Walgreens: Salisbury, NC
Retail | 7.75% CAP | 15,125 SqFt
Marketing description
Originally set to expire in 2032, Walgreens' lease was extended for an additional 5 years through 2037 and was granted one additional 5-year option to renew. Currently, the absolute NNN lease features ±10.7 years of term remaining with eleven, 5-year renewal options.
Positioned approximately 35 miles southwest of Charlotte, 33 miles south of Winston-Salem and 1.5 miles southeast of downtown Salisbury, Walgreens is located at the hard-corner, signalized intersection of East Innes Street (18,000 VPD) and Faith Road (10,000 VPD), just feet from access to Interstate 85 (86,500 VPD).
Walgreens is immediately adjacent to Exxon, Kim's Nails & Spa and Oasis Car Spa, with Mattress Firm and Heroes Car Wash immediately across the street.
In total, there are 4.3 MSF of retail, 1.7 MSF of office, 7.0 MSF of industrial and 2,257 multifamily units within a 3-mile radius of the site. Major retailers proximate to the site include Walmart Supercenter, Lowe's Home Improvement, Marshalls, Old Navy, Shoe Dept, PetSmart, AnytimeFitness, Food Lion, IHOP, Cracker Barrel, Chick-fil-A, Rack Room Shoes, Buffalo Wild Wings, Zaxbys, Starbucks, Holiday Inn Express (90 rooms) and Comfort Suites (78 rooms), among many others.
Investment highlights
- Originally set to expire in 2032, Walgreens' lease was extended for an additional 5 years through 2037 and was granted one additional 5-year option to renew. Currently, the absolute NNN lease features ±10.7 years of term remaining with eleven, 5-year renewal options.
- Positioned approximately 35 miles southwest of Charlotte, 33 miles south of Winston-Salem and 1.5 miles southeast of downtown Salisbury, Walgreens is located at the hard-corner, signalized intersection of East Innes Street (18,000 VPD) and Faith Road (10,000 VPD), just feet from access to Interstate 85 (86,500 VPD).
- Walgreens is immediately adjacent to Exxon, Kim's Nails & Spa and Oasis Car Spa, with Mattress Firm and Heroes Car Wash immediately across the street.
- In total, there are 4.3 MSF of retail, 1.7 MSF of office, 7.0 MSF of industrial and 2,257 multifamily units within a 3-mile radius of the site. Major retailers proximate to the site include Walmart Supercenter, Lowe's Home Improvement, Marshalls, Old Navy, Shoe Dept, PetSmart, AnytimeFitness, Food Lion, IHOP, Cracker Barrel, Chick-fil-A, Rack Room Shoes, Buffalo Wild Wings, Zaxbys, Starbucks, Holiday Inn Express (90 rooms) and Comfort Suites (78 rooms), among many others.
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