Listing Description
The Gateway Bridge Walgreens offers a unique opportunity to acquire a Walgreens-anchored asset situated on a strategic 2.06-acre corner. Located at the confluence of US Highway 30 and US Highway 67, the property serves as a primary retail entrance to Iowa for cross-border traffic from Illinois. For the hybrid investor, this is the ultimate "land bank" play: enjoy institutional-grade passive income today with a 30% rent escalation at next renewal option on the horizon, all while controlling one of the most strategic redevelopment footprints in the region. Investment Highlights * Primary Retail Junction: Positioned at the junction of US-30 and US-67. The site captures heavy daily commuter volume originating from the US Highway 30 Bridge, connecting the Illinois and Iowa markets. * Synergistic Retail Hub: The property is shadow-anchored by Hy-Vee Supermarket and Hy-Vee Fast & Fresh, the region's dominant grocery and fuel drivers. This established "daily needs" synergy ensures consistent consumer traffic to the immediate corridor. * Oversized 2.06-Acre Parcel: At over 2 acres, the site exceeds standard pharmacy lot sizes. This surplus land provides long-term flexibility for multi-tenant conversion, QSR outparcels, or higher-density redevelopment. * Structured Rent Growth: Unlike many flat-rent NNN/NN pharmacy assets, this lease features five-year renewal options with a 30% rent escalation at the next option, providing a significant hedge against inflation and a boost to future yield. * Regional Market Magnet: Clinton serves as a primary retail destination for Western Illinois residents attracted by Iowa's lower fuel taxes and a dense concentration of national tenants, including Home Depot, Walmart Supercenter, Hobby Lobby, Aldi, and Harbor Freight. * Secure Income Stream: Corporate-backed Double Net (NN) lease with term expiring May 31, 2034, providing approximately 8 years of guaranteed term prior to the next option with rent escalation. The subject property is a 13,799 SF facility equipped with a drive-thru sitting prominently at the base of the Gateway Bridge, benefiting from exceptional visibility to south-bound US-67 and west-bound US-30 traffic. Located just 1.5 miles from the Clinton Marina, the asset services a stable local population complemented by seasonal regional tourism. Whether you are looking to park 1031 exchange funds in a reliable corporate-backed asset or you are a developer looking to secure a "Main & Main" corner for the next decade's most ambitious project, this property delivers the best of both worlds. Property Snapshot * Building Size: 13,799 SF * Lot Size: 2.06 Acres (Signalized Corner) * Lease Structure: Double Net (NN) * NOI: $250,000 * CAP Rate: 9.09 * Lease Expiration: May 31, 2034 * Renewal Options: 5 (Five-Year) Options * Rent Increases: 30% at next Option * Traffic Drivers: US-30, US-67, Gateway Bridge, Hy-Vee