Walgreens
Retail | 5.00% CAP | 14,393 SF
Marketing description
Boston Real Estate Advisors is pleased to present this exclusive opportunity to purchase a net-leased Walgreens property located at 26 Wicks Road in Brentwood, New York (the “Property”). There is over 13 years remaining on the initial 20 year lease term. Tenant may terminate the lease every five years as of 10/31/2036 with twelve months notice.
This is an extremely rare opportunity for an investor to acquire a freestanding, long-term NNN Walgreens in the New York City metro area. This Walgreens store is located in a highly visible hard corner of Wicks Road (31,600 cars per day) and Suffolk Avenue (20,500 cars per day). The store opened for business in November 2016. This Walgreens has high sales volumes at this location, as it fills a “hole” in the market, as the closest CVS is 2.5 miles away, and the closest Walgreens is 4.5 miles away.
Investment highlights
*INITIAL 20-YEAR TERM: There is over 13 years remaining on the initial 20 year lease term. Tenant may terminate the lease every five years as of 10/31/2036 with twelve months notice.
*BUILDING CONSTRUCTION DATE: The building was constructed in 2016.
*INVESTMENT GRADE CREDIT: Walgreens(NASDAQ:WBA).
*HIGH TRAFFIC COUNTS: Wicks Road has an average daily traffic count of over 31,000 vehicles and Suffolk Avenue has an average daily traffic count of over 20,000 vehicles.
*DEMOGRAPHICS: There are over 125,000 people living within a 3-mile radius to the property with an average household income of over $128,000.
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