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Pharma Property Group is pleased to market for sale the Walgreens property located at 12405 Brandon Street in Anchorage, Alaska (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 in southern Anchorage and has phenomenal sales volumes making this a top 10% store by way of front end reported sales volumes. The Property benefits from limited Walgreens competition as it is one of 7 Walgreens stores in Anchorage and it controls the southern Anchorage drugstore market with the closest competing Walgreens 2.3 miles northeast and the closest competing freestanding CVS 13.3 miles northeast.
Home to 40% of Alaska's residents, the infill real estate quality in an established market such as Anchorage allows the Property to be a stable investment in the future. The Property sits on the Huffman Road off-ramp one block from AK-1 (Seward Highway, 29,900 vehicles per day) which is the main thoroughfare from southern Anchorage north to Downtown Anchorage.
The immediate area has affluent household incomes of $124,374 in a one- mile radius and $104,964 in a 5-mile radius. Directly across the street is the Huffman Shopping Center (88,000 square feet anchored by Carrs Grocer) and in the immediate area there are approximately 28 freestanding single tenant retail/office buildings as well as the Anchorage School District's maintenance, operations and student nutrition complex employing 100 people.
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