Superior Walgreens Property On Tower Avenue For Sale
The property that houses one of Superior's most-recognized businesses is for sale. Asking price is $5 million for the building and lot at 2015 Tower Avenue - current home to Walgreens.
You don't have to be a shrewd investor to realize that the location has a lot of potential for return.
So what does the $5 million asking price get you? A lot.
Geographically-speaking, the corner lot at Tower Avenue and 21st Street is located in the central business corridor of Superior. According to details available from the broker, more than 32,000 vehicles pass through that corner each day; a plus is that the corner features a traffic signal, which increases the visibility-time for the location. There's also a large parking lot, a 10,000-plus square foot stand-alone building, and an existing long-term lease that comes with renewal options.
In addition, the property is located centrally along Tower Avenue; that roadway has seen significant investment and development in both locations - north and south - of the current Walgreens location. An added plus: both the City of Superior and independent developers have made significant investments in infrastructure and properties - both commercial and residential.
As far as the current tenant goes - Walgreens - the business and the lease appear to be solid. Similar to all Walgreens locations throughout the United States, it's a corporate-run business. The advertised terms of the lease suggest that the landlord is not responsible for "repairs & maintenance"; the tenant is.
And, it would be safe to assume that the long-term conditions of that lease wouldn't change any time soon. Walgreens has leased the property since it was originally built back in 1993. Current terms show that it still has 13 years left - expiring in 2034. There are also provisions built in for renewal.