November 10, 2022 – Rob DiFranco of Horvath & Tremblay has successfully completed the sale of Walgreens in Jacksonville, Florida. Horvath & Tremblay represented the buyer to complete this transaction at a sale price of $4,772,796.
Walgreens is located at 7221 Normandy Boulevard in Jacksonville, Florida. The stand-alone building contains 14,330 square feet, including a drive through on a 1.75-acre corner lot. Walgreens has been at this location since its construction in 2004 and recently extended their lease demonstrating their commitment to the site and the market. Walgreens has 13+ years remaining on an Absolute NNN Lease, as well as twelve (12) 5-year renewal options. The lease also calls for rare 5% increases every 5-years throughout the primary lease term and at the start of each renewal option. The Property is situated just off Interstate-295; Walgreens is located in a dense retail corridor surrounded by national tenants including Walmart, Aldi, Home Depot, Wendy’s, Dollar General, Golden Corral, Waffle House, GameStop, Tire Kingdom, KFC, Bealls, Firestone, BP, Dollar Tree, Sonic Drive-In, Planet Fitness, PepBoys Auto, Dollar Tree, and Panda Express. The property is located on a signalized hard corner with frontage along the heavily trafficked Normandy Boulevard, with average daily traffic counts of 31,898. The Walgreens is located less than ten miles from downtown Jacksonville, the most populous city in Florida and the largest city by area in the contiguous U.S
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.