Walgreens - Westbrook, CT

1211 Boston Post Rd Westbrook , CT 06498-1949

Walgreens - Westbrook, CT - Retail for sale

Download Offering Memorandum

Overview


JLL is pleased to offer for sale the fee-simple interest in a freestanding, single-tenant Walgreens (the Property or Asset) located in Westbrook, Connecticut. The Property is subject to an absolute triple-net lease with 15 years of primary lease term remaining and rare primary term rental increases every five years, allowing future ownership to collect increasing returns on a passive investment for a long guaranteed period. Furthermore, the Property is strategically located in Westbrook Center, the downtown area of Westbrook, along Boston Post Road (U.S. Route 1) benefitting from strong traffic counts and an affluent population base surrounding the Property. This Offering presents the unique opportunity to acquire a rare increasing-rent pharmacy lease with outstanding returns over the course of a long-term lease paired with strong residual real estate value in southern Connecticut proximate to the Long Island Sound.

Investment Highlights


• 15 years remaining on an absolute NNN lease and 5% rent increases every five years

• Outstanding market share with the subject property drawing from affluent demographic base

• Nearest pharmacy location to the north is over 4 miles away

• Historically reported strong store sales

• Investment grade guaranty on the lease

• Westbrook, CT location just minutes away from the Long Island Sound

• Convenient Interstate accessibility
General
Property Type Retail
Property Subtype Shopping Center
Tenure Type Sale / Purchase
Property Address 1211 Boston Post Rd, Westbrook, CT 06498-1949
Land In Acres 1.57
Building Size 14,820  ft2
Financial
Price $8,532,000
Cap Rate 5.35%
Current NOI $456,456.00
Lease
Tenant's Name Walgreens Company
Guarantor Walgreen Company
Lease Type NNN
Lease Expiration Date 03/31/2033
Remaining Term 13.9Yrs

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