Walgreens - Whiteville, NC

Asset Type

Retail

Address
803 N Jk Powell Blvd Whiteville, NC United States 28472-2122
Asking Price

S$6,587,000

Sq Footage

14,820

Year Built

2006

Cap Rate

6.50%

Additional Attributes
Current / Passing Rent S$428,100
Escalations None
Lease Expiration 2031-12-31
Lease Type NNN
Options 10, 5-year options
Tenant Walgreen Company

Property Description

JLL is pleased to offer for sale the fee-simple interest in a freestanding, single-tenant Walgreens (the ?Property? or ?Asset?) located in Whiteville, North Carolina. The Property is leased to Walgreens on a NNN basis with more than 12 years of primary term remaining, and ten, five-year renewal options. Strategically positioned on the hard corner and signalized intersection of JK Powell Boulevard and Washington Street, the Property possesses excellent visibility and exposure along Whiteville?s main retail corridor. This offering presents the opportunity to purchase a well-located property with strong tenancy from the largest retail pharmacy chain in the country operating on a long-term lease with absolutely zero landlord responsibilities.

Investment Highlights

The Property is subject to an absolute NNN lease featuring over 12 years of primary term remaining, zero landlord responsibilities and ten, five-year renewal options.

Walgreen Co. guarantees the lease, providing ownership with a secure income stream backed by an investment-grade ‘BBB’ credit rating from Standard & Poor’s. Walgreens is the largest retail pharmacy chain in the United States with more than 9,200 locations.

Located on the hard corner and signalized intersection of JK Powell Boulevard and Washington Street, the Property possesses great real estate fundamentals and has exposure to combined traffic counts of 30,000 vehicles per day.

The Asset is located within close proximity to the area’s major traffic-drivers, including the Columbus County Courthouse, Whiteville High School, and Columbus Regional Hospital.


Listing Contacts
Matt Berres
Vice President
+65 3159 4021
Michael Longmore
Michael Longmore
JLL Capital Markets, Retail
+65 3159 4021
NC - 159332
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