Walgreens 917 Chesterfield Pky E 14,145 SF Retail Building Chesterfield, MO 63017 $5,806,451 ($410.49/SF) 7.75% Cap Rate

Marcus & Millichap is pleased to present for sale this Absolute Net Leased Walgreens located at 917 Chesterfield Parkway East in Chesterfield, Missouri, just 20 miles West of Downtown St. Louis. The subject property consists of a 14,145 SF free-standing building, with a drive-thru, and is situated on a large 2.08-acre parcel of land.
Strategically located within Chesterfield Village, a large mixed-use district comprised of condominiums, apartments, hotels, and a cohesive office park, the property benefits from its immediate proximity to a large daytime workforce population and numerous apartment complexes. The property is also conveniently located within a dense and affluent trade area home to more than 113,000 full-time residents with average household incomes exceeding $148,000, $174,000, and $164,000 in the 1-mile, 3-mile, and 5-mile radii respectively. The property is easily accessible and is visible to more than 9,253 vehicles per day. Adjacent to the property there are multiple medical office buildings and surgery centers including but not limited to; The Laser & Dermatology Center, West County Dermatology, and Generation Dental Group. Just across the street you’ll also find a 31-acre state of the art Pfizer facility, which is currently undergoing a $60 million expansion, that houses cutting edge laboratories, manufacturing, and office space, and currently employs about 750 people. Directly within the office park where the property is located there are numerous fully occupied office buildings home to a variety of regional and national companies such as MiTek, Byrne Software Technologies, Fidelity Investments, New Healthcare Solutions, and several others. The property is also well-positioned near the exit and entrance ramps for I-64, which sees vehicle counts in excess of 81,250 per day, and just down the street from the former Chesterfield Mall, where there are plans for a $2 Billion mixed-used development that will consist of apartments, office, retail and more.
Walgreens originally signed a 25-year absolute NNN lease in 2003 when the property was initially built and has just over 4 years of initial term remaining. The current term runs through February 28th, 2028 and has ten five-year options to extend.
Walgreens (NYSE: WBA) is a publicly traded company and one of the largest drugstore chains in the U.S. Walgreens is part of the U.S. Retail Pharmacy and U.S. Healthcare segments of Walgreens Boots Alliance, Inc, an American multinational holding company and integrated healthcare, pharmacy and retail leader. Operating more than 8,700 retail locations across the U.S. and Puerto Rico, Walgreens serves nearly 9 million customers and patients daily. The company’s approximately 26,000 pharmacists are playing a more critical role in healthcare than ever before, providing a wide range of pharmacy and healthcare services, including those that drive equitable access to care for some of the nation’s most underserved populations. Walgreens offers customers and patients a true omnichannel experience, with fully integrated physical and digital platforms designed to deliver high-quality products and healthcare services. Within the U.S. Healthcare segment, Walgreens portfolio also includes businesses in primary care, multi-specialty, post-acute care, urgent care, specialty pharmacy services, population health and provider enablement.