Absolute Net Walgreens | 7.8% Cap in Greensboro NC MSA
1703 Freeway Drive, Reidsville, NC, USA Map
Listing Price $2,568,000
| Status | Closed |
| Lease Type | Absolute Net |
| Property Type | Retail |
| CAP Rate | 7.8% |
| GLA (Sq. Ft.) | 13,813 |
| NOI | $200,288 |
| Lease Term Remaining | 6 Years |
| Increases | 5% in Options |
| Options | 4 x 5 Years |
| State (BOR) | North Carolina |
| Broker of Record | Ben Yelm |
| License # (BOR) | 303785 |
| Close Date | Jan 2, 2024 |
Investment Highlights
- Investment-Grade Credit Tenant Walgreens Boots Alliance
(NASDAQ: WBA) has a Long-Term Credit Rating of Baa2
(Stable) from Moody’s and Investment Grade Rating of BBB
(Stable) from S&P - Established Retail Area on Reidsville Business 29 Ring Road
Nearby National Retailers Include: Walmart, Lowe’s, Food Lion,
Bojangles, Hardee’s, Taco Bell, Napa, Dollar General, and Others - Thriving Bedroom Community with an Average Household
Income of $59,877 within Five Miles of the Subject Asset, as of
2022 - Robust Traffic Counts on Freeway Drive (17,640 VPD) and
Vance Street (8,955 VPD) (Source: LandVision, CoStar, 2022) - Parks and Outdoor Recreational Facilities Nearby Include: Lake
Reidsville, Lake Townsend, Crooked Tree Golf Course, Bryan
Park, International Civil Rights Center, Greensboro Science
Center, and More - Subject is 30 Miles from Piedmont Triad International Airport,
Serving Over 1.6 Million Passengers Annually (flyfrompti.com)
Subject is 20 Miles from Downtown Greensboro with a
Population of 300,000
Investment Overview
Subject is a Prime 13,813 Square-Foot Walgreens on a 2-Acre Lot with Ample Parking, Pylon Signage, Easy Ingress/Egress, and Strategically Located on a Signalized Intersection. Absolute NNN Lease with a 25-Year Base Term and Zero Landlord Responsibility | Six Years Remaining and 4 x 5-Year Options with 5% Rental Increases in Each.
