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
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
-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 | 3.7Yrs |
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