Rite Aid (Walgreens) - Southern Pines, NC
1690 US Highway 1 S Southern Pines , NC 28387-7037

Rite Aid (Walgreens) - Southern Pines, NC - retail for sale

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Overview


Stand-alone Rite Aid property for sale, featuring a Walgreens-operated pharmacy at the busy intersection of U.S. Highway 1 and Pinehurst Avenue which sees a combined traffic count of over 26,000 vehicles per day. The exterior is still branded as a Rite Aid, though will eventually be converted to a Walgreens as they absorb Rite Aids across the country. The Property possesses highly favorable lease fundamentals, featuring Rite Aid tenancy whose lease has been assigned to Walgreens corporate on an absolute NNN lease structure. There are currently 4.4 years of lease term remaining, and four, 5-year option periods with rental increases. This offering represents an exceptional opportunity to acquire a valuable property with strong lease fundamentals leased to an investment-grade tenant.

Investment highlights


  • Assigned to Walgreens corporate with an NNN lease structure that has 4.4 years remaining, as well as four 5-year option periods with rental increases
  • National tenant with strong brand recognition
  • Highly desirable location
General
Property type Retail
Tenure type Sale/Purchase
Property address 1690 US Highway 1 S, Southern Pines, NC 28387-7037
Land in acres 1.77
Building size 12,739  ft2
Year built 2003
Financial
Price $4,313,000
Cap rate 7.85%
Current NOI $338,542.00
Lease
Tenant's name RITE AID Corporation
Guarantor Walgreens Company
Lease type NNN
Lease expiration date 10/20/2022
Remaining term 2.9Yrs

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