Rite Aid (Walgreens) - Durham, NC

Asset Type

Retail

Address
3798 Guess Rd Durham, NC United States 27705-6909
Asking Price

S$6,165,000

Sq Footage

11,200

Year Built

2000

Cap Rate

6.76%

Additional Attributes
Guarantor Walgreens Company
Lease Expiration 2026-01-24
Lease Type NNN
Options Five, 5-Year Options
Tenant RITE AID Corporation

Property Description

Stand-alone Rite Aid property for sale, featuring a Walgreens-operated pharmacy at the busy intersection of Guess and Horton Roads. The store is currently branded as a Rite Aid, although managed by Walgreens and will eventually be rebranded as Walgreens. The Property possesses highly favorable lease fundamentals, featuring Rite Aid tenancy whose lease has been assigned to Walgreens corporate on an absolute NNN lease structure. There are currently 7.8 years of lease term remaining, and five, 5-year option periods with rental increases. The Property is strategically positioned on the hard-signalized intersection of Guess Road and Horton Road which sees a combined traffic count of over 28,000 vehicles per day. This offering represents an exceptional opportunity to acquire a valuable property with strong lease fundamentals leased to an investment-grade tenant.

Investment Highlights

  • Assigned to Walgreens corporate with an absolute NNN lease structure with 7.8 years remaining
  • Includes five 5-year option periods with rental increases
  • Nationally recognized tenant with strong brand loyalty 
Listing Contacts
Peter Furest
Peter Furest
SVP, Capital Markets
+65 3159 4021
NY - 10401232530
Michael Longmore
Michael Longmore
JLL Capital Markets, Retail
+65 3159 4021
NC - 159332
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