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We are pleased to market for sale the Walgreens located at 4005 East Grand Avenue in Laramie, Wyoming ("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 lease term and in each of the 12 (5-year) options.
The Property is at an extremely rare low price point for a Walgreens with this lease type, lease length and rental increase structure. This will provide a large buyer pool if the asset is ever resold in the future as it allows investors a unique opportunity to own a Walgreens at a minimal price point in a tax free state.
The University of Wyoming is the largest employment anchor of Laramie with 1,064 faculty and 11,479 students occupying 1,233 acres. Historically, the University of Wyoming has added annually over $130 Million dollars and generated over 2,000 jobs to the Laramie economy.
Within a mile radius of the Property there is approximately 433 hotel rooms including the Hilton Garden Inn (135 rooms), Hampton Inn (84 rooms), Holiday Inn (100 rooms), Quality Inn (55 rooms) and the Wyndham (59 rooms). These hotels host the visitors of University of Wyoming and commuters traveling via Interstate 80 which is the main interstate through southern Wyoming.
The Property sits on a signalized corner of East Grand Avenue (11,000 VPD) connecting the University of Wyoming to Interstate 80 (22,000 VPD). Interstate 80 connects southern Wyoming to Salt Lake City to the east and connects to Interstate 25 (25,000 VPD) to the west which leads to Denver.
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