Walgreens – Leland, NC

Walgreens – Leland, NC

Walgreens – Leland, NC
319 Village Road NE
Leland, NC 28451

$4,080,000

Cap Rate 6.25%
Gross Leasable Area (GLA) 14,820
Price Per Square Foot (GLA) $275.30
Year Built 2004
Lot Size 1.84 Acres
  • 15 Years Remain on an Absolute Net-Lease with No Landlord Responsibilities
  • Large 1.84 Acre Lot
  • High Growth Area with 14 Percent Continued Growth Projected Through 2018
  • Suburban Wilmington, North Carolina Location
  • Located on Signalized Intersection with Excellent Visibility
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Confidentiality and Buyer Registration Agreement

Marcus & Millichap Real Estate Investment Brokerage Company (“Broker”) has been asked to serve in the capacity of exclusive agent for the (“Seller”) regarding the potential sale of the properties known as: Walgreens – Leland, NC (the "Property").

To receive financials and other vital data please read, sign and return this completed Confidentiality Agreement to Broker. The property information has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information that prospective Buyers may need or desire. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property.

By accepting the financial reports and market data, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney’s fees, collectively “Claims”) arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney’s fees and court costs which James Medefind or Marcus & Millichap REIS may be incurred with respect to any claims for other real estate commissions, broker’s fees or finder’s fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

The Financial Reports and market data, except such information that is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the property information, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the information or any of the contents to any other entity (except to outside advisors retained by you, if necessary for you determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the information or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

No employee of Seller or at the subject property is to be contacted without the written approval of the agent and doing so would be a violation of this confidentiality agreement.

This is a 14,820-square foot Walgreens with a double drive-through located on a large 1.84 acre lot in Leland, North Carolina. The property has 15 years remaining on the absolute net-lease with no landlord responsibilities. There are ten five-year options to extend.

The lease is guaranteed by Walgreens, an investment grade, Fortune 500 ranked tenant who reported $72.2 billion in sales for the 2013 fiscal year. This represented an increase over the $71.63B reported for fiscal 2012.

Walgreens is located at the signalized intersection of Village Road Northeast and Old Fayetteville Road and has clear visibility from both roadways. The other two sides of the building are wrapped by Woodburn Avenue. There are three points of access for the property.

This property can be purchased with self-amortizing assumed debt for $3,642,857, at a 6.19 percent interest rate and 25-year amortization, or free and clear of existing debt for $4,080,000 at a 6.25 percent cap on current income.

The closing date for this opportunity is required to be on January 1, 2015 or later.

For More Information, Please Contact:

James Medefind

Senior Associate
813-387-4788
james.Medefind@marcusmillichap.com