1850 Logan Ave
Waterloo, IA 50703
5% Incr in Options | Next to 204 Bed Hospital · Commerce de détail Propriété À vendre

We are pleased to market for sale the Walgreens property located at 1850 Logan Ave, Waterloo, IA 50703 ("The Property"). Walgreens has been operating at the site for over 18 years and has ±3.5 years of firm term remaining before the 12 (5-year) option periods. Walgreens operates under a absolute triple net lease, which provides for no landlord obligations whatsoever and calls for a 5% rental increase every five years in the first four options.
The Property is strategically positioned across the street from Allen Memorial Hospital, a 204-bed facility affiliated with UnityPoint Health, which serves one out of every three patients in the state of Iowa. The Property also holds a significant retail advantage as the only Walgreens north of the Cedar River in Waterloo for over 15 miles.
Located within a thriving industrial market, the Property is surrounded by over 5.8 million square feet of industrial space within a 3-mile radius, with a vacancy rate under 1%. The John Deere Tractor Operations Center, which serves as the primary North American production site for Deere’s 6R–9R series tractors. This operation spans 5.9 million square feet and occupies 2,734 acres across six locations in Waterloo. Additionally, Tyson Foods recently expanded its nearby pork processing facility, investing $28 million and creating 245 new jobs. The expansion was supported in part by the Iowa Economic Development Authority (IEDA), which provided $2 million in investment tax credits.