Overview

Highlights

• Walgreens (NASDAQ: WBA) is the second largest drugstore chain in the U.S., with over 13,000 stores in all 50 states.
• The lease structure is triple net (NNN), with zero landlord responsibilities.
• The tenant recently extended their lease ~7.5 years, demonstrating their commitment to the location. As a result, there are 9.1 years remaining on the lease term before the first termination option.
• The lease provides for rare 5% rental increases every five (5) years. The first rental increase will occur in 2025, and the average cap rate over the remaining initial term is 6.87%.
• This Walgreens is the only drug store within a 4 mile radius.
• There are 122,469 residents located in the five (5) mile demographic ring.
• The average household income in the one (1) mile demographic ring is $107,257, which is higher than the North Carolina state average of $95,585.
• Walgreens is located directly across the street from Courtyard Commons, an 86 unit, 2 story apartment complex.
• Shannon Gray Rehab Center is located just 0.9 miles (3 minutes) from the Walgreens, and offers quality nursing care, therapy, and activities. The subject property Walgreens is the closest drug store to this rehabilitation center.
• Jamestown in nestled right in the middle of Greensboro, High Point, and Winston-Salem, NC, allowing quick access to some of the state’s largest cities.
• Guilford Technical Community College is located just 2 miles (5 minutes) from the subject property, and is the fourth largest of 58 institutions in the North Carolina Community College System, serving more than 35,000 students annually from six campuses.

Documents

---