Salisbury, NC - Walgreens

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Walgreens investment property located in Salisbury, North Carolina. The tenant, Walgreens, Inc has 12 years remaining on the initial lease with 10 (5-year) options to extend, demonstrating their commitment to the site. The lease features 5% increases at the beginning of each option, growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor. Walgreens operates nearly 9,000 retail locations across the U.S. and Puerto Rico, Walgreens is proud to serve nearly 9 million customers and patients daily.

The subject property is located at the signalized, hard corner intersection of E. Innes St. and Faith Rd. with a combined 43,000 VPD. E. Innes St, is the major retail thoroughfare serving the city of Salisbury. The site benefits from nearby direct on/off ramp access to Interstate 85, a major thoroughfare averaging over 83,000 vehicles passing by daily. The asset is directly in front of Innes Street Market, a 349,000+ SF shopping center, that is anchored by Lowe’s, Food Lion, Staples, Petsmart, Anytime Fitness, and many more. Other nearby national/credit tenants include Walmart Supercenter, Aldi, Chick-fil-A, Big Lots, Ashley Furniture, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 5-mile trade area is supported by over 56,000 residents and 36,000 employees, providing a direct consumer base from which to draw. Residents within a 5-mile radius have an average household income of $87,411.