Pharma Property Group has been retained as exclusive agent and is pleased to offer investors the opportunity to acquire a Walgreens in Vancouver, Washington. Washington state does not have state income tax. The lease income is guaranteed by Walgreens Corporation (NYSE: WAG) with a credit rating (S&P) of BBB (Investment Grade). There are approximately 12 years remaining on an absolute net lease with no landlord responsibilities whatsoever. This store has a strong sales performance history which includes liquor sales.
This Walgreens is an outparcel to Fourth Plain Center, an ±85,000 square foot shopping center anchored by 24 Hour Fitness. The immediate area adjacent to the subject property is one of the main retail corridors of Vancouver with ±1,800,000 square feet of retail space within a 1-mile radius. There is approximately 4,400,000 square feet of retail space within a 2-mile radius which includes Vancouver Mall a 930,000 square foot regional mall with over 150 tenants anchored by Macy's, JC Penney, Gold's Gym and Old Navy. This drugstore is located near two hospitals, PeaceHealth Southwest Medical Center (450 beds, 2.3 miles southeast)) and VA Portland Medical Center (±1,100 employees, 3.5 miles west).
The subject property is located in the Portland MSA just north of the Washington and Oregon border along the Columbia River, 11 miles north of the Portland International Airport and 14 miles north of Downtown Portland. There are approximately 275,679 residents in a 5-mile radius and 815,548 residents in a 10-mile radius. The average household income in a 5-mile radius is $76,191. The subject property is located near the corner of NE Andresen Road (28,867 Vehicles Per Day) and NE Fourth Plain Boulevard (23,534 Vehicles Per Day) with a combined traffic count of ±52,401 vehicles per day. The property is a couple blocks from SR-500 which has a daily traffic count of ±57,000 vehicles per day and less than two miles west of I-205 with a traffic count of 89,000 vehicles per day.