512 Green Blvd
Aurora, IN 47001
Abs NNN Walgreens | 12+ Years Remaining · Retail Property For Sale

Marcus & Millichap, on behalf of ownership as its exclusive advisor, is pleased to bring to market Walgreens in Aurora, Indiana. The subject property is a 14,820-square-foot freestanding drug store built in 2006 on 3.07 acres. Walgreens is bound to its original 75-year absolute net lease, with the initial 25 years of firm term which expiring in September 2031, providing the prospective purchaser with over 12.5 years of remaining firm term. The 50 years of term beyond the initial 25 years essentially function as ten, five-year option periods, with the lease automatically renewing unless prior notice is given by Walgreens. As an absolute net lease, there are zero landlord responsibilities. The building is prototypical all-brick construction with ample parking and a drive-thru, and is highly accessible with three curb cuts to two roads. Walgreen Boots Alliance is publicly traded on the NYSE under ticker “WBA,” with 2018 revenue of over $131 billion. WBA currently operates more than 14,300 retail pharmacies worldwide (9,560 in the U.S.) and carries S&P “BBB/Stable” investment-grade credit. In 2018, Walgreens closed on the purchase of 1,932 stores from competitor Rite Aid for $4.4 billion, gaining significant synergies and market share. The subject property is located along Green Boulevard (U.S.), Aurora’s primary thoroughfare that sees over 34,383 cars per day directly in front of the subject property. U.S. Route 30 extends six miles west to Interstate 275, a connecting interstate that feeds directly into Northern Kentucky and Cincinnati and sees traffic counts of 35,421 cars per day. Prominent retailers and restaurants in the vicinity include Walmart Supercenter, Big Lots, Aldi, Maurices, Dollar General, Bob Evans, Taco Bell, Long John Silvers, Subway, and Family Dollar to name a few. Demographics are stable and mature, with 19,164 residents and average household income of $62,697 within five miles. Aurora is a city in southern Indiana along the Ohio River, and is part of the Cincinnati MSA, also known as the Greater Cincinnati Tri-State Area, with a MSA population of more than 2.1 million. The subject property is less than 30 miles west of Downtown Cincinnati.