- New 15 year lease with 5% rental increases every 5 years in the initial term and in the options.
- 15+ year operating history.
- Recent third-party reports will be provided to buyer.
- Absolute net lease with zero landlord responsibilities.
- Walgreens LabCorp site , one of only 600 locations nationwide.
- Adjacent to Jacksonville State University's 459 acre campus with ±9,633 students and ±534 staff.
- Jacksonville population has almost doubled since 2000 due to continued growth and development of JSU.
- Located on Highway 21, the main thoroughfare to Jacksonville State University (VPD 30,000).
Pharma Property Group is pleased to market for sale the Walgreens located at 311 Pelham Road South in Jacksonville, Alabama ("The Property"). Walgreens has agreed to a new 15-year absolute net lease with no landlord responsibilities whatsoever. The lease includes 5% rental increases every 5 years in the initial lease term and in each of the 12 (5-year) options.
The Property is one of only seven LabCorp Walgreens locations in Alabama. With roughly 600 Walgreens LabCorp locations nationwide, less than 10% of Walgreens stores have a in-store LabCorp. These selected Walgreens locations that are a part of LabCorp's network of nearly 2,000 patient service centers to allow healthcare providers additional testing locations in a secure and comfortable environment within the pharmacy area. LabCorp (NYSE: LH), an S&P 500 company, is a leading global life sciences company that is deeply integrated in guiding patient care, providing comprehensive clinical laboratory and end-to-end drug development services.
The Property is located less than a mile away from Jacksonville State University (459 acre campus) providing the location a stable employment and student population base. In 2024, the University will complete a North Village Residence Hall (500+ bed suites), a new dining hall, and a 24,000 seating capacity football complex.