Walgreens

Walgreens – Warwick, Rhode Island (Providence MSA)

This single-tenant Walgreens Pharmacy located in Warwick, Rhode Island represents a premier opportunity to acquire a net-leased investment backed by one of the most recognizable names in healthcare and retail—Walgreens Boots Alliance. The property is secured by an absolute triple-net (NNN) lease, with zero landlord responsibilities and stable, predictable income backed by a corporate guarantee. Located in the heart of the Providence metropolitan area, this freestanding retail asset is ideally positioned within a dense retail corridor surrounded by residential communities, healthcare facilities, and daily-needs consumers.

As one of the nation’s top-tier net lease tenants, Walgreens continues to demonstrate long-term durability, adaptability, and operational strength, supported by its robust prescription base, strong customer loyalty, and expanded healthcare offerings. The Warwick location benefits from a strategic position near major transportation routes, high traffic counts, and the economic strength of the Providence MSA, making it an ideal acquisition for passive investors, estate planners, or institutional buyers seeking yield, security, and performance in an essential-service sector.

Whether as part of a diversified portfolio or as a 1031 exchange replacement property, this Walgreens property offers a rare opportunity to secure long-term, credit-backed income in a highly desirable New England market.

Tenant Overview – Walgreens Boots Alliance

Walgreens Boots Alliance (NASDAQ: WBA) is one of the largest and most recognized pharmacy chains in the world, with over 8,000 locations across the United States. The company provides essential health and wellness services, including prescription medication fulfillment, vaccinations, immunizations, chronic disease management, retail convenience items, and digital healthcare support.

As the retail pharmacy sector evolves in response to increasing demand for local, accessible healthcare services, Walgreens is expanding its footprint by integrating full-service primary care clinics through VillageMD and investing heavily in digital infrastructure. Its essential service designation ensures consistent customer traffic and stable revenue even during economic downturns, public health crises, or retail market shifts.

Walgreens’ success as a net lease tenant is anchored by several key characteristics:

• Investment-grade credit rating (S&P: BBB)
• Strong operational performance across urban, suburban, and rural locations
• High site retention rate and disciplined store footprint
• Recession-resistant business model tied to healthcare demand
• Corporate-guaranteed leases across the U.S.
• Consistent lease renewal and extension behavior

This Walgreens location in Warwick is a proven performer, serving a densely populated community with recurring healthcare and retail needs, making it one of the most attractive single-tenant offerings in the region.

Lease Structure – Absolute Triple-Net (NNN)

The property is encumbered by an absolute NNN lease, the most passive and investor-friendly lease structure available. Under the terms of the lease, Walgreens is responsible for 100% of the property’s operating expenses, including:

• Real estate taxes
• Insurance premiums
• Roof and structural maintenance
• Building and site maintenance
• Capital expenditures and utilities

This lease provides zero landlord obligations and stable, contractual income, ideal for those seeking low-maintenance assets with dependable cash flow. This structure is especially appealing to 1031 exchange investors, private wealth managers, and institutions focused on long-term yield and credit-backed investment.

Additional lease features typically include:

• Corporate lease guarantee from Walgreens Boots Alliance
• Fixed base rental income with no operational contingencies
• Scheduled rental increases (if applicable)
• Multiple five-year renewal options, allowing long-term tenancy
• Predictable income ideal for retirement accounts, trusts, or family holdings

Warwick, RI – Market Overview

Warwick is the second-largest city in Rhode Island and part of the Providence Metropolitan Statistical Area (MSA), which encompasses over 1.6 million people. As a coastal city with a rich history and an economically diverse base, Warwick has emerged as a key residential, healthcare, and commercial hub within southeastern New England.

The city is home to the state’s primary airport (T.F. Green International Airport), multiple major shopping corridors, numerous public schools and colleges, and an array of healthcare providers. Its proximity to Providence, Boston, and key Interstate routes has made it a popular location for families, retirees, and commuters. The local economy benefits from a blend of education, healthcare, logistics, tourism, and public sector employment, supporting stability and demand across the board.

For essential service retailers like Walgreens, Warwick offers:

• A large and stable residential base
• High prescription volume from local seniors and families
• Access to high-traffic corridors and commuter routes
• A diverse economic ecosystem less vulnerable to sector-specific disruption

Demographics and Demand Drivers

Within a 5-mile radius of the property:

• Population exceeds 150,000 residents
• Median household income is in line with or above national averages
• Age distribution supports strong prescription demand and wellness product usage
• Multiple senior communities and assisted living centers nearby
• Close proximity to Kent Hospital and other primary care clinics
• Dense multifamily, single-family, and educational infrastructure

The local customer base is ideally suited to Walgreens’ hybrid pharmacy/retail model. The demand for chronic medication, urgent prescriptions, immunizations, and healthcare counseling is consistent and growing. The area is also a key target for Medicare-related services, OTC medication sales, and COVID-era vaccination programs—all of which support ongoing customer traffic and recurring revenue.

Site Details and Retail Positioning

The subject Walgreens occupies a freestanding building situated along a heavily trafficked commercial corridor. The property benefits from exceptional visibility, prominent signage, easy ingress and egress, and a large surface parking lot. It is located near key intersections and surrounded by a strong mix of national and regional tenants, including grocery stores, banks, medical offices, and quick-service restaurants.

Typical property attributes include:

• Walgreens prototype freestanding building
• Drive-thru pharmacy access to enhance fulfillment efficiency
• Building and monument signage for strong brand visibility
• High traffic counts and daily customer throughput
• Ample parking with ADA-compliant access
• Close proximity to public transportation and walkable residential density

These features enhance operational efficiency for the tenant while supporting long-term site viability from a real estate ownership perspective.

Credit Profile – Walgreens Boots Alliance

Walgreens Boots Alliance provides investors with one of the most reliable credit-backed lease guarantees in the net lease marketplace. As a publicly traded Fortune 500 company with billions in annual revenue and a long track record of financial performance, Walgreens is considered a blue-chip net lease tenant.

Corporate facts include:

• Ticker symbol: WBA (NASDAQ)
• Annual revenue: $130+ billion
• S&P credit rating: BBB
• Over 8,000 U.S. locations
• Corporate strategy focused on healthcare integration and digital growth
• Consistent dividend history and market capitalization in excess of $20 billion

With a mission to be the most trusted, convenient multichannel provider of health and wellness products, Walgreens continues to invest in its infrastructure, people, and technology. Its pivot toward healthcare delivery through in-store clinics, partnerships, and specialty pharmacy services enhances its position as a core service provider in any community.

Investment Highlights

• Absolute NNN lease – zero landlord responsibility
• Corporate-backed lease with Walgreens Boots Alliance
• Freestanding building with drive-thru pharmacy in a major New England MSA
• Located in Warwick, RI – key residential and commercial hub in the Providence MSA
• Strong local demographics with over 150,000 residents in 5-mile radius
• Essential-service tenant with high prescription volume and brand loyalty
• Surrounded by dense retail, healthcare, and multifamily infrastructure
• Prime 1031 exchange candidate for yield-focused or passive investors
• Recession-resistant sector aligned with long-term healthcare trends

Conclusion

This Walgreens property in Warwick, Rhode Island offers all the critical fundamentals of a high-quality net lease investment—an absolute NNN lease with no landlord duties, a corporate guarantee from a Fortune 500 tenant, and an infill suburban location in one of the most stable metro markets in the Northeast. Surrounded by daily-needs consumers, strong healthcare infrastructure, and long-term demographic growth, this property delivers passive, credit-backed income in a sector that continues to outperform in all market cycles.

Ideal for 1031 exchange replacement, income-focused portfolios, or low-risk retirement vehicles, this Walgreens offering combines reliability, scalability, and essential retail demand in one of New England’s most resilient markets.