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| Walgreens |
1401 Maryland Avenue East, St. Paul, Minnesota
Purchase Price: $2,875,000
• 8 years remaining on 20 year primary lease
• NN (Double Net Lease)
• Eight (8) - 5 year options
Land Area: ± 1.63 Acres, Building Area: ± 13,500 SF |
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Willis Ventures is excited to announce that our brokerage has closed escrow on a Walgreens in St. Paul, Minnesota. The property sold for $2,875,000.
Walgreen operates some 6,235 stores in 49 states and Puerto Rico, and has three mail order facilities. Prescription drugs account for nearly two-thirds of sales; the rest comes from general merchandise, over-the-counter medications, cosmetics, and groceries. Walgreen usually builds rather than buys stores, so it can pick prime locations. For added convenience, more than 80% of its stores offer drive-through pharmacies, and almost all offer one-hour photo processing. Walgreens was founded in Chicago, Illinois, in 1901 and has since expanded throughout the United States. Its headquarters is located in Deerfield, Illinois, a suburb of Chicago.
The subject property is located in St. Paul, Minnesota and less than 1 mile away from Lake Phalen. Lake Phalen is one of the Twin Cities most popular fishing lakes. St. Paul is the capital and second most populous city in the U.S. state of Minnesota. The city lies on the north bank of the Mississippi River, downstream of the river’s confluence with the Minnesota River, and adjoins Minneapolis, the state’s largest city. Known as the Twin Cities, these two cities form the core of Minneapolis-Saint Paul, the sixteenth largest metropolitan area in the United States, with about 3.2 million residents. Some of the other national tenants in the surrounding area include: Dairy Queen, Arby’s, McDonald’s, Domino’s Pizza, Buger King, and Wells Fargo Bank.
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