Walgreens: Irondequoit, NY
Retail | 7.49% CAP | 14,805 SqFt
Marketing description
The CBRE Net Lease Property Group is pleased to offer for sale the 14,805 square-foot Walgreens situated on 1.44 acres in Irondequoit, NY - a component of the Rochester, NY MSA (Population: 1.1M). Walgreens’ absolute NNN lease features a corporate guaranty from Walgreen Co. and was recently extended for an additional 3 years through 2034. The lease currently has ±8.8 years of term remaining and ten, 5-year renewal options.
Investment highlights
Recently-Extended Absolute NNN Lease with Corporate Guaranty
Walgreens’ absolute NNN lease features a corporate guaranty from Walgreen Co. and was recently extended for an additional 3 years through 2034. The lease currently has ±8.8 years of term remaining and ten, 5-year renewal options.
Rare Rent Growth
Options 1-10 NOI: $393,000 gives an investor opportunity to increase unlevered return to 8.35% throughout options.
Hard Corner Site at Signalized Intersection
Located 4 miles northeast of downtown Rochester, Walgreens is positioned on a hard corner at the signalized intersection of East Ridge Road (17,308 VPD) and Culver Road (11,855 VPD), where it a half mile west of the on-ramp to NY-590 (48,534 VPD). Walgreens is immediately adjacent to Byrne Dairy and Deli and is across Ridge Road from the 225,185-square-foot Culver Ridge Plaza Shopping Center, which is home to Petco, Marshalls, Dollar Tree, Rainbow Shops, Pizza Hut, Key Bank, H&R Block, Sally Beauty, Spectrum Store, Subway, Citizens Bank and Bella You Bridal Shop, to name a few.
Proximate to Rochester General Hospital
Walgreens benefits from its close proximity to Rochester General Hospital—a large, 528-bed hospital that provides a wide range of healthcare services, including emergency care, surgery, maternity care, and specialized treatments.
Primary Retail & Commercial Corridor
Walgreens is positioned along Irondequoit’s primary retail and commercial corridor with 6.4 MSF of retail, 2.6 MSF of office, 2.3 MSF of industrial and 6,740 multifamily units within a 3-mile radius. Prominent retailers in the surrounding area include Target, Wegmans, AT&T, McDonald’s, Taco Bell, Applebee’s Grill + Bar, Goodwill, Planet Fitness, Citi Trends, West Marine, Bruster’s Real Ice Cream and Holiday Inn Express (66 rooms), among others.
Educational Traffic Drivers
The site is within 1-mile of several educational institutions, including Ivan Green Primary School (<1,600 west, 376 students), Eastridge High School (>2,000 feet east, 847 students) and Bishop Kearney High School (<4,600 feet west, 305 students).
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