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Walgreens, Wilmington, NC

Walgreens

Price $5,742,000
Cap Rate 6.00%
NOI $344,500
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 Available
Lead Broker Information 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

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.

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