1359 Poplar Ave
Memphis, TN 38104
Walgreens | Infill Memphis MSA | NNN · Retail Property For Sale

Pharma Property Group has been exclusively retained by ownership to present for sale the opportunity to acquire the Walgreens property located in Memphis, Tennessee. This property is available for purchase and operates on an absolute net lease basis with ±8 years remaining on the primary lease term, including ten (5-year) options to follow. Income guaranteed by Walgreens parent corporate (S&P BBB) investment grade Fortune 500 Company with over 9,500 locations. The subject property is located just blocks from the Medical District of Memphis. There are four major hospitals totaling ±6.5 million square feet of medical space within a three mile radius of the subject property: St. Jude Children's Research Hospital (76 beds, ±3,600 employees); Le Bonheur Children's Hospital (255 beds, ±2,900 employees) ; Regional One Health Medical Center (326 beds, ±3,800 employees); Memphis VA Medical Center (244 beds, ±2,500 employees). The subject property is located across the street from a Kroger shopping center and is adjacent to a McDonald's. Other national retail tenants in the immediate area include Home Depot, Planet Fitness, Burger King, Advance Auto Parts, Regions Bank, Family Dollar, O'Reilly Auto Park and Auto Zone. The 1,500,000 square foot former Sears mail-order processing warehouse was placed on the National Register of Historic Places in 2013 and renovated into a mixed-use office and retail development with its grand opening held on August of 2017. It includes a YMCA, medical offices, bars and restaurants and various other community and commercial organizations. The property is located at the signalized corner of Poplar Avenue and North Cleveland Street with a combined traffic count of 31,715 vehicles per day. Interstate 69 is located approximately three blocks west of the subject property with approximately 124,706 vehicles per day. The subject property is located 2.5 miles outside of downtown Memphis and is part of the Memphis Metropolitan Statistical Area (MSA). This MSA includes a population of over 1,340,000 residents. The average household income is $47,908 and total population is 214,869 in a five-mile radius.