NNN Walgreens - Newest Small-Format Prototype
For sale to qualified investors is the fee simple interest in a brand-new corporate lease with Walgreen Co. in St. Paul, Virginia. The new building is projected to be completed in December 2022 and is the newest small-format drive-thru prototype for the company. This modern store design allows Walgreens to cater to their main customers while selling only their highest margin items and focus primarily on prescriptions and over-the-counter medication. The lease is triple net and features a firm, corporately-guaranteed 10-year initial lease term with options. Walgreens has operated a full-size store in St. Paul for many years and chose this site as the relocation of that store and transition to the company’s newest prototype. From a long-term investment perspective this asset “checks all of the boxes” with a modern, small drive-thru format, hand’s-off corporate lease, and relocation of an already-successful store in the market.