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JLL is pleased to offer for sale the fee-simple interest in a freestanding, single-tenant Walgreens located in Johnston, Iowa. This asset features an investment grade corporate guaranty from Walgreen Co. (S&P: ‘BBB’) and is operating on a newly-extended NNN lease with 15 years remaining, zero landlord responsibilities, and five percent rental increases every five years throughout the primary term and renewal options. Walgreens has a proven commitment to the site with nearly 20 years of operating history. This offering presents the opportunity to acquire a property leased to an industry leading and investment grade tenant within the fastest-growing major metro area in the Midwest.
• New 15-year lease extension with rare 5% rental escalations
• Located in the fastest growing major metro area in the Midwest
• Over 137,000 residents earning an average annual household income of $100,000 within five miles
• Full-service Walgreens with drive-thru pharmacy and 20-year operating history