Walgreens - Albany

2414 Sylvester Rd Albany , GA 31705-2469

Walgreens - Albany - Retail for sale

Download Offering Memorandum

Overview


JLL is pleased to offer for sale the fee-simple interest in a single-tenant Walgreens (the “Property” or “Asset”) located in Albany, GA. The Asset’s lease is guaranteed by Walgreens Company, an investment grade, net lease tenant with outstanding corporate financials.

Investment Highlights



The Property possesses ideal net lease fundamentals, highlighted by an Absolute NNN structure with no landlord responsibilities, over 13 years of remaining primary term remaining before the Tenant’s termination right.

A Rite Aid pharmacy was located less than a half of mile from the Asset and was acquired by Walgreens with the recent acquisition. Walgreens Company has since shut down the Rite Aid store, and now the Walgreens will be poised for sales growth.

The lease is guaranteed by Walgreens Company, an investment-grade tenant with a ‘BBB’ credit rating from Standard & Poor’s. Walgreens is an industry-leader in the retail pharmacy industry with over 9,500 locations throughout the United States.

The Asset is strategically located within Albany, GA located along Highway 82 that sees over 17,000 VPD. The parcel size is over 3.5 acres, and provides unparalleled frontage and visibility to a lighted intersection with access to a Walmart anchored shopping center.

Major employers are in close proximity to the Asset including a Marine Corps Logistics Base that employs over 2,400 civilians and 600 Marines, and within 2 miles of a MillerCoors brewery that employs over 600 people.

Albany, GA is the eight-largest city in the state and has an estimated population of over 77,000 residents. Albany is the principal city in the metropolitan area with an estimated population of 155,000+.

General
Property Type Retail
Tenure Type Sale / Purchase
Property Address 2414 Sylvester Rd, Albany, GA 31705-2469
Land In Acres 3.55
Building Size 14,708  ft2
Financial
Price $3,685,714
Cap Rate 7.00%
Current NOI $258,000.00
Lease
Tenant's Name Walgreens Company
Credit Rating (S&P) BBB
Credit Rating (Moody's) Baa2
Lease Type NNN
Annual Rent $258,000.00
Lease Expiration Date 01/31/2033
Remaining Term 13.6Yrs

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