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Absolute Net Walgreens | 7.8% Cap in Greensboro NC MSA

1703 Freeway Drive, Reidsville, NC, USA Map
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Listing Price $2,568,000

Status Closed
Lease Type Absolute Net
Property Type Retail
CAP Rate 7.8%
GLA (Sq. Ft.) 13,813
NOI $200,288
Lease Term Remaining 6 Years
Increases 5% in Options
Options 4 x 5 Years
State (BOR) North Carolina
Broker of Record Ben Yelm
License # (BOR) 303785
Close Date Jan 2, 2024

Investment Highlights

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  • Investment-Grade Credit Tenant Walgreens Boots Alliance
    (NASDAQ: WBA) has a Long-Term Credit Rating of Baa2
    (Stable) from Moody’s and Investment Grade Rating of BBB
    (Stable) from S&P
  • Established Retail Area on Reidsville Business 29 Ring Road
    Nearby National Retailers Include: Walmart, Lowe’s, Food Lion,
    Bojangles, Hardee’s, Taco Bell, Napa, Dollar General, and Others
  • Thriving Bedroom Community with an Average Household
    Income of $59,877 within Five Miles of the Subject Asset, as of
    2022
  • Robust Traffic Counts on Freeway Drive (17,640 VPD) and
    Vance Street (8,955 VPD) (Source: LandVision, CoStar, 2022)
  • Parks and Outdoor Recreational Facilities Nearby Include: Lake
    Reidsville, Lake Townsend, Crooked Tree Golf Course, Bryan
    Park, International Civil Rights Center, Greensboro Science
    Center, and More
  • Subject is 30 Miles from Piedmont Triad International Airport,
    Serving Over 1.6 Million Passengers Annually (flyfrompti.com)
    Subject is 20 Miles from Downtown Greensboro with a
    Population of 300,000

Investment Overview

Subject is a Prime 13,813 Square-Foot Walgreens on a 2-Acre Lot with Ample Parking, Pylon Signage, Easy Ingress/Egress, and Strategically Located on a Signalized Intersection. Absolute NNN Lease with a 25-Year Base Term and Zero Landlord Responsibility | Six Years Remaining and 4 x 5-Year Options with 5% Rental Increases in Each.

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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2020 Marcus & Millichap and Limon Net Lease Group

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