Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to exclusively offer for sale the opportunity to acquire the condo interest in a Walgreens (the “Property”) in the rapidly expanding downtown Stamford, Connecticut. The site sits at the intersection of E. Main St and Glenbrook Road in a dense area that’s exposed to more than 50,000 VPD. It is in the heart of the Central Business District and is less than a mile from the Stamford Transportation Center, providing direct access to Manhattan. Walgreens is on the ground floor of the Glenview House, a luxury 146-unit Class A multifamily community. The lease is NNN with 12.2 years remaining and 10% escalations every 10 years.
- QUALITY DOWNTOWN REAL ESTATE The site is located in Stamford, the second largest city in Connecticut with a quickly growing population. It’s also home to a vast number of Fortune 500 Companies. The site is in the heart of the city where 35% of the population is millennials and the average household income is nearly $150,000 annually.
- RARE DRIVE-UP PERSCRIPTION WINDOW The site has a drive-thru prescription window that can be accessed from the garage, which has benefitted the site significantly throughout the COVID-19 pandemic and will continue to bolster sales as contactless pharmacy demand rises. The site also has 42 designated parking spaces.
- NET LEASE WITH NO LANDLORD REPSONSIBILITIES The Property has an $877,000 NOI with 10% rental increases every ten years. The lease is NNN and upon expiration on February 28th, 2034, includes seven 5-year options through 2069.