5740 Ritchie Hwy
Brooklyn Park, MD 21225
Walgreens | Dense Baltimore Suburb · Retail Property For Sale

Marcus & Millichap, on behalf of ownership, is pleased to exclusively offer the fee simple interest in this Walgreen’s (NYSE:WBA) located in Brooklyn Park, Maryland, a mature, dense suburb of Baltimore. There are more than 15 years remaining on the initial 20-year lease. The Tenant reports strong sales of $1.9 million or $134-per-square-foot after exclusions are deducted, which is up year-over-year. The lease is guaranteed by Walgreen Corporation, now a subsidiary of Walgreens Boots Alliance Inc. after the company’s merger in 2014. Walgreens Boots Alliance, Inc. is investment grade, rated “BBB” by Standard & Poor’s. The Property is exceptionally well-located along Governor Ritchie Highway (MD Route 2), a heavily traveled multi-lane highway that runs through suburban areas from Annapolis to Baltimore. The Tenant is positioned at the signaled intersection of Ritchie Highway and Hammonds Lane which combine to average 42,559 vehicles per day. Walgreens occupies a 14,560-square-foot store with drive-through adjacent to Ritchie Highway Shopping Center, an 119,352-square-foot center anchored by Shoppers and Aaron’s. A 230-unit “Class A” apartment development, Woodfall Greens, is underway immediately next to the Property, the first “Class A” or luxury project for the area in 40 years. This project will connect this site to Ritchie Highway Shopping Center and generate significant pedestrian and vehicular traffic. It is noteworthy that the neighboring Rite Aid, positioned across Hammonds Lane, will remain a Rite Aid/Albertson’s store. Brooklyn Park is a dense Baltimore suburb located six miles south of the city. It has experienced redevelopment as of late with a state grant aimed to upgrade and revitalize the Brooklyn Park community. Currently it boasts strong demographics with one and three-mile population densities of 10,385 people and 84,048 people respectively.