Located in Covington, Louisiana, this Fee Simple Walgreens property consists of a freestanding building that has a 14,820 sq.ft. of retail space built on a 1.92-acre parcel of land. The subject property is strategically located at the hard signalized intersection of State Highway 25 (LA 25) and US 190, which is a major East-West thoroughfare. Due to this, the property sees a traffic count of more than 27,500 vehicles per day. Covington falls on the greater New Orleans MSA, which had a population of approximately 1,275,762 residents in 2018 that was an increase of 7.2 percent from 2010. The immediate trade serves an overall population of 45,000 residents, having an average annual household income of more than $95,000. Several national and regional retailers are also present in the surrounding, including Winn-Dixie, Dollar General, Wendy’s, PJ’s Coffee, Burger King, McDonald’s, Tractor Supply, Taco Bell, and Subway. Walgreens has signed a 25 year Absolute NNN Lease that has zero landlord responsibilities, with more than 11 years remaining on the initial term, and ten, five years options to extend.
Being one of the nation’s largest drugstore chains, Walgreens, constitutes the Retail Pharmacy USA Division of Walgreens Boots Alliance, Inc. (Nasdaq: WBA), the first global pharmacy-led, health, and wellbeing enterprise. The company serves more than 8 million customers every day in communities across America, and provides the most convenient, multichannel access to consumer goods and services and trusted, cost-effective pharmacy, health and wellness services, and advice. Walgreens has its presence in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands and operates 8,100 drugstores. The digital business of the company includes Walgreens.com, drugstore.com, Beauty.com, SkinStore.com, and VisionDirect.com.
This investment property is suitable for a 1031 exchange.
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