1489 Airways Blvd
Memphis, TN 38114
Walgreens For Sale | Memphis MSA | 6.75 CAP · Retail Property For Sale

Pharma Property Group has retained the exclusive right to market the Walgreens located at the signalized corner of Airways Boulevard and Lamar Avenue (with an approximate traffic count of 47,000 cars per day). Tenant recently exercised the first five year option to extend on this double net lease where landlord is responsible for roof and structure. Roof was recently replaced. There is a possibility to purchase the cell phone tower adjacent to the subject property for an additional income of $1,155 per month. The cell tower site lease ends in 2020 and includes nine additional 5- year extensions with 5% rental increases each extension. The subject property is located next to a Kroger Grocery Store. Surrounding national tenants in the immediate area include McDonald's, KFC, Dollar General, Popeye's Louisiana Kitchen, Advanced Auto Parts, Auto Zone, Cricket, Burger King, O'Reilly Auto Parts, and Checkers. Major employers in the area include Federal Express Corporation with 30,000 local employees, Memphis City Schools with 16,000 employees, the US Government (including Memphis VA Medical Center) with 14,800 employees. The subject property is located in the suburb of Castalia Heights of Memphis, Tennessee, just five miles east of the Mississippi River. The Liberty Bowl Memorial Stadium lies 1.5 miles north home of the University of Memphis Tigers, whose campus is only 4 miles from the subject property, has approximately 20,585 students enrolled and 2,800 employees. Four miles south is the Memphis International Airport is a civil-military airport and is home to the FedEx Express global hub and remains the busiest cargo airport in the United States with over 3.75 million passenger count in 2014. Listed in association with TN DRE Lic. #00257397