Walgreens

Asset Type

Retail

Address
120 E 1st Ave Roselle, NJ United States 07203-1210
Asking Price

S$9,819,000

Sq Footage

12,975

Year Built

2002

Cap Rate

6.00%

Additional Attributes
Current / Passing Rent S$589,100
Guarantor 0010Y00000iAQNoQAO
Lease Commencement 2002-09-15
Lease Expiration 2027-09-30
Lease Type NNN
Options 10, 5-year options
Rent Commencement 2002-09-15
S & P Credit Rating BBB
Tenant Walgreens Eastern Co

Property Description

JLL is pleased to offer for sale the fee-simple interest in a freestanding, single-tenant Walgreens (the ?Property?, or ?Asset?) in Roselle, New Jersey. The Asset is encumbered by an absolute triple net lease featuring zero landlord responsibilities, over eight years of primary term remaining, and ten, five-year options for renewal. Additionally, the location preforms well above the national average, reporting over $2.84 million in sales in fiscal year 2018. This can be attributed to the outstanding location just 15 miles southwest of Manhattan at the primary retail intersection of Roselle, surrounded by a dense population base of over 228,000 residents within three miles. The Asset sits upon a large 1.44 acre parcel with accessibility to both First Avenue and Chestnut Street (44,000 vehicles per day combined) allowing residents from Roselle convenient access from any direction of travel. This offering presents the unique opportunity to acquire a stabilized, high-performing Walgreens location within the largest MSA in the United States, providing security in the value of the underlying real estate.

Investment Highlights

  • Absolute NNN lease featuring zero landlord responsibilities, over eight years of term remaining, and ten options for renewal
  • Strong store sales of $2.84 million in fiscal year 2018
  • Large 1.44 acre infill parcel
  • Outstanding location within the New York MSA, just 15 miles southwest of Manhattan
  • Dense population base with over 228,000 residents within three miles
  • Investment grade credit guarantor with Walgreen Co (S&P: ‘BBB/Stable’)
  • Premier location at the signalized intersection of Chestnut Street and First Avenue (44,400 combined vehicles per day)
  • Tri-modal ingress/egress
  • 2.5 miles from Elizabeth, NJ
  • Proximate to the Garden State Parkway exit and entrance ramp
  • 0.5 miles from Roselle Park train station
  • Surrounded by national retailers such as CVS, McDonald’s, Wendy’s, Dunkin’ Donuts, and Wells Fargo among many others
  • Drive-thru location open until 12 am every night


Listing Contacts
Alex Sharrin
Alex Sharrin
SVP, Capital Markets
+65 3159 4021
IL - 475.170243
Marta Villa
Marta Villa
SVP, Brokerage
+65 3159 4021
1538339
Alex Sands
Alex Sands
Analyst
+65 3159 4021
NY - 10401280495
Nicholas Kanich
Nicholas Kanich
SVP, Capital Markets
+65 3159 4021
IL - 475147401
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