- New lease extension with 10.5 years remaining.
- Austin-Round Rock MSA location with a population of ±2,200,000.
- One mile from Baylor Scott & White Medical Center
- Affluent demographics and high traffic counts.
We are pleased to present the opportunity to purchase a Walgreens in Lakeway, TX, located in the Austin Metropolitan Statistical Area. Income guaranteed by Walgreens Corporation with over 8,900 locations. Walgreens recently extended the lease term showing commitment to the location. There are now approximately 10 years of primary lease term remaining on an absolute net lease and 10 (5-year) options to renew with no landlord responsibilities whatsoever. Walgreens will be adding a Village Medical Clinic to this store, speaking to the strength of this location. Village Medical, an in-store clinic that offers full-service primary care practices with on-site physicians, is operating in ±160 Walgreens sites across the country.
The property is located at the signalized corner of Ranch Road 620 (±50,521 VPD) and Lohmans Spur Road (±37,271 VPD) with combined traffic count of ±87,792 vehicles per day. The subject property is located directly across from a CVS making this a strategic location for Walgreens. This Walgreens is one of only two drugstores in a three-mile radius. The next nearest Walgreens is located 3.2 miles southeast and the next nearest CVS is located 3.2 miles south. The neighborhoods surrounding the subject property are affluent with a median household income of $161,502 in a one-mile radius, $150,408 in a three-mile radius and $151,498 in a five-mile radius.
The subject property is located 18 miles northwest of downtown Austin and in the Austin-Round Rock Metropolitan Statistical Area with 2,200,000 residents. Some of the major employers in Austin include 3M, Amazon, Apple, Google, IBM, Intel, Oracle, Texas Instruments and Whole Foods Market. This store is located one mile north of Baylor Scott & White Medical Center which is a 106-bed full-service hospital. This hospital is part of the largest non-profit healthcare system in Texas that include over 50 hospitals, 7,300 physicians and 49,000 employees.