Jacksonville, FL

• Beginning September 1, 2026, Walgreens’ rent adjusts to $18.12/psf, below current market retail rents of $20–22/psf. The asking CAP rate is based on this lower rent level.
• In 2025, Walgreens waived its 2026 and 2031 termination options, extending the lease expiration to July 31, 2036.
• Walgreens’ first option period in 2036 includes a rental escalation of 21%.
• Located in Jacksonville’s San Marco submarket, which maintains a 3.5% retail vacancy rate—nearly one percentage point below the national average of 4.3%.
• Frontage on University Boulevard (28.5 VPD)  and St. Augustine Road (16.3K VPD), positioned under one mile from the I‑95 (171K VPD) ingress/egress—a primary corridor into Downtown Jacksonville.
• Property is located directly across the street from CVS, making this a strategic location for both CVS and Walgreens.

We are pleased to offer for sale the Walgreens property located at 3505 University Blvd W, Jacksonville, FL 32217 (the “Property”). The lease is structured as a double‑net (NN) with minimal landlord responsibilities, and in 2025 Walgreens waived its 2026 and 2031 termination options, extending the lease expiration to July 31, 2036.

Beginning September 1, 2026, Walgreens’ rent adjusts to $18.12 per square foot, which is below current market retail rents of $20–22 per square foot, supporting long‑term rent replaceability and reduced downside risk.  The asking CAP rate is based on this lower rent level.

The Property is positioned at a high‑traffic, signalized corner with approximately 44,800 vehicles per day, featuring frontage along University Boulevard (28.5K VPD) and St. Augustine Road (16.3K VPD). It is located less than one mile from the I‑95 (171K VPD) ingress/egress, a primary transportation artery connecting the San Marco submarket to Downtown Jacksonville and the broader metro area. The immediate intersection also includes a CVS directly across the street, reinforcing the strategic nature of this corner for both national pharmacy operators.

The Property is located within Jacksonville’s San Marco submarket, which maintains a 3.5% retail vacancy rate, nearly one percentage point below the 4.3% national average.