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Midwestern Walgreens | Absolute Net in Indiana

2400 East Center Street, Warsaw, IN, USA Map

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Listing Price $4,784,614

Status Active
Lease Type Absolute Net
Property Type Retail
CAP Rate 6.5%
GLA (Sq. Ft.) 14,500
NOI $311,000
Lease Term Remaining 5.5 Years
Options 10 x 5 Years
State (BOR) IN
Broker of Record Josh Caruana
License # (BOR) RB14034355

Investment Highlights

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  • Subject is a Prime 14,500 Square-Foot Build-to-Suit
    Walgreens on a 1.68-Acre Lot with Ample Parking, Pylon Signage, Easy Ingress/Egress, Strategically Located on a Signalized Intersection
  • Absolute NNN Lease with a 25-Year Base Term and Zero Landlord Responsibility | Over Five Years Remaining and 10 x 5-Year Options
  • Robust Traffic Counts on Argonne Road (12,588 VPD)
    and Center Street (13,423 VPD), a Quarter Mile off of US Highway 30 (26,038 VPD) (Source: LandVision, CoStar, 2022)
  • Investment-Grade Credit Tenant Walgreens Boots Alliance (NASDAQ: WBA) has a Long-Term Stable Credit Rating of Baa2 (Stable) from Moody’s and Investment Grade Rating of BBB (Stable) from S&P
  • Well Established Retail Corridor | Nearby National Retailers Include: Applebee’s, Taco Bell, Burger King, Wyndham, Holiday Inn, Avis, Ruby Tuesday, Kroger, Dunkin’, AutoZone, and Others
  • Thriving Community with an Average Household Income of Over $87K within Five Miles of the Subject Asset, as of 2022
  • Subject is less than 45 Miles from Ft Wayne International Airport, Serving 600K Passengers Annually and 40 Miles from Downtown Fort Wayne with a Population of 268,000 (fwairport.com)
  • Parks and Outdoor Recreational Facilities Nearby Include: Winona Lake, Center Lake Wetland Conservation Area, Rozella Ford Golf Course, Kelly Park, Stonehenge Golf, and More

Investment Overview

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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2020 Marcus & Millichap and Limon Net Lease Group

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