Overview

Description

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, Walgreens investment property located in Princeton Junction, New Jersey. The tenant, Walgreen Co., has over 14 years remaining on their initial lease with 12 (5-year) options to extend, demonstrating their commitment to the site. The lease features 5% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily 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. Operating nearly 9,000 retail locations across America, Puerto Rico and the U.S. Virgin Islands, Walgreens is proud to be a neighborhood health destination serving nearly 10 million customers each day.

The Walgreens is located at the signalized, hard corner intersection of Cranbury Rd. and Princeton Hightstown Rd. with a combined (33,800 VPD). The site benefits from nearby direct on/off ramp access to U.S. Highway 1, a major thoroughfare averaging over 91,000 vehicles per day. The subject property is ideally situated in a dense retail corridor, with numerous nearby national/credit tenants including 7-Eleven, Dunkin’, Subway, Chase, PNC Bank, Jersey Mike’s and many more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The asset is located in close proximity to Princeton University (5,590 students) and West Windsor-Plainsboro High School (1,614 students), further increasing consumer traffic to the site. The 5-mile trade area is supported by
over 109,000 residents and 97,000 employees, providing a direct consumer base from which to draw. Residents within the 1-mile trade area boast an affluent average household income of $228,394.

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