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Walgreens – 18430 Sherman Way
Reseda, CA 91335

Price: $9,200,000 Zoning: [Q]C2-1D-CDO; M1-1
Bldg SF: 14,900 SF CAP Rate: 5.62%
Land SF: 62,932 SF Tenant: Walgreens
Year Built: 2003 Property Type: Retail
Click to View Offering MemorandumClick to Print Offering Memorandum

Exclusively Listed by:
Brandon Michaels
(818) 212-2794
bmichaels@marcusmillichap.com
License # 01434685


Matthew Luchs
(818) 212-2727
matthew.luchs@marcusmillichap.com
License # 01948233


Steven Schechter
(818) 212-2793
Steven.Schechter@marcusmillichap.com
License # 01089464

Price: $9,200,000
Bldg SF: 14,900 SF
Land SF: 62,932 SF
Tenant: Walgreens
Year Built: 2003
CAP Rate: 5.62%
Property Type: Retail
Click to View Offering MemorandumClick to Print Offering Memorandum

Exclusively Listed by:
Brandon Michaels
(818) 212-2794
bmichaels@marcusmillichap.com
License # 01434685


Matthew Luchs
(818) 212-2727
matthew.luchs@marcusmillichap.com
License # 01948233


Steven Schechter
(818) 212-2793
Steven.Schechter@marcusmillichap.com
License # 01089464

Investment Highlights

223 Unit development site ideally located in a Qualified Opportunity Zone and a Tier 3 TOC

 

  • 1.45 acres of land
  • Qualified Opportunity Zone offers significant tax benefits
  • Tier 3 TOC offers attractive “by-right” development incentives including a 70% increase in density and an increase in FAR from 1.5 to 3.75
  • Potential 223 unit, 197,745 square foot “by-right” development opportunity
  • The property is 100% leased to Walgreens through 2023, with two 5-year options remaining.
  • Signalized corner location with high daily traffic counts north of 36,000 vehicles per day
  • 1,135 units under construction within 2.9 square miles of the subject property

 

100% Leased to Walgreens Through 2023

 

  • An owner-user can occupy the site in 2023
  • Walgreens is the second largest drugstore chain in the United States, and has been operating for 119 years
  • The company features over 9,200 stores
  • Walgreens is a subsidiary of Walgreens Boots Alliance, which is present in more than 25 countries, employs over 450,000 people, and has more than 21,000 stores
  • Walgreens Boots Alliance Inc. is traded on the NASDAQ as WBA
  • Over 13,700 retail stores in operation in the US under the Walgreens and Duane Reade brands
  • Sales revenue exceeds $131 billion

 

Strong Centralized West San Fernando Valley Signalized Corner Location

 

  • Significant Revitilzation in the immediate area with over 1,100 units currently in construction
  • Centralized West San Fernando Valley location with easy access to Warner Center, Downtown Los Angeles and the Westside
  • The San Fernando Valley is best known for being the home to several iconic film studios such as Warner Bros. Studio and Walt Disney Studios
  • The property is located just half a mile from a new development project on Baird Avenue, a 27-unit project which was recently approved by the LA City Council with a zoning change and general plan amendment

 

Ideally located Proximate to a number of Retail Amenities and Restaurants and the Warner Center

 

  • Proximate national tenants include Wells Fargo Bank, Citibank, Food 4 Less, Goodwill Southern California, and Autozone, Wendy’s, McDonald’s, Starbucks, Taco Bell, and Little Caesars Pizza
  • Just 5 miles from the Warner Center, the San Fernando Valley’s central business district and home to Westfield Topanga & The Village, a mall which spans 2.1 million square feet, and houses stores such as Macy’s, Neiman Marcus, Nordstrom, and Target

 

Strong Immediate Demographics

 

  • Over 41,000 people located within one mile of the property, 247,000 located within three miles of the property, 635,000 located within five miles of the property
  • Over 12,400 households located within one mile of the property, 82,000 within three miles of the property, and 213,000 within five miles of the property
  • Average household income within one mile of the property is over $76,900, within three miles is over $90,700, and within 5 miles is over $92,900