Walgreens | Rental Increases
6.50% CAP | Recent Sale-Leaseback
Marketing description
Atlantic Capital Partners has been exclusively engaged to solicit offers for the sale of Walgreens located at 5707 Veterans Parkway in Columbus, Georgia. The offering is 14,462 SF and sits atop 1.73 acres at the signalized intersection of Veterans Parkway and Whitesville Road, collectively seeing over 48,510 VPD. The subject property is located just five miles from downtown Columbus, Georgia’s second-largest city and major economic hub in Southwest Georgia.
Walgreens executed a long-term Abs NNN lease with rent commencing in January 2023. The 15-year lease provides just under 13 years of term remaining with Twelve (12), Five (5) Year Options thereafter. Walgreens is currently paying $202,860 with 5% rent increases every 5 years and at the start of each option. The lease is corporately guaranteed and calls for no landlord responsibilities, providing an investor surety of cash flow and a passive investment
Investment highlights
ATTRACTIVE LEASE FUNDAMENTALS
5% Rental Increases every 5 years and at the start of each option period and the lease calls for 12, Five-Year Options
ABSOLUTE NNN LEASE
Abs NNN lease affords zero landlord responsibilities and provides a passive investment for an absentee owner
LOCATED IN STRONG RETAIL SUBMARKET
With over 2.6M SF of retail space within 1 mile of the property, the asset sits in the heart of this dense retail submarket home to major retailers Walmart, Lowe’s, Home Depot, Publix, Target, and The Fresh Market
CORPORATE GUARANTY FROM INVESTMENT GRADE TENANT
The lease is corporately guaranteed by Walgreens, Co. Walgreens (S&P: BB-) has over9,000 locations across the US
EXCELLENT VISIBILITY & REGIONAL ACCESS
The asset sits at the signalized intersection of Veterans Parkway and Whitesville Road, collectively seeing 48,510 vehicles per day. The asset is located off Exit 8 of I-185,which sees 65,000 vehicles per day
EXTENSIVE TERM REMAINING
15-Year lease was signed in 2022 and over 12 years of term remaining showing tenant’s commitment to the site
RECENT CORPORATE SALE-LEASEBACK
This specific Walgreens location is a high performer that Walgreens corporate decided to conduct a sale-leaseback transaction recently, which in return gave them an extended 15-yr lease term on the property
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