Salt Lake City, UT
- New 15 year absolute net lease term.
- Salt Lake City has a population of ±1,200,000 and is the most populous city in UT.
- Near busy signalized corner with ±36,000 vehicles per day.
- No other drugstore within a 3-mile radius of subject property
Walgreens has agreed to a new 15-year lease with 10 (5-year) options to extend. The lease is absolute net with no landlord responsibilities. Walgreens has over 15 years of operating history at this location and is reporting strong sales figures. Walgreens pays for all property and building expenses directly on a true absolute net lease. No other freestanding Walgreens, CVS or Rite are within a 3-mile radius of subject property. The property is located at the signalized corner of 5400 S and 4015 W which has traffic counts of 36,000 vehicles per day and is .02 miles west of Bangerter Highway which has traffic counts of over 65,000 vehicles per day. There are nearly 400,000 residents in a 5-mile radius of the property which is located 13 miles southwest of downtown Salt Lake City.
The Salt Lake City MSA has over 1,200,000 residents and a below average unemployment rate due. This is mainly due to the major employers such as Intermountain Healthcare, the largest healthcare provider in the Intermountain Region which is headquartered in Salt Lake City with a combined system that employs over 58,000 people. They provide ambulatory and acute health services along with other medical services through 225 clinics and 33 hospitals. Also Zions Bancorporation, which has annual net revenues of $2.9 billion and is headquartered in SLC with roughly 2,660 employees. Overstock also has its headquarters in SLC occupying a 230,000 square foot campus with over 1,600 employees.