Walgreens will close about 200 locations across the United States as part of its plan to cut costs

Long considered one of the surest things in the NNN world, Walgreens has plans to close 200 locations across the USA. The planned closures represent less than 3% of Walgreens locations. What if you are a landlord of one of these 200 locations? Most of Walgreens NNN leases are backed by corporate guarantees. As I stated in my previous post I have a client who has a Walgreens in Ohio that has gone dark. Walgreens offered $5 million to buyout the lease. The landlord refused. So in this case Walgreens corporate will continue to pay rent on an empty store space for the remainder of the lease, which in this case is 15 more years!