Walgreens - New York Mills (Utica)

4855 Commercial Dr New York Mills , NY 13417

Walgreens - New York Mills (Utica) - retail for sale

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Overview



JLL is pleased to offer for sale the fee-simple interest in a freestanding Walgreens (the “Property” or “Asset”) located in New York Mills, NY (Utica MSA). The Asset features over 12 years of lease term from Walgreen Co. (the “Tenant”) who is an investment-grade tenant with a ‘BBB’ credit rating from Standard & Poor’s. The Asset sits on over 2 acres of land at the lighted intersection of Commercial Drive and Henderson Road (28,000+ VPD). This area of Utica serves as the primary retail corridor with over 1.7 million square feet of retail space within a 1-mile radius, and over 51,000 residents reside within 3 miles of the Asset.

Investment highlights



The Asset is subject to a long-term, absolute NNN lease with over 12 years remaining before the Tenant has a reoccurring right to terminate the Lease every 5 years.

Strategically positioned at the lighted intersection of Commercial Drive and Henderson Road that sees over 28,000 VPD. Commercial Drive is one of New York Mills’s major retail thoroughfares where all major retailers and shopping centers reside.

This area is the retail hub of Utica with over 1.7 million square feet of retail space within a 1-mile radius and over 8 million square feet within a 3-mile radius.

Two major retail centers are in close proximity including Sangertown Square, which is a regional mall with over 580,00 SF of retail space. This mall includes retail tenants including Macy’s, Dick’s, Target, H&M and many more.

New Hartford consumer square is another major shopping center less than a mile from the Asset and has more than 450,000 SF of retail space with tenants including Wal Mart, PetSmart, Best Buy and more..

New Hartford is a suburb of the larger Utica, NY MSA that has over 300,000 residents in the metro area. Utica is home to colleges, hospitals and a high-tech sector that all support the city’s abundant economy. Utica College has over 3,000 students and is located less than 2 miles from the Asset.


General
Property type Retail
Tenure type Sale/Purchase
Property address 4855 Commercial Dr, New York Mills, NY 13417-1319
Land in acres 2.72
Building size 14,820  ft2
Year built 2007
Financial
Price $5,450,000
Cap rate 6.06%
Current NOI $330,000.00
Lease
Tenant's name Walgreens Company
Guarantor Walgreens Company
Annual rent $330,000.00
Lease expiration date 03/31/2032
Remaining term 12.5Yrs

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