|Gross Leasable Area (GLA)||14,820|
|Price Per Square Foot (GLA)||$275.30|
|Lot Size||1.84 Acres|
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.