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INVESTMENT HIGHLIGHTS
Long-Term Lease: +/- 18.5 years remaining on Walgreens' base term with 45 years of options thereafter.
Absolute NNN Lease: Opportunity to purchase a Walgreens with absolutely no landlord maintenance.
Hard Corner Location with 35K VPD: The property is situated at a lighted intersection on the major east-west thoroughfare of Louisiana State Route 90 (Jefferson Highway) with visibility to over 35K VPD
Premier Global Tenant - Nation's Largest Drugstore Chain: Walgreens Boots Alliance (Nasdaq: WBA) is the largest retail health, pharmacy, and daily living destination across the U.S. and Europe. Over the past 170 years, the company has grown to more than 8,700 locations, employing approximately 330,000 people, and has a presence in eight (8) countries. WBA currently ranks #27 on the Fortune 500 list and reported FY2023 revenues of $139.1 billion, up 4.8% from fiscal 2022. The parent company maintains prudent credit policies with a long-term debt to adjusted EBITDA ratio of only 1.5x (FY2023) and it's provided with a split credit rating of "BBB-" and "Ba2" from Standard & Poor's and Moody's, respectively.
Dense, Infill New Orleans Metro Location: There are over 100K people in a three mile radius and the natural barrier of the Mississippi River provides scarcity of developable real estate in the future and natural property appreciation.
Proximity to Major Medical District: The property is located 1 mile to the West of the Ochsner Medical Campus that includes the health system's flagship location, the Ochsner Medical Center, which opened in 1942 and has grown into a 767 bed facility. It is rated as the top hospital in Louisiana by US News. The most recent addition to the complexes was the 2019 built West Campus that includes a 130,000 SF building offering skilled nursing, inpatient rehabilitation and long-term acute care units in one place. The subject property is the closest Walgreens to the West of Ochsner.
