Asking Price
NOI Net Operating Income
Cap Rate
Asking Price
NOI Net Operating Income
Cap Rate

Documents

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I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Key Facts

Year Built 1995
Lease Type NNN
Current / Passing Rent
Lease Expiration 2035-10-31
Remaining Term 15 years
Tenant Walgreens Company
Building Area
Land Area

Property Description

JLL is pleased to offer for sale the fee-simple interest in a freestanding, single-tenant Walgreens located in Waterloo, IA. This asset features an investment-grade corporate guaranty from Walgreens Boots Alliance and is operating on an absolute NNN lease with no landlord responsibilities. Walgreens is showing commitment to the site, recently extending their lease 15 years with rare 5% rental escalations. The tenant has been operating at this since 2000, showing the importance of this critical location for them. Waterloo is apart of the Cedar Falls-Waterloo MSA, also known as the “Cedar Valley” which is home to a diverse economy powered by the University of Northern Iowa.

Investment Highlights


The asset is strategically located along University Avenue/Highway 934, the major east-west thoroughfare that connects Cedar Falls to Waterloo and sees more than 16,000+ VPD

This is the only Walgreens Pharmacy within a 5-mile radius, with no other competitor pharmacies within a 3-mile radius

The Cedar Falls-Waterloo MSA is home to more than 170,000 residents with over 101,000 residents within a 5-mile radius of the asset

A focal point of the community, and one of the largest employers, the University of Northern Iowa is located less than 10 minutes west of the asset along University Avenue

This absolute NNN leased asset features 15 years of primary lease term remaining and absolutely zero landlord responsibilities

The lease provides for twelve, five-year renewal options with rare 5% rental escalation every five years throughout the primary and renewal option period

Last Updated Date: 09 Oct 2020
Alex Sharrin
Alex Sharrin
Managing Director, Capital Markets
License details
IL - 475.170243
Alex Geanakos
Alex Geanakos
Director, Capital Markets
License details
475.189621

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Last Updated Date: 09 Oct 2020

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