SOLD PRICE: $4,200,000
CAP RATE: 6.07%
- VISIBLE RETAIL LOCATION — Corner location with access from Village Rd. & Old Fayetteville Rd. within Leland’s traditional downtown business district. Near the freeway intersection of US 74/US 76 & US 17 (66K ADT).
- GROWING TRADE AREA — Over 52K people, with an average household income of nearly $58K, within 5 miles of the property. Leland has strong retail growth potential due to its close proximity to Wilmington (NC’s 8th largest city & a major center of American film and television production), the concentrated residential growth & some of the highest traffic counts in the county. Commercial construction has seen more dramatic changes over the last 3 years in Leland, with construction value notably increased.
- SUCCESSFUL, MARKET-LEADING TENANT — Walgreens is one of the largest drugstore chains in the U.S., with 8,000+ stores located within 5 miles of 75% of Americans. In addition to in-store, with popular online offerings and an award-winning mobile app, Walgreens interacts with 8 million customers a day. In Dec. 2014, Walgreens completed its strategic combination with Alliance Boots to establish Walgreens Boots Alliance, Inc., forging the first global pharmacy-led, health & wellbeing enterprise.
- QUALITY INVESTMENT — ABSOLUTE NNN — Long-term lease with zero landlord responsibilities providing steady income flow to the investor. Established location, as tenant has been operating at this location for the past 12 years.
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