Walgreens

• Favorable Rent Basis (Per CoStar) – Walgreens is currently paying just $27.27/SF, providing a favorable rent basis relative to surrounding market rents. The shopping center directly across the street is currently marketing 1,674–3,526 SF suites at $42.00–$50.00/SF, while a nearby 9,500 SF outparcel building is being marketed at $36.00/SF. CoStar further reports average retail market rents of $34.39/SF in the surrounding area, approximately 24% above Walgreens’ current rent, providing strong underlying real estate fundamentals and potential downside protection.
• Recent Lease Extension – In 2024, Walgreens executed a long-term lease extension through 2037, demonstrating a significant commitment to this location and providing investors with durable lease term backed by a nationally recognized tenant.
• Significant New Development Nearby – In addition to the newly constructed Intermountain Health Lutheran Hospital less than 1 mile away, this Walgreens is surrounded by significant new development and investment. Within one mile is Clear Creek Crossing, a 110-acre mixed-use development featuring retail, hospitality, multifamily, and employment uses, as well as a recently developed Life Time Fitness directly across I-70. Additional projects currently under construction include a new 119-room hotel, multiple restaurants, and other commercial development, further enhancing the surrounding trade area and long-term real estate fundamentals.
• Denver, CO Suburb – Wheat Ridge is a well-established, highly desirable inner-ring Denver suburb located just west of Downtown Denver, offering exceptional connectivity to the region’s major employment centers, retail corridors, and recreational amenities. Strategically positioned along the I-70 corridor, Wheat Ridge provides convenient access to Downtown Denver, the Rocky Mountain foothills, and world-renowned destinations including Red Rocks Park & Amphitheatre. Denver, known as the “Mile High City,” serves as the economic and cultural center of the Mountain West, supported by a highly educated workforce, diverse employment base, major corporate presence, and exceptional quality of life. The property benefits from a dense surrounding population of more than 237,000 residents within a 5-mile radius.
• New Construction Hospital – This Walgreens is strategically located just 0.8 miles from Intermountain Health Lutheran Hospital, a newly constructed 338-bed acute care facility encompassing approximately 660,000 square feet that opened in August 2024. The hospital anchors the broader Lutheran Legacy Campus, a transformative 100-acre master-planned redevelopment of the former hospital site, positioning the property near a significant and growing healthcare destination.
• Major Highway Adjacent – This property is strategically positioned directly adjacent to I-70, benefiting from exceptional highway visibility and exposure to more than 119,163 vehicles per day, with an additional 41,200 vehicles per day traveling through the adjacent intersection.
• Affluent Denver Suburb – This Walgreens serves the affluent Wheat Ridge community, strategically located just west of Downtown Denver. The property benefits from exceptional surrounding demographics, with an average household income exceeding $224,584 within a one-mile radius, supporting a strong and established consumer base.