Retail

Rite Aid (Walgreens) - Southern Pines, NC

1690 US Highway 1 S Southern Pines, NC United States 28387-7037
Asking Price
Sq. Footage 12,739
NOI Net Operating Income
Cap Rate 7.85%

Attributes

Year Built 2003
Lease Type NNN
Lease Expiration 2022-10-20
Remaining Term 2 years, 8 months
Tenant RITE AID Corporation
Guarantor Walgreens Company
Lot Size 1.77 ACRES

Property Description

Stand-alone Rite Aid property for sale, featuring a Walgreens-operated pharmacy at the busy intersection of U.S. Highway 1 and Pinehurst Avenue which sees a combined traffic count of over 26,000 vehicles per day. The exterior is still branded as a Rite Aid, though will eventually be converted to a Walgreens as they absorb Rite Aids across the country. 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 4.4 years of lease term remaining, and four, 5-year option periods with rental increases. 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 NNN lease structure that has 4.4 years remaining, as well as four 5-year option periods with rental increases
  • National tenant with strong brand recognition
  • Highly desirable location
Peter Furest
Peter Furest
SVP, Capital Markets
Licensed in
NY - 10401232530
Michael Longmore
Michael Longmore
JLL Capital Markets, Retail
Licensed in
NC - 159332

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