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Walgreens
1115 Old Town Road, Charleston, SC, 29407, USA
Sands Investment Group is Pleased to Exclusively Offer For Sale the 10,908 SF Walgreens Absolute NNN Asset Located at 1115 Old Town Road in Charleston, SC. This Deal Includes a NNN Lease With Limited Landlord Responsibilities and Rare 14.83% Rental Increase at the End of the Remaining Term and Approximately 1.6% Rent Bumps on Each of the Option Periods, Providing a Hedge Against Inflation, Thus Providing For a Secured Investment. Located on the Primary Commuter Street in a Strong Area of Charleston, This Property Has a “Covered Land Play” Opportunity in the Future.
BEST IN CLASS INVESTMENT FEATURING ATTRACTIVE YIELD WITH RENT GROWTH:
- 4 Years Remaining With (4) 5 Year Option Periods
- Corporate Guaranteed Lease Featuring Investment Grade Credit (S&P: BBB)
- NNN Lease With Limited Landlord Responsibilities and Depreciation Benefits
- Extremely Rare 14.83% Rent Bump at the End of the Remaining Term and Then Nearly 1.6% Rent Bumps on Each of the Options Periods Providing Hedges Against Inflation
- Strong Store Sales at This Location
- Long Term Tenant Has Been Operating at This Location Since 1998
- Low Rent in Strong Charleston Location Creating Potential Value-Add Opportunity in the Future
DAILY NEEDS & NECESSITY BASED TENANT:
- Walgreens is the Second-Largest Pharmacy Store Chain in the United States
- Drug Stores Provide a “Daily Needs” For Consumers Making the Property Pandemic and Recession Resistant
PRIME CHARLESTON LOCATION WITH STRATEGIC ADVANTAGES:
- Incredible Corner Lot on a Highly Trafficked Intersection Near Downtown Charleston
- Easily Accessible From Major Roads and Highways, Including Proximity to Highway 17, Facilitating Convenient Travel For Customers
- Established Presence in the Charleston Community, Having Served Local Residents For Many Years With Trusted Pharmacy and Retail Services
- Positioned Near Several Healthcare Facilities, Including Hospitals and Clinics, Supporting Walgreens’ Health and Wellness Services
- Nearby Retailers Include – Coastal Cardiology PA, Motion Dynamics Chiropractic, Little Caesars, Circle K, Taco Bell, Affordable Dentures and Implants
- Dense Population Base With Over 139,000 People Within 5-Miles
- Affluent Trade Area – Over $103,000 Average Household Income Within a 3-Mile Radius
- Top Performing Sales Location
In Cooperation With Sands Investment Group Charleston, LLC – Lic. #20891 BoR: Chris Sands – Lic. SC #93103
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Read Additional Thought Leadership Content From SIG, Specializing in Absolute Triple Net Lease Opportunities
Walgreens
1115 Old Town Road, Charleston, SC, 29407, USA
WALGREENS
Walgreens Boots Alliance (NASDAQ: WBA) is a global leader in retail and wholesale pharmacy, touching millions of lives every day through dispensing and distributing medicines, its convenient retail locations, digital platforms and health and beauty products. The company has more than 100 years of trusted health care heritage and innovation in community pharmacy and pharmaceutical wholesaling. WBA’s purpose is to help people across the world lead healthier and happier lives. The company is proud of its contributions to healthy communities, a healthy planet, an inclusive workplace and a sustainable marketplace. The company’s businesses have been recognized for their Corporate Social Responsibility. Walgreens was named to FORTUNE* magazine’s 2019 Companies that Change the World list and Boots UK was recognized as Responsible Business of the Year 2019-2020 by Business in the Community.WBA is included in FORTUNE’s 2019 list of the World’s Most Admired Companies, ranked first in the food and drugstore category. This is the 26th consecutive year that WBA or its predecessor company, Walgreen Co., has been named to the list. Operating nearly 9,000 retail locations across America, Puerto Rico and the U.S. Virgin Islands, Walgreens is proud to be a neighborhood health destination serving nearly 10 million customers each day.
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Price
$3,627,000
Cap Rate
8.00%
PREMISES
10,908 SF
RENEWAL OPTIONS
4 x 5 Year Options
Lease Expiration
10/31/2028
Lease Type
Absolute NNN
BROKERS
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Sands Investment Group (“Broker”) is presenting for sale the Subject Property (“Property”) referenced above, by the Property’s owner (the “Owner”). Our agreement with the Owner requires that we obtain a Non-Disclosure before disclosing the name and location of his/her location of his/her business. The undersigned (“Recipients”) hereby acknowledge and agree that certain confidential information that has been or may be disclosed is intended solely for Recipients’ limited use in considering whether to pursue negotiations to acquire the Property.
Neither the Owner of the Property nor Broker or any of their respective officers, employees or agents, make any representation or warranty, expressed or implied, as to the accuracy or completeness of this confidential information and no legal liability is assumed or shall be implied with respect thereto. Information provided has been or will be gathered from sources that are deemed reliable; however, neither Owner nor Broker warrants or represents that the information is true or correct. Recipients are advised to verify information independently. Owner and/or Broker reserve(s) the right to change the Property’s purchase price, or any Property or market information provided, or to withdraw the Property from the market at any time without notice.
Recipients agree that the information provided by Broker is confidential and as such, agrees to hold and treat such information in the strictest of confidence. In addition, Recipients agree not to disclose, directly or indirectly, or permit anyone else to disclose this information to any person, firm or entity without prior written authorization of Owner or Broker and not use, or permit to be used this information in any fashion or manner detrimental to the interests of Owner or Broker. Photocopying or other duplication of such confidential information is strictly prohibited. Recipients agree not to contact the Property’s tenant(s), leasing brokers, or property management staff in connection with Recipients’ review of the Property or confidential information. IN ADDITION, THE CONFIDENTIAL INFORMATION SHALL NOT BE DEEMED AS REPRESENTATIVE OF THE STATE OF AFFAIRS OF THE PROPERTY OR CONSTITUTE AN INDICATION THAT THERE HAS BEEN NO CHANGE IN THE BUSINESS OR AFFAIRS OF THE PROPERTY SINCE THE DATE OR PREPARATION OF THE OFFERING MEMORANDUM.
While Owner and/or Broker may discuss the purchase and sale of the Property with Recipients, either Owner or Broker, in our sole and absolute discretion, may terminate sale discussions at any time and for any reason. Recipients acknowledge that neither Owner nor Broker has any obligation to discuss or agree to the sale of the Property. The acquisition discussions may be lengthy and complex. Notwithstanding that the parties may reach one or more oral understandings or agreements on one or more issues, neither of the parties shall be bound by any oral agreement of any kind, and no rights, claims, obligations or liabilities of any kind, either expressed or implied, shall arise or exist in favor of or be binding upon either Owner or Broker except to the extent expressly set out in a written agreement signed by both Owner and Broker.
This letter will further confirm that Recipients understand that Broker is presenting the information on the above-referenced Property and that Recipients agree that all initial correspondence and agreements pertaining to the opportunities and subsequent purchase shall be submitted through Agent. Prospective Buyer shall not contact the Owner directly unless given written permission by Agent or act either directly, indirectly, through any third parties including affiliates, other clients or other brokers to circumvent the purpose of this Agreement.
The term of this Agreement is for one (1) year from the date below, which shall be automatically extended through any ongoing negotiations, escrow periods or closing of any purchase and sales transaction(s) for the opportunity entered into by Prospective Buyer or its affiliates during the term hereof.
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