Hampton, VA - Walgreens (Subleased to Dollar Tree)

Description:

• Dollar Tree has agreed to a 5-year lease to backfill the property after the the expiration of the Walgreens lease in April 2028, bringing the remaining term to over 7 years
• The lease features $0.50/SF/YR rental increases at the beginning of each option period
• Pricing is based on the year 1 NOI of the Dollar Tree lease, allowing investors to benefit from uncapitalized Walgreens rent through 4/30/2028
• The in-place Walgreens lease is Absolute NNN

• The subject property is located at the intersection of E Mercury Blvd and E Pembroke Ave which combine to average over 29,000 vehicles per day
• Less than 1.5 miles from Hampton University which has a student population of over 4,200
• Approximately 1 mile from Phoebus High School (1,400+ students)
• Strong tenant synergy promotes crossover shopping to the subject property

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Listing ID: a28TP0000026dVNYAY