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| Walgreens |
5476 Mountain Iron Drive, Mt. Iron, Minnesota
Purchase Price: $4,364,079
• Twenty-five (25) Year Primary Lease
• Absolute Net Ground Lease (No Landlord Responsabilities)
• Five (5) year terminations after 25 years in Year 2030
Land Area: ± 1.12, Building Area: ± 13,650 SF
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Willis Ventures is excited to announce that our brokerage has closed escrow on a Walgreens in Mt. Iron, Minnesota. The property sold for $4,364,079 with a 6.3% capitalization rate.
Walgreen Company’s primary business is the operation of retail drugstores. The Company is a drugstore chain in the United States with stores located in 45 states and Puerto Rico. During 2005, the Company opened 435 stores for a total of 4,953 stores and three mail service facilities. To support store expansion, the Company opened four distribution centers over the course of the past three years.
The subject property is located at the NWC of Highway 53 & 13th S. Street. Situated at the crossroads of Highways 53 and 169, Mountain Iron is Minnesota’s third largest city in geographic size, covering 52 square miles and boasting six lakes within its limits. Visitors can get a birds-eye view of USS/Minntac’s taconite mining operations at either the Wacootah Overlook or the Minntac Mine Overlook. National retailers in the surrounding area include Target, JC Penney, Sears, McDonald’s, Hardee’s, KFC, Dairy Queen, First National Bank and General Nutrition Center.
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