- New 15 year lease with 5% rental increases every 5 years in the initial term and in the options.
- Recent third-party reports will be provided to buyer.
- Portland MSA location with exceptional front-end reported sales volumes.
- Absolute net lease with zero landlord responsibilities.
- 8 million square feet of retail space within 3-mile radius and blocks from three shopping centers anchored by Home Depot, Target and Safeway.
- Nike World Headquarters 300 acre campus is 1.7 miles southwest with ±15,125 employees on 3.2 million square feet of office space
- Strong demographic profile with ±301,800 residents in a 5-mile radius with a median household income of $93,438.
- Near Providence St. Vincent Hospital just 2.5 miles southeast with 536 beds and ±3,500 employees.
- Columbia Sportswear Company Headquarters just 0.7 miles northwest with ±2,000 employees in ±188,000 square feet of office space.
- Intersection with high traffic count of 45,000 vehicles per day.
Pharma Property Group is pleased to market for sale the Walgreens property located at 13470 NW Cornell Road in Portland, Oregon (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 at the edge of Cedar Hills, which is an affluent neighborhood bordering Beaverton where Nike has their 3.2 million square foot world headquarters employing over 15,000 people. This is a unique west coast Walgreens located in one of the best areas of Portland which is the 2nd largest MSA in the Northwest. Generational Walgreens assets with this type of real estate quality and massive sale volumes rarely come to market especially on the west coast.
The Property sits on irreplaceable real estate at the signalized corner of NW Cornell Road and NW Murray Road with a combined traffic of 45,000 vehicles per day. NW Cornell Road has direct access to Highway 26 (130,000 vehicles per day) just one third of a mile to the southeast. Within the immediate vicinity are numerous apartment complexes and national tenant anchored shopping centers. Directly across the street lies the apartment complexes of Cedar Grove (44 units), Vista Cornell (44 units), and Courtyard at Cedar Mill (47 units). Within a couple of blocks there are three significant shopping centers including Sunset Mall (113,722 SF Safeway anchored), Milltower Shopping Center (60,155 SF Target anchored) and is adjacent to a 101,380 SF Home Depot.
Within 8 years of the store being built in 2015 as a newer prototype built-to-suit for Walgreens and this is one of the best performing Walgreens in all of the Northwest. The newer construction and recent 3rd party reports that will be certified to a buyer, allow this asset to provide a smooth and predictable transaction process for buyers especially investors in an active 1031 trade.