Walgreens

120 E 1st Ave
Roselle , NJ 07203-1210

Walgreens - 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”) in Roselle, New Jersey. The Asset is encumbered by an absolute triple net lease featuring zero landlord responsibilities, over eight years of primary term remaining, and ten, five-year options for renewal. Additionally, the location preforms well above the national average, reporting over $2.84 million in sales in fiscal year 2018. This can be attributed to the outstanding location just 15 miles southwest of Manhattan at the primary retail intersection of Roselle, surrounded by a dense population base of over 228,000 residents within three miles. The Asset sits upon a large 1.44 acre parcel with accessibility to both First Avenue and Chestnut Street (44,000 vehicles per day combined) allowing residents from Roselle convenient access from any direction of travel. This offering presents the unique opportunity to acquire a stabilized, high-performing Walgreens location within the largest MSA in the United States, providing security in the value of the underlying real estate.

Investment Highlights


  • Absolute NNN lease featuring zero landlord responsibilities, over eight years of term remaining, and ten options for renewal
  • Strong store sales of $2.84 million in fiscal year 2018
  • Large 1.44 acre infill parcel
  • Outstanding location within the New York MSA, just 15 miles southwest of Manhattan
  • Dense population base with over 228,000 residents within three miles
  • Investment grade credit guarantor with Walgreen Co (S&P: ‘BBB/Stable’)
  • Premier location at the signalized intersection of Chestnut Street and First Avenue (44,400 combined vehicles per day)
  • Tri-modal ingress/egress
  • 2.5 miles from Elizabeth, NJ
  • Proximate to the Garden State Parkway exit and entrance ramp
  • 0.5 miles from Roselle Park train station
  • Surrounded by national retailers such as CVS, McDonald’s, Wendy’s, Dunkin’ Donuts, and Wells Fargo among many others
  • Drive-thru location open until 12 am every night


General
Property Type Retail
Tenure Type Sale / Purchase
Property Address 120 E 1st Ave, Roselle, NJ 07203-1210
Land In Acres 1.44
Building Size 12,975  ft2
Financial
Price $7,167,000
Cap Rate 6.00%
Current NOI $429,999.00
Lease
Tenant's Name Walgreens Eastern Co
Guarantor Walgreens Company
Guarantor Credit Rating (S&P) BBB
Lease Type NNN
Annual Rent $429,999.00
Lease Expiration Date 09/30/2027
Remaining Term 8.5Yrs

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