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Walgreens, Raleigh, NC

Walgreens

Raleigh, NC

Price $7,494,000
Cap Rate 5.35%
NOI $400,902
Lease Term 18 Years Remaining
Lease Type Absolute NNN, with Tenant Responsible for All Taxes, Utilities, and Maintenance, Including Roof, Structure, and Parking Lot
Rental Increases CALL FOR DETAILS
Year Built 2015
Building Size 14,675 SF
Lot Size 1.64 Acres (71,438 SF)
Status Available
Lead Broker Information Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Cushman and Wakefield Inc. LIC. # 00616335
This property is listed in conjunction with North Carolina-licensed real estate broker New South Properties, Inc.

Investment Highlights

ABSOLUTE NNN LEASE TO INVESTMENT GRADE TENANT
» Leased to Walgreens for 20 years, with 18 years remaining
» Absolute NNN lease requires no landlord management, ideal for an out-of-area investor
» Walgreens Boots Alliance, Inc. is rated “BBB/Stable” by Standard & Poor’s and is ranked 17th in the Fortune 500
» Walgreens is the largest drugstore chain in the U.S. based on prescription sales

HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» Conveniently located at a signalized intersection, with excellent access and visibility to 32,000 vehicles per day on U.S. Highway 70
» Directly across from the main entrance to Garner Towne Square, the dominant power center in the Garner submarket

HIGH-GROWTH LOCATION WITH STRONG CUSTOMER BASE
» U.S. Highway 70 provides direct access to downtown Raleigh, located just five miles away
» Between 2000 and 2017, household growth within a three-mile radius of the property was 47.1%
» Over 135,000 residents live and nearly 100,000 daytime employees work within a five-mile radius of the property
» Near Research Triangle Park, one of the largest research parks in the world and the economic engine of the Raleigh metropolitan area
» Within walking distance of 2,700-student high school and the North Carolina State Highway Patrol Training Academy

EXCELLENT LOCATION IN RESEARCH TRIANGLE
» Home to world-class universities, including Duke University, among the highestranked universities in the world, and North Carolina State University, the largest university in the Carolinas
» Historically robust economy with strong growth projections

Click Here to Download Offering Memorandum


Property Description

The property is conveniently located at a signalized intersection, with excellent access and visibility to 32,000 vehicles per day on U.S. Highway 70. The main entrance to Garner Towne Square is directly across from the property. Garner Towne Square is the dominant power center in the Garner submarket and features notable national tenants, including Target, Home Depot, Kroger, PetSmart, OfficeMax, Lane Bryant, and several others. Located in a dense retail corridor, the property is surrounded by large shopping centers and well-known retailers. Major tenants in the area include Walmart Supercenter, Lowe’s, Dollar Tree, McDonald’s, Big Lots, Verizon, GameStop, Sally Beauty Supply, Rainbow, NAPA Auto Parts, Food Lion, and Outback Steakhouse.

U.S. Highway 70 provides a direct route to downtown Raleigh, which is located just five miles from the property. The property is also less than a 30-minute drive from Research Triangle Park, one of the largest research parks in the world and the economic engine of the Raleigh metropolitan area. The property benefits from its prime location within the Garner submarket, which has become a major growth area in the Research Triangle region due to its proximity to downtown Raleigh, Research Triangle Park, and Raleigh–Durham International Airport. Between 2000 and 2017, household growth within a three-mile radius of the property was 47.1%. Over 135,000 residents live and nearly 100,000 daytime employees work within a five-mile radius of the property, providing a strong customer base for Walgreens.

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