Walgreens,
Wilmington, NC Investment Summary
| Price | $5,600,000 |
| Cap Rate | |
| NOI | |
| Lease Term | 25 Years With 10+ Remaining |
| Lease Type | Absolute NNN Lease, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure, And Parking Lot |
| Rental Increases | Call For Details |
| Year Built | 2005 |
| Building Size | 14,490 SF |
| Lot Size | 1.29 Acres (56,192 SF) |
| Status | Sold |
| Lead Brokers | Michael T. Yuras, CCIM Cushman & Wakefield 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Senior Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Ryan Forsyth Cushman & Wakefield 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Vincent Aicale Cushman & Wakefield 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 |
Investment Highlights
LONG-TERM CORPORATE LEASE TO INVESTMENT GRADE TENANT
» Guaranteed by Walgreen Co. (rated “BBB” by Standard & Poor’s)
» Original 25-year absolute NNN lease with a strong operating history at this store since 2005, demonstrating long-term commitment to the location
» Property features prescription drive-thru, providing unparalleled customer convenience and boosting sales revenue
» Walgreens Boots Alliance, Inc. (NASDAQ: “WBA”) is ranked 19th in the Fortune 500
» Walgreens is the largest drugstore chain in the U.S. based on prescription sales and number of locations
HARD-CORNER LOCATION AT SIGNALIZED FOUR-WAY INTERSECTION
» Located at the intersection of Market Street and Gordon Road, with excellent visibility and access to a combined 69,146 vehicles per day
» Five miles from the Atlantic coastline
» 109,030 residents live within a five-mile radius of the property
CENTRAL LOCATION IN DENSE RETAIL CORRIDOR
» Surrounded by several national retail brands, including McDonald’s, KFC, Ashley HomeStore, Food Lion, Domino’s, Pizza Hut, and many more
» Neighbored by Wrightsville Beach community ($151,745 AAHI | $975,000 median house listing price)
» Minutes from University of North Carolina Wilmington (17,499 students, 1,860 employees)
» Located in popular tourist area ($580 million generated from Wilmington tourism)
Property Description
SOLD
The property is located at the hard corner and signalized intersection of Market Street and Gordon Road with excellent visibility and access to a combined 69,146 vehicles per day. The site also has convenient access to the Atlantic coastline. National retail brands surrounding the location include McDonald’s, KFC, Ashley HomeStore, Food Lion, Domino’s, Pizza Hut, and many more.
Visibility is increased by the site’s proximity to the University of North Carolina Wilmington, which features 17,499 students and 1,860 employees. The property benefits from its location in a popular tourist destination, as Wilmington tourism generated $580 million in 2017. The site is surrounded by new homes and apartments and is supported by a large and affluent customer base, including the neighboring Wrightsville Beach community, which has an average household income of $151,745 and median house listing price of $975,000. The propery also resides in a densely populated area, with 109,030 people living within a fivemile radius of the property.
