Walgreen's Investment Offering
10300 Central Ave, Albuquerque, NM
About this Property
Prominent Intersection Adjacent Major Employers
Walgreens Corporate Guaranteed Lease
75 Year Lease, Expires 3/31/2081
NNN Lease
Assumable Financing
Tenant Information
Lessee: Walgreen Co.
Walgreen Co. (NYSE: WAG), d/b/a Walgreens, is the largest drugstore chain in the United States. The company operates 7,600 drugstores across all 50 states, the District of Columbia and Puerto Rico. Walgreens provides access to consumer goods and services and pharmacy, health and wellness services in America through its retail drugstores, Walgreens Health Services division and Walgreens Health and Wellness division. Walgreens Health Services offers pharmacy patients and prescription drug and medical plans through Walgreens Health Initiatives Inc. (a pharmacy benefit manager), Walgreens Mail Service Inc., Walgreens Home Care Inc., Walgreens Specialty Pharmacy LLC and SeniorMed LLC (a pharmacy provider to long-term care facilities). Walgreens Health and Wellness division includes Take Care Health Systems. Walgreens has 7,600 drugstores as of September 30, 2010. Walgreens was founded in Chicago, Illinois in 1901, and has since expanded throughout the United States. Its headquarters is located in the nearby suburb of Deerfield, Illinois.
Trade Area Information
The trade area which services this location encompasses not only the Southeast heights, which is one of Albuquerque’s most established trade areas, but also the East Mountain area with over 55,000 residents. This location is prominently located at the intersection of Central Ave and Eubank Blvd., two of the most established arterials in the metropolitan area. Central Ave is the Historic Route 66 and was the first commercial corridor through Albuquerque, which now has 32,800 cars per day. Eubank Blvd, which has 47,100 cars per day, connects the Kirtland Airforce base and Sandia National Laboratories to the south to I-40 and all the way to the far Northeast Heights.
A few of the daytime employment generators in this area include Sandia National Laboratory, Sandia Science and Technology Park and Kirtland Airforce Base, three of New Mexico’s largest employers with over 21,000 employees. The trade area has a very mature and established day and night time population base as well as major national retailer draw. These national retailers include Costco, Wal-Mart Super Center, Sam’s Club, Target, Best Buy, Babies R Us, Office Depot, Office Max, PetSmart, Petco and Home Depot.
For Sale: $5,556,302
Cap Rate: 6.95%
Contact a Broker about this Property
John Sedberry, President - Office:(505) 855-7650
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