Walgreens

4779 U.S. 501, Myrtle Beach, SC 29579

$4,458,462

Cap Rate 5.85%

Views: 35 DOM: 120 Updated: 04.22.24 Posted: 01.18.24 Status: Active

Summary

Price $4,458,462	Built/Renov 2003	Tenant Walgreens
Cap Rate 5.85%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 14,490	Lease Start 11-21-2023	#Units 8,896
Price/SF $307.69	Expiration 11-30-2038	Tenant Type Pharmacy
NOI $260,820	R. Term 14.6	Ownership Fee Simple
Rent/SF $18.00	Increases 5.0%/4/yrs	Pop 5Mi 86,847
Lot/AC 2.03	Options 12/5yrs/5%	AHHI 5Mi $84,258

Lease Highlights

Walgreens recently executed a brand-new 15-year lease with 12 (5-year) options to extend
Lease features 5% rental increases every 5 years throughout the initial term and at the start of each option period
Absolute NNN | Zero landlord responsibilities
Corporate guaranteed lease

Location Description

Walgreens strategically located at the signalized, hard corner intersection of Carolina Forest Boulevard and US-501, benefiting from a significant combined daily traffic count of 50,100 vehicles. Furthermore, the property is situated approximately 1.5 miles north of Carolina Bays Parkway (29,900 VPD) and 4.5 miles north of US-17 (75,700 VPD). In close proximity to the site, are recognized...

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Key Features

Signalized intersection
Hard corner intersection
Near major nationals
Highway location
Major MSA
Brand new lease
Absolute NNN
Traded and rated company
Corporate Guarantee
Investment grade tenant

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Links

Walgreens Wikipedia Walgreens Wikipedia Myrtle Beach, South Carolina Zip Code 29579 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Walgreens
Guarantor:Corp T and Rated
Company:Walgreens Boots Alliance
# Units:8,896
Tenant S&P: BBB-
Moody’s: Baa2
Stock: NASDAQ: WBA

About Tenant

Walgreens is an American company that operates the second-largest pharmacy store chain in the United States. It specializes in filling prescriptions, health and wellness products, health...

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Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
	Legends Rd	2022	50,100	0.19 mi
	Heather Ln	2019	53,100	0.47 mi
Singleton Ridge Road	Myrtle TrceDr	2022	11,900	2.85 mi
Singleton Ridge Rd	Myrtle TrceDr	2010	8,900	2.88 mi

Listing Broker

Chris Bosworth

CBRE

Contact

121 Listings
5946 Views
43 Sold

Brian Pfohl

CBRE: NLP Atlanta

Contact

122 Listings
5987 Views
41 Sold

Chris Bosworth

Chris Bosworth is a Vice Chairman and Managing Director of the CBRE Net Lease Property Group and Corporate Capital Markets practice. Mr. Bosworth’s focus is to advise institutions, private equity firms, REITs, developers and corporate users regarding all facets of net-leased properties. In his career, Mr. Bosworth and his partners, Will Pike and Brian Pfohl, have been responsible for the disposition of 3,900 transactions valued in excess of $29 billion. Mr. Bosworth and Mr. Pike co-head the

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Brian Pfohl

Brian Pfohl is an Executive Vice President with CBRE’s Net Lease Property and Corporate Capital Markets practice groups. Mr. Pfohl’s singular focus is to advise corporate users, institutions, private equity firms, REITs, developers, and private individuals regarding all facets of net-leased properties. Mr. Pfohl’s expertise stems from the myriad of sale-leaseback transactions, net lease investment sales, programmatic portfolio dispositions, and advisement assignments he has completed throughout

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Thomas Carr

CBRE: NLP Atlanta

Contact

125 Listings
6064 Views
44 Sold

Thomas Carr

Thomas Carr is an Senior Investment Sales Analyst with CBRE’s Net Lease Property Group. As a member of the team led by Chris Bosworth and Will Pike, Mr. Carr plays an integral role in all aspects of the group’s property valuation, underwriting, and marketing efforts. He is also actively involved in marketing the team’s disposition assignments, specializing in single-tenant assets, national net-lease portfolios, and corporate sale-leasebacks, as well as advising 1031 exchange buyers. Mr. Carr

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