5108 Norwood Ave
Jacksonville, FL 32208
Walgreens · Retail Property For Sale

The 14,380sf NN Walgreens at Gateway is a very well located corporately guaranteed asset in the Northside/Norwood submarket of Jacksonville, FL. Recently, the tenant executed the first of its four, 5-year options after re-negotiating its rent to a level that is more than 20% below current market rates for in-line tenants and approximately 75% below other area STNL properties. Additionally, it is being offered at an asking price that is roughly 60% below recent comparable sales. Lastly, the asset is not affected by any corporate pharmacy competition in the market. This property is NN with the tenant responsible for all property operating expenses. Additionally, the roof was replaced at the end of 2017 and includes a 20-year transferable warranty that mitigates both the capital expenditure and tenant flight risks to the new investor. Conversely, the property’s situation in the market (economically and geographically) is a great hedge against risk as it lends itself to an ideal future single-tenant redevelopment opportunity, which will provide tremendous upside and is likely preferred. Softer demographics characterize the opportunity in this high-density, mature submarket. Nonetheless, the subject and the surrounding properties are the epicenter of retail activity in the region. McDonald’s and Wendy’s are located at the opposing corners, while Publix, Rent-A-Center, Family Dollar and Footlocker are the primary tenants in the contiguous shadow-anchored property. Other area retailer include, but are not limited to: Rainbow Shops, Jackson Hewitt, Firestone, Wing Stop, Papa John’s, Subway, Ace Cash Express and Sav A Lot.