Orange Park, FL

Price: $ 5,608,739
CAP Rate: 5.95%
NOI: $ 333,720
Lease Term Remaining Before Options: 15 Years
Investment Highlights
  • Across from Orange Park Mall, a ±953,000 square foot mall anchored by Dillard's, Dick's Sporting Goods, JCPenney, Old Navy and Belk.
  • Store is the only Walgreens open until midnight in a 5-mile radius.
  • Medical corridor location near HCA Florida Orange Park, a 365 bed hospital with 2,350 employees, and 832,000 square feet of medical space in a 3-mile radius.
  • Retail corridor with major national tenants within ±3 million square feet of retail space in 1-mile radius.
  • Intersection with extremely high traffic count of approximately 100,500 vehicles per day combined.
  • Jacksonville Naval Air Station is located only 5 miles northeast and has over 21,000 personnel.
Offering Summary

Pharma Property Group is pleased to market for sale the Walgreens property located at 42 Blanding Boulevard in Orange Port, Florida (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 term and in each of the 12 (5-year) options.

The Property is located amongst 3.6 million SF of retail space in a 1-mile radius, making the area one of the largest retail corridors in Southwest Jacksonville. The Orange Park Mall, with 3.7 million visitors annually, is complimentary to Walgreens and added retail traffic is a catalyst for the Property to have reported sales over $4.4 million annually and a healthy sales to rent ratio of 2.5%.

Jacksonville is the fastest growing metro in Florida, and a top 5 hottest job market in the United States. The Property benefits from being directly exposed to over 100,000 vehicles per day, and situated off the I-295, the main Beltway for the entire Jacksonville market and an additional 73,000 vehicles per day. Located just 5 miles from Jacksonville Naval Air Station, the largest Navy base in the Southeast, the store is open until midnight to service over 9,000 active-duty military personnel and 40,000 dependents, civilians and reservists assigned to the installation.

Price: $ 5,608,739
CAP Rate: 5.95%
NOI: $ 333,720
Lease Term Remaining Before Options: 15 Years