	Walgreens: Years 1-25: $365,000. 25 year initial lease term with annual options to terminate after initial lease term. Years 1-25: $365,000. Percentage rent is equal to 2.0% of gross sales except from the sale of food items and prescription items plus 0.5% of gross sales of food items and prescription items (excluding prescription items sold pursuant to Third Party Prescription Plans). This Walgreens is not actually part of the strip center but is located right next to it. Joe's Bar: Year 4: $29,713. Year 5: $30,605. AATV: Years 3-4: $31,800. Years 5-6: $32,400. Years 7-10: $33,600. Wild Bills Buffalo Wings: Year 1: $25,600. Year 2: $26,400. Year 3: $27,200. Year 4: $28,000. Year 5: $28,800. One 5-year renewal option with $0.50 psf increase each year. Bimbo Bakery: Year 3: $20,250. Year 4: $20,430. Year 5: $20,700. One 3-year option. Kum Ja Johnson Barber Shop: Years 1-2: $7,500. Years 3-4: $7,800. Year 5: $8,100. One 5-year option at 8,100.
Square Feet	28,020
Land Area	3.46 Acres
Year Built	2007
Year Rennovated	Renovated
Existing Financing	No
Loan Amount
Loan Term
Loan Rate
Balloon
Equity
Loan Assumption Fee
Loan Prepayment Fee
Cash on Cash
Debt Notes	N/A