Towards the end of December 2021, the team at Ground + Space sold a Walgreens property in Jacksonville, Florida. Michael Zimmerman, the firm’s Principal, exclusively marketed the property on behalf of the seller. A tremendous amount of interest was generated through the company’s marketing efforts, resulting in multiple offers for the asset.
Drugstore properties are still in high demand. Steady cap rate trends, strong corporate guarantees and minimal landlord responsibilities all factor into the success of drugstore transactions like this one. This particular listing was unique, as the tenant has already exercised one of its five-year options (which run through the end of 2057), making it a short-term lease.
Prime Drug Store Asset
Walgreens has occupied this site along Atlantic Boulevard since 1997. Unlike the in-line CVS Pharmacy location across the street, this Walgreens is equipped with a drive-thru pharmacy. This, plus the site’s enviable location at a signalized intersection across from a Publix-anchored shopping center, makes this store an important part of the Walgreens portfolio.
The three-mile radius surrounding this asset has experienced significant growth since 2010. This has led to the development of luxury residential housing communities like Terrabella Coastal Apartments. Another benefit of this location along Atlantic Boulevard is that visitors to this Walgreens are only about 12 miles from the heart of downtown Jacksonville, Florida.
About Ground + Space
Ground + Space is a net leased brokerage firm that leads with an emphasis on personalized relationships. Michael Zimmerman and team have curated a brokerage firm and investment sales platform focused on boutique amenities and down-to-earth service. During the pandemic and beyond, Ground + Space aims to provide best-in-class services and results to our clients. We have several listings available that feature strong corporate tenants that are in a prime position to succeed in a post-pandemic economy. Contact us today to find out more!