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Views: 113 DOM: 292 Updated: 08.06.24 Posted: 02.02.24 Status: Active

Summary

Price $5,157,000
Built/Renov 2007
Tenant Walgreens
Cap Rate 6.00%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 14,691
Lease Start 11-01-2023
#Units 13,532
Price/SF $351.03
Expiration 11-01-2038
Tenant Type Pharmacy
NOI $309,435
R. Term 13.11
Ownership Fee Simple
Rent/SF $21.06
Increases 5.0%/5/yrs
Pop 5Mi 109,281
Lot/AC 2.46
Options 12/5yrs/5%
AHHI 5Mi $201,448

Lease Highlights

  • Walgreens has 14+ years remaining on their initial lease with 12 (5-year) options to extend
  • The 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 guarantee (NASDAQ: WBA)
  • Investment grade tenant (S&P: BBB-)

Location Description

Walgreens is strategically located at the signalized, hard corner intersection of Cranbury Rd. and Princeton Hightstown Rd., with a combined daily traffic count of 33,800 vehicles. The property enjoys the convenience of direct on/off ramps to U.S. Highway 1, a major thoroughfare with an average daily traffic volume of 91,000 vehicles. The site is located within a densely populated retail...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

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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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 5,059 46,847 111,690
2023 Total Population : 5,057 46,075 109,768
2023 Employed Civilian Pop : 2,730 24,218 58,926
2023 Total Businesses : 339 2,182 4,810
2023 Average Household Income : $ 289,275 $ 226,813 $ 201,388
2023 Total Consumer Spending : $ 381 M $ 2712 M $ 6661 M
2023 Median Age : 43 35 38
2023 Total Households : 1,598 14,362 39,622
2023 Pop Age 25+: Bachelor's Degree : 1,265 9,145 24,088
2023 Average Home Value : $ 661,200 $ 713,332 $ 694,962
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Princeton Hightstown Rd Cranbury Rd 2004 17,900 0.03 mi
Princeton Hightstown Rd Sherbrooke Dr 2017 15,159 0.03 mi
Wallace Rd Scott Ave 2009 4,762 0.10 mi
Princeton Hightstown Road Cranbury Rd 2019 13,021 0.15 mi
Cranbury Road Sunnydale Way 2019 6,813 0.17 mi
Princeton Hightstown Rd Sherbrooke Dr 2012 14,690 0.19 mi
Sherbrooke Dr Norchester Dr 2004 390 0.21 mi
Wallace Road Scott Ave 2018 3,218 0.24 mi
Princeton Hightstown Rd Sherbrooke Dr 2018 14,628 0.26 mi
Cranbury Road Sunnydale Way 2017 6,050 0.32 mi

Listing Broker

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