Walgreens - Kennesaw, GA

2779 Cobb Pkwy NW
Kennesaw , GA 30152

Walgreens - Kennesaw, GA - Retail for sale

Overview

JLL is pleased to offer for sale the fee-simple interest in a freestanding, single-tenant Walgreens (the “Property” or “Asset”) located in Kennesaw, Georgia. The Property is tenanted by Walgreens on a double-net lease featuring a new ten-year lease extension that extends the firm term to 4/30/2030. Located on the corner of the signalized intersection of Cobb Parkway and Pine Mountain Road, the Asset sits in a prime location with traffic counts of over 50,000 vehicles per day. The strategic positioning on this highly-trafficked intersection has resulted in extremely strong store sales at this location. This Asset presents the opportunity to acquire a property in a prime location within a densely-populated and affluent Kennesaw market with a committed, investment-grade tenant and minimal landlord responsibilities.

Investment Highlights

•This is a high-performing and highly profitable Walgreens store with extremely strong store sales (sales reports available once under LOI).

•The tenant recently executed a new ten-year lease extension which extends the firm term to 4/30/2030, reflecting the tenant’s long-term commitment to this location.

•Walgreen Co. guarantees the lease, providing ownership exceptional security in the Asset’s income stream, as Walgreens is rated ‘BBB’ by Standard and Poor’s, an investment grade rating.

•The Asset benefits from an affluent and densely-populated consumer base, with over 169,000 residents boasting an average household income of over $94,000 within a five-mile radius.

•Cobb County’s recent development activity, variety of housing options, employment opportunities and proximity to Atlanta have led to a population increase of 9.8% over the past eight years.

•Strategically positioned on the hard corner of a signalized intersection, the Asset is in a prime location that has exposure to traffic counts of 50,000 vehicles per day.

•Kennesaw is home to Kennesaw State University, the third largest university in the state of Georgia with over 35,000 students enrolled.

General
Property Type	Retail
Tenure Type	Sale / Purchase
Property Address	2779 Cobb Pkwy NW, Kennesaw, GA 30152-3437
Building Size	15,120 ft²
Financial
Price	$4,952,400
Cap Rate	6.30%
Current NOI	$312,000.00
Lease
Tenant's Name	Walgreens Company
Credit Rating (S&P)	BBB
Lease Type	NN
Annual Rent	$312,000.00
Lease Expiration Date	04/30/2030
Remaining Term	11.2Yrs

Download Offering Memorandum

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