Virginia Beach, VA
- Walgreens extended lease to a firm 15-yrs in August 2022 showing commitment to this location.
- Walgreens is reporting strong sales at this store that has a 15-year operating history.
- Virginia Beach has a population of ±1,500,000 and is the most populous city in VA.
- Near ±23.6M SF of retail space and adjacent to 128K SF center anchored by Lion Food who renewed for 10 yrs.
Pharma Property Group is please to present the opportunity to purchase a Walgreens in Virginia Beach, Virginia. Income guaranteed by Walgreens Corporation with over 8,900 locations. Walgreens extended the lease to a firm 15-year term in August 2022 showing their commitment to this location. After the 15-year initial lease term are nine (5-year) options. Walgreens is reporting strong sales at this location that has over 15 years of operating history. This Walgreens is located across the street from a Rite Aid drugstore, making this a strategic location for both Walgreens and Rite Aid.
The subject property is located at the signalized intersection of S. Military Hwy. (±39,000 VPD) and Indian River Road (±14,000 VPD) with a combined traffic count of 53,000 vehicles per day. There are approximately 110,000 households with about 282,000 residents within a five-mile radius including the Belmont at Providence Apartments, a 312-unit apartment complex adjacent to subject property.
Virginia Beach has a population of nearly 1,500,000 and is the 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. There are several retail districts within a 5-mile radius of the subject property that include large shopping centers and strip malls totaling approximately 23.6 million square feet of retail space. Subject property is adjacent to Indian River Shopping Center, a 128,017 square foot center anchored by Burlington and Lion Food grocery store who recently renewed for another 10 years. 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.
Subject property is approximately 6 miles southeast of Norfolk which is home to the world's largest naval base, Naval Station Norfolk with more than 82,000 active-duty personnel and 39,000 civilians. Also in the area are NATO's Strategic Command Headquarters with a staff of about 3,800 personnel; Naval Air Station Oceana with over 25,000 military and civilian employees on about 11,000 acres; and Base Little Creek Fort Story that employs 18,000 military and civilians and sits on 4,000 acres. Also in the region are various industry contractors supporting the needs of these government institutions.