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$ 4,500,000
Est. payment /mo
Price Dropped by $300K
601 W Will Rogers BLVD OK 74017
1.28 Acres Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID 26649277
HOA Y/N No
Lot Size 1.278 Acres
Property Description
This offering presents a rare opportunity to acquire a truly passive, institutional-quality retail investment backed by one of America's most recognized pharmacy brands. The property is leased to Walgreens Co., an Illinois corporation, under an absolute triple-net (NNN) lease structure that transfers 100% of operating responsibility to the tenant. Under this arrangement, Walgreens assumes full responsibility for all property expenses including real estate taxes, property and liability insurance, utilities, routine maintenance and repairs, capital expenditures, roof and structural maintenance, and environmental compliance. The landlord bears zero operating responsibility, no management burden, no maintenance obligations, no capital calls, and no tenant coordination beyond lease administration. This represents the highest level of passive ownership available in commercial real estate, delivering predictable net cash flow of $360,000 annually ($30,000 monthly) with virtually no deductions or operating expenses from the gross rent collected. The current rent equates to approximately $24.98 per square foot with 10 years and four months remaining on the lease and an additional nine 5-year options through 2081. The lease provides institutional-grade credit quality through a direct agreement with Walgreens Co. and a full corporate guarantee, there is no franchisee, no special purpose entity, and no credit carve-out. This Fortune 50, publicly traded corporation operates over 8,000 locations nationwide and maintains one of the strongest balance sheets in the retail pharmacy sector. The lease commenced November 1, 2003, following construction of this purpose-built, 14,412-square-foot pharmacy on a prominent 1.28-acre corner site at West Will Rogers Boulevard and Lynn Riggs Boulevard in Claremore, Oklahoma.Walgreens has continuously operated this location for over 20 years, demonstrating sustained commitment to the market and the specific site. The lease includes rolling five-year tenant termination rights beginning June 30, 2036, which is standard in Walgreens corporate leases and provides the tenant with operational flexibility while maintaining strong renewal probability given the substantial investment in this purpose-built facility. The tenant also retains broad assignment and sublease rights, including the ability to assign to affiliates or in connection with corporate restructuring, and is permitted to go dark subject to continued rent payment, though no continuous operating covenant exists.The property occupies a high-visibility corner location with dual frontage on two of Claremore's primary commercial corridors, generating a combined traffic count exceeding 32,000 vehicles per day. The freestanding building features a modern drive-thru pharmacy configuration and 8288 surface parking spaces, supporting efficient pharmacy operations in a mature, stabilized retail corridor anchored by complementary national tenants including CVS Pharmacy, RCB Bank, and Carl's Jr. Located approximately 30 miles northeast of Tulsa in the Rogers County seat, the property serves an established trade area with consistent prescription demand. This investment offers institutional and private investors, including 1031 exchange buyers, family offices, private equity funds, and institutional portfolios, a turnkey, hands-off asset with minimal management requirements, long-term income stability, and the security of a corporate-guaranteed lease with an absolute NNN structure that eliminates landlord operating exposure.
Location
State OK
County Other
Interior
Fireplace No
Exterior
Total Parking Spaces 82
Building
Lot Description Corner Lot
Story 1
Others
Tax ID UNAVAILABLE
Special Listing Condition Standard
Listed by Oron Maher Maher Commercial Realty #01299093