Rite Aid (Walgreens) - Southern Pines, NC

Asset Type

Retail

Address
1690 US Highway 1 S Southern Pines, NC United States 28387-7037
Asking Price

S$5,909,000

Sq Footage

12,739

Year Built

2003

Cap Rate

7.85%

Additional Attributes
Guarantor Walgreens Company
Lease Expiration 2022-10-20
Lease Type NNN
Options Four, 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 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
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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