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Views: 33 Updated: 09.12.24 Posted: 08.12.24 Status: Inactive 10.08.24

Summary

Price $4,000,000
Built/Renov 1998
Tenant Walgreens
Cap Rate 7.25%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 10,908
Lease Start 09-11-1998
#Units 13,532
Price/SF $366.70
Expiration 10-31-2028
Tenant Type Pharmacy
NOI $290,169
R. Term 3.11
Ownership Fee Simple
Rent/SF $26.60
Increases 14.0%/4/yrs
Pop 5Mi 139,521
Lot/AC 1.25
Options 4/5yrs/2%
AHHI 5Mi $101,300

Lease Highlights

  • Walgreens has been operating in this location since 1998
  • The tenant has 4+ years remaining on the current lease term with 4 (5-year) options to extend
  • The lease features a 14% increase at the end of the remaining term, 2% at the start of each remaining option
  • Favorable NN+ lease with landlord responsible for roof and structure
  • Corporate guarantee | Investment grade tenant

Location Description

Walgreens is strategically located at the hard corner intersection of Old Town Road and St. Andrews Boulevard, with access to a combined daily traffic count of 46,135 vehicles. The property is conveniently situated near Highway 17 and is surrounded by well-known national tenants such as Circle K, Little Caesars, Taco Bell, Michaels, and more. Nearby housing communities include The Jasper...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Walgreens
  • Guarantor:Corp T and Rated
  • Company:Walgreens Boots Alliance
  • # Units:13,532
  • 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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Demographics

  1 Miles 3 Miles 5 Miles
2029 Total Population : 10,025 65,098 147,551
2024 Total Population : 9,911 63,530 140,208
2024 Employed Civilian Pop : 5,323 36,087 77,894
2024 Total Businesses : 511 4,448 9,963
2024 Average Household Income : $ 84,163 $ 114,473 $ 112,884
2024 Total Consumer Spending : $ 348 M $ 3029 M $ 6339 M
2024 Median Age : 39 37 37
2024 Total Households : 4,688 30,104 63,828
2024 Pop Age 25+: Bachelor's Degree : 2,114 15,459 31,072
2024 Average Home Value : $ 485,682 $ 638,922 $ 661,454
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Saint Andrews Boulevard Bike Path 2021 49,800 0.29 mi
Saint Andrews Boulevard Colony Dr 2022 51,900 0.29 mi
Playground Road White Dr 2022 5,300 0.42 mi
Magnolia Road Barrett Rd 2022 4,300 0.43 mi
Old Towne Road Charlestowne Dr 2022 26,200 0.57 mi
Old Towne Road Saint Augustine Dr 2021 25,100 0.57 mi
Ashley River Road Fuseler Rd 2022 37,300 0.63 mi
Ashley River Road Ashley Hall Rd 2021 35,800 0.63 mi
Ashley River Rd Drway 2018 33,400 0.74 mi
Crull Drive Pratt St 2022 3,200 0.90 mi

Listing Broker

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