Walgreens

Highlights:

• Absolute Net Lease | 13-Years Remaining | Passive Investment with Zero Management Required
• 5% Rental Increases Every 5 Years During the Base Term and Option Periods
• Located at the corner of Ferry Street and Monroe Street, a Signalized Intersection with Approximately 14,000 VPD+
• Fee-Simple Ownership Allowing Investors to Depreciate Land and Building
• Over 259,000 Residents and Average Household Incomes of $63,540+ within a 3-Mile Radius
• Corporate Guarantee | 6.2% Revenue Growth for Fiscal Year Ending 8/31/24 Reaching $147.7 Billion
• Prime Urban Location Minutes from NYC | Situated Just 8 miles from Midtown Manhattan with Direct Access via Nearby NJ Transit and PATH Stations, Driving Consistent Commuter and Local Foot Traffic
• Immediate Proximity to Newark Liberty International Airport – Less than 2 Miles from One of the Nation’s Busiest Airports, Generating High Daytime Population and Supporting Strong Retail Demand
• Dense, Transit-Oriented Neighborhood – Located in the Heart of Newark’s Ironbound District, a Walkable and Rapidly Evolving Area Surrounded by Residential, Retail, and Major Transportation Infrastructure

Description:

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Newark is the most populous city in the state of New Jersey, the county seat of Essex County, and a principal city of the New York metropolitan area. As of the 2020 census, the city's population was 311,549. The Population Estimates Program calculated a population of 317,303 for 2024, making it the 64th-most populous municipality in the nation.

Several companies are headquartered in Newark, including Prudential, PSEG, Panasonic Corporation of North America, Audible.com, IDT Corporation, Manischewitz, and AeroFarms. Higher education institutions in the city include the Newark campus of Rutgers University, which includes law and medical schools and the Rutgers Institute of Jazz Studies; University Hospital; the New Jersey Institute of Technology; and Seton Hall University's law school. Newark is a home to numerous governmental offices, largely concentrated at Government Center and the Essex County Government Complex. Cultural venues include the New Jersey Performing Arts Center, Newark Symphony Hall, the Prudential Center, The Newark Museum of Art, and the New Jersey Historical Society. Branch Brook Park is the oldest county park in the United States and is home to the nation's largest collection of cherry blossom trees, numbering over 5,000.

More than 100,000 people commute to Newark each workday, making it the state's largest employment center with many white-collar jobs in insurance, finance, import-export, healthcare, and government. Downtown Newark has more than 9,000,000 square feet of Class A office space and over 16,000,000 square feet of total office space. As a major courthouse venue including federal, state, and county facilities, it is home to more than 1,000 law firms. The city also has a significant number of college students, with nearly 50,000 attending the city's universities and medical and law schools. Its airport, maritime port, rail facilities, and highway network make Newark the busiest transshipment hub on the U.S. East Coast in terms of volume.