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7401 Read Boulevard - Walgreens, New Orleans, LA

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7401 Read Boulevard - Walgreens

New Orleans, LA 70127 - New Orleans East Submarket

Property Type:Retail Sub Type:Drug Store Status:Existing Year Built:-
Building Size:13,905 SF Land Area:1.79 AC (77,972 SF)
For Sale Price:$2,666,667 Price/SF:$191.78
Cap Rate:9.00 %
Parking:Free Surface spaces are available; Ratio of 5.1/1,000 SF
Features:Dedicated Turn Lane, Pylon Sign, Drive Thru

Sale Notes:
Marcus & Millichap is pleased to present this 13,905-square foot Walgreens in New Orleans, the largest
city in Louisiana. Walgreens is operating under a double-net (NN) lease with landlord responsibilities
limited to roof and structure. The lease has more than one and a half years remaining along with eight,
five-year renewal options. The lease is backed by a corporate guaranty from Walgreen Co, which was
ranked number 17 on the Fortune 500 list as of June 2017. The company registered $117.3 billion across
more than 8,200 locations in 2016.

This asset is located at the signalized hard corner intersection of Read Boulevard and Morrison Road.
This thoroughfare sees more than 27,000 vehicles per day (VPD). Walgreens is also nearby Interstate-10,
connecting Louisiana and Texas, which sees more than 137,938 vehicles per day (VPD). Located onemile
south is a major redevelopment project. This $100-million Eastown Center project will feature more
than 500,000 square feet of redeveloped retail space. The New Orleans East Hospital is also nearby.
The hospital offers a plethora of services including Orthopedic, Emergency, Surgical, and Outpatient
capabilities. The hospital is scheduled to undergo a $1.5-million renovation.

Marcus & Millichap Inc
Sabrina Kortlandt
(646) 805-1422

Preet Sabharwal
(212) 430-5195

Michael Scali
(212) 430-6142

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