Walgreens – Single Tenant NNN Lease Hurricane, WV

$2,635,000
For Sale
Property type: Single Tenant NNN

The space

  • Cap Rate: 7.0%
  • Price/SF: $245.07
  • Building Size: 10,752
  • Lease Through: 9/30/2024
  • Options: 2 - 5 yr

Description

This location was developed for Rite Aid as a build to suite with a drive-thru in 1997 located on the signalized hard corner. It is one of the locations that has been converted to a Walgreens after the company bought Rite Aid. Walgreens lease is an Absolute NNN lease with zero Landlord responsibilities.

Previous Notes when Rite Aid was the tenant: In 2013 Rite Aid contacted the owner because they wanted to remodel the store and extend their lease term and had an original term expiring Sept 30, 2019 prior to the lease extension.  The lease was extended five additional years to Sept. 30, 2024 and Rite Aid completed the store remodel. There are two five year options remaining; the first has a 10% rent increase, and the Second increase will be at market. Rite Aid is not obligated to repost sales, but according to the store manager the store does very well Based on the tenant remodeling the store and extending their lease, they have demonstrated commitment to this location.

The Site is close to Highway 64 on/off ramps, near CAMC Teays Valley Hospital, and multiple national tenants. A short 15 to 20 minute drive to the Toyota Motor Manufacturing Plant which is one of the largest in the USA (over 1 million square feet & major economic catalyst), and to Charleston the State Capitol. Hurricane was named by Bloomberg Businessweek Best Place to Raise a Family in West Virginia. The site has excellent visibility, ample parking (53 spaces), and easy access. There are two curb cuts; one curb cut on State Route 34, and one on Mt Vernon Rd., both with left hand ingress/egress. There are strong traffic counts on State Route 34 with 22,951 CPD and Highway 64 with 66,825 CPD

 

Please contact Robert Crider or Bryan Holker for a marketing package

Bryan Holker (858) 361 – 5455 bholker@bdholdings.com

Robert Crider (760) 809 – 4055 rcrider@bdholdings.com

Contact the Agent

BRYAN HOLKER

President
This location was developed for Rite Aid as a build to suite with a drive-thru in 1997 located on the signalized hard corner. It is one of the locations that has been converted to a Walgreens after the company bought…