Walgreens - Elizabethton

214 Broad St
Elizabethton , TN 37643-2714

Walgreens - Elizabethton - Retail for sale

Overview


JLL is pleased to offer for sale the fee-simple interest in a single-tenant Walgreens (the “Property” or “Asset”) located in Elizabethton, TN. 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 11 years of remaining primary term remaining before the Tenant’s termination right.

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 historic downtown Elizabethton, TN, at the intersection of Highway 321 (26,900 VPD) and Lynn Avenue. Downtown Elizabethton is home to a renowned antique shopping district, with a diversity of shops and eateries that are unmatched in the area

No other Walgreens/Rite Aid store is located within Elizabethton, and the closest Walgreen store is more than 8 miles away, in neighboring Johnson City.

Johnson City is the ninth-largest city in the state with an estimated population of over 66,000 residents. The city constantly gets national recognition for livability ranking #56 in Livability.com’s annual list of Top 100 Best places to Live and is home to East Tennessee State University bringing over 16,000 students.


General
Property Type Retail
Tenure Type Sale / Purchase
Property Address 214 Broad St, Elizabethton, TN 37643-2714
Land In Acres 1.36
Building Size 14,453  ft2
Financial
Price $4,900,000
Cap Rate 6.20%
Current NOI $303,800.00
Lease
Tenant's Name Walgreens Company
Credit Rating (S&P) BBB
Credit Rating (Moody's) Ba2
Lease Type NNN
Annual Rent $303,800.00
Lease Expiration Date 04/30/2030
Remaining Term 11.1Yrs

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