- Absolute net lease with 12 years remaining.
- Affluent area with solid incomes of over $110,000 in 1-mile radius.
- Part of the Virginia Beach-Norfolk-Newport News, VA-NC MSA with over 1,800,000 residents.
- South of Naval Station Norfolk with more than 82,000 active duty personnel and 39,000 civilians.
Pharma Property Group is pleased to present the opportunity to purchase a Walgreens in Chesapeake, Virginia. Rental income guaranteed by Walgreens Corporation with over 8,900 locations. There are approximately twelve years remaining on this absolute net lease with eleven (5-year) options. This Walgreens is located on the opposite corner north of a Rite Aid drugstore, making this a strategic location for both Walgreens and Rite Aid.
Surrounded by residential neighborhoods with median household incomes of over $110,000 in a one-mile radius, over $93,000 in a three-mile radius and over $83,000 in a five-mile radius. Tidewater Community College Chesapeake Campus is located one block north of the subject property on Cedar Road and its parking garage is directly behind Walgreens with 1,224 parking spaces available for student parking. This college sits on 69 acres and is part of the Virginia Community College System with an enrollment of 34,000 students across five campuses. Commonwealth Senior Living Manor at Cedar with over 90 units is located one block south of this Walgreens location. Eagle Point 55+ Active Adult Community is located across the street west of the subject property.
Chesapeake has a population of nearly 250,000 and is the second-most populous independent city in Virginia. It is part of the Virginia Beach-Norfolk-Newport News, VA-NC metropolitan statistical area with a population of approximately 1,800,000 residents and serves as a suburban location for military families.
The city of Norfolk borders multiple bodies of water and is home to the world's largest naval base, Naval Station Norfolk. This military base includes more than 82,000 active-duty personnel and 39,000 civilians. Norfolk is also home to one of NATO's Strategic Command Headquarters. Dollar Tree's corporate office in Chesapeake is approximately seven miles northeast of the subject property with ±1,900 employees on a 1.7 million square foot campus. The American discount variety store has over 15,000 locations throughout the United States.