Cove Pharmacy Net Lease 70 DST
Owosso, MI
| Asset Class: | Single Tenant Net Lease |
| Leverage: | 0% - All-Cash/Debt-free |
| Location(s): | Owosso, MI |
| Minimum Investment: | $50,000 |
| Current Distribution: | Monthly/Inquire |
| Offering Type: | DST |
| 1031 Exchange Qualified: | Yes |
Property Description
Pharmacy Net Lease 70 DST is a 14,820 square foot Walgreens Pharmacy with drive-thru. Owosso, which is part of Shiawassee County, is located approximately 30 miles northeast of Lansing, the capital city of Michigan. The lease is absolute NNN, providing for zero landlord responsibilities and has approximately 10 years remaining. Walgreens, which is publicly traded on NASDAQ (WBA), has a current "BBB" investment grade credit rating by S&P and reported annual revenue of over $148.5 billion in 2021. Walgreens is also ranked #45 on the Fortune 500 list.
MSA Details
Owosso is the largest city in Shiawassee County, Michigan and was incorporated as a city in 1859. The city is located 92 miles northwest of the most populous city in the state, Detroit, and a 35 minute drive from the state capital of Lansing. Notable attractions in Owosso include the Steam Railroading Institute, Curwood Castle, and the bustling downtown area. Owosso is the headquarters of the Great Lakes Central Railroad, which provides freight service to Northern and Southern Michigan. It also provides chartered passenger rail service and tours through its association with Lake Central Rail Tours. Lansing is the capital of Michigan, and the third largest MSA in the state. Lansing is centrally located and within 90 minutes of 90% of the state's population. The Lansing metropolitan area, referred to as "Mid-Michigan", is an important center for educational, cultural, governmental, commercial, and industrial functions.
Property Highlights
- Absolute NNN Lease - Zero landlord responsibilities for operating or capital expenses
- Freestanding Walgreens drug store with drive-thru is 14,820 SF and situated on 1.77 acres
- Strategic location with limited competition: only Walgreens in the city of Owasso with only 1 other national pharmacy chain in a five-mile radius
- Close-proximity to Owosso East Plaza - 197,569 SF community retail center anchored by Kroger. Additional traffic generators in the center include Dunham's Sports, Tractor Supply Co, Pet Supplies Plus, Subway and many more
- Located along Michigan Highway-21 - This populated thoroughfare connects Owosso to Grand Rapids and provides easy access to Michigan Route 52 (20,477 VPD), Interstate 75 and several other main travel arteries in Michigan
Source: Brochure
The market information provided above may not predict the future performance of the property.
*Distribution is not guaranteed and is subject to available cash flow. For further information about cash flow distributions from operations and capital events, please refer to the offering’s Private Placement Memorandum.
