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

Download Offering Memorandum

Overview


JLL is pleased to offer for sale an absolute NNN-leased Rite Aid (the Property), located in Southern Pines, NC. 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. The Property is strategically positioned on the hard signalized intersection of U.S. Highway 1 and Pinehurst Avenue which see a combined traffic count of over 26,000 vehicles per day. While the exterior is still branded as a Rite Aid, the store contains a Walgreens operated pharmacy. This store is currently managed by Walgreens and over time will undergo positive changes as Walgreens systematically absorbs Rite Aid. This offering represents an exceptional opportunity to acquire a valuable property with strong lease fundamentals leased to an investment-grade tenant.

Investment Highlights


-High-Visibility Location with Drive-Thru
-Absolute NNN Lease with 4+ Years of Initial Term
-Strong Tenant with Intense Brand Loyalty
-Highly Desirable Retail 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
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 3.4Yrs

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