Absolute NNN Walgreens – Virginia Beach, VA
645 First Colonial Road, Virginia Beach, Virginia 23451, USA Map
Prime NNN Drugstore with Drive-Thru, Hard Corner Location on a Signalized Intersection
Listing Price $13,163,265
| Status | Active |
| Lease Type | Absolute Net |
| Property Type | Retail |
| CAP Rate | 4.90% |
| GLA (Sq. Ft.) | 14,200 |
| NOI | $645,000 |
| Lease Term Remaining | 13 Years |
| Increases | None |
| Options | Ten (10), 5-Year Options |
| State (BOR) | VA |
| Broker of Record | Brian Hosey |
| License # (BOR) | 0225247494 |
Investment Highlights
- Subject Property is a Trophy 14,200 Square Foot Build-to-Suit Prototypical Walgreens Drugstore, on a Highly Visible 1.36 Acre Hard Corner Lot With Exceptional Ingress/Egress, Drive Thru and Ample Parking. Built in 2015
- Extremely Strong Location Fundamentals for Prime Infill, Featuring an Absolute NNN Lease With Zero Landlord Responsibilities and Five, 10-Year Options
- 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
- Strategic Location at Powerful Intersection of Two Major Thoroughfares With Combined Traffic Counts Exceeding 64,000 Vehicles Per Day | Situated on the Southwest Corner of Laskin Road (US Route 58 – 30,000 VPD) and First Colonial Road (34,000 VPD) (Source COSTAR 2020 Estimates)
- US Route 58/Laskin Rd/Virginia Beach Boulevard is One of the Major Beach Corridors Connecting Norfolk to Atlantic Avenue at the Oceanfront. Permanent Drainage Easements and Temporary Access Easements Have Been Granted for the Future Roadway Widening of US Route 58 by Virginia Department of Traffic
- A Well-Established Retail Corridor | Nearby National Retailers: Walmart Supercenter, Target, Starbucks, Burger King, Panera Bread, Whole Foods, Kroger, Total Wine & More, CVS, Rite Aid, Fresh Market, Office Depot, GNC, Great Clips, Game Stop, AT&T, Verizon, Discount Tire, T-Mobil, Outback Steakhouse, and Many More
- Subject Property is More Than Just a Popular Tourist Destination. It’s Located in an Affluent, Economically Stable and Family Friendly Area. With More Than 1.3 Million Residents in All of the Virginia Beach Metropolitan Statistical Area, There is a Daytime Population of 143,739 With the Annual Average Household Income Exceeding $111,000 Per Year, All Within Five Miles, as of 2021 Estimates
- Located Three and a Half Miles (Seven Minutes) From the Virginia Beach Oceanfront Boardwalk. Other Popular Tourist Destinations Include the Virginia Beach Convention Center, Cape Henry Lighthouse, ViBe Creative District, First Landing State Park, Military Aviation Museum, Virginia Aquarium and Marine Science Center, Ocean Breeze Water Park, and Motor World Amusement Center to Name a Few
- Twenty Internationally Based Firms Have Their United States or North American Headquarters in Virginia Beach, and it is Home to the Largest Active-Duty Military Population in the Country, Employing 108,822 People, Including Seven of the Top Ten Defense-Related Firms
- Sentara Leigh Hospital, Sentara Independence Hospital, and Sentara Princess Anne Hospital are Located Within Fifteen Minutes of the Subject Property. Sentera Healthcare Offers Services in Twelve Acute Care Hospitals Serving Virginia and Northeastern North Carolina, With 3,739 Beds, and 853,000 Members in its Current Health Plan
- The Main Airport Serving Virginia Beach is Norfolk International Airport Which is Located Twenty Five Miles (Twenty Minutes) Away From the Subject Property With More Than Two Hundred Flights In and Out Per Day
Investment Overview
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