Walgreens - New York Mills (Utica)

Asset Type

Retail

Address
4855 Commercial Dr New York Mills, NY United States 13417-1319
Asking Price

S$7,467,000

Sq Footage

14,820

Year Built

2007

Cap Rate

6.06%

Additional Attributes

Property Description

A freestanding Walgreens location for sale in New York Mills, NY (Utica MSA). The Asset features over 12 years of lease term from Walgreen Co. (the “Tenant”) who is an investment-grade tenant with a ‘BBB’ credit rating from Standard & Poor’s. The Asset sits on over 2 acres of land at the lighted intersection of Commercial Drive and Henderson Road (28,000+ VPD). This area of Utica serves as the primary retail corridor with over 1.7 million square feet of retail space within a 1-mile radius, and over 51,000 residents reside within 3 miles of the Asset. New Hartford is a suburb of the larger Utica, NY MSA that has over 300,000 residents in the metro area. Utica is home to colleges, hospitals and a high-tech sector that all support the city’s abundant economy. Utica College has over 3,000 students and is located less than 2 miles from the Asset.

Investment Highlights

  • Fee simple interest
  • Long-term, absolute NNN lease with over 12 years remaining before the Tenant has a reoccurring right to terminate the Lease every 5 years
  • Strategically positioned at the lighted intersection of Commercial Drive and Henderson Road that sees over 28,000 VPD
  • Two major retail centers are in close proximity including Sangertown Square, which includes retail tenants like Macy’s, Dick’s, Target, H&M and many more
  • New Hartford consumer square is another major shopping center less than a mile from the property with tenants including Wal Mart, PetSmart, Best Buy and more
Listing Contacts
Peter Furest
Peter Furest
SVP, Capital Markets
+65 3159 4021
NY - 10401232530
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