Walgreens Absolute NNN Lease | Highly Visible Signalized Corner

1630 Andrews Rd, Murphy, NC 28906, USA
$6,361,577

Description

Marcus & Millichap is pleased to present for sale this Absolute Net Leased Walgreens located at 1630 Andrews Road in Murphy, North Carolina. The subject property consists of a free-standing building comprised of 14,430 square feet of retail space and is situated on a 1.31-acre parcel of land.
Strategically located on the Hard-Signalized Intersection of Pleasant Valley Road and US-74, the property is highly visible to more than 20,000 vehicles per day. The property is situated on the primary commercial artery in Murphy and the main thoroughfare leading to the new Harrah’s Casino and Resort, which is approximately one mile from Walgreens. The casino, which opened in September 2015, employs over 1,100 people and is the largest employer in Cherokee County as well as a draw from around the Southeast. The subject property is also directly across from a Walmart Super Center and benefits from numerous National and Regional retailers in the immediate trade area. Some of these include Ingles Grocery, Lowe’s, Big Lots, Bojangles, Burger King, KFC, Verizon Wireless, Taco Bell, among many others.
Walgreens executed a 20 Year Absolute Net-Lease with Zero Landlord Responsibility when originally built in 2016. Walgreens is a relocation from a successful in-line store across the highway from the new location and is the only free-standing national drug store chain within the county. The property is more than 20 miles from the nearest Rite Aid and 10 miles to the next Walgreens drugstore. The area can be reached in two hours or less from Atlanta, Chattanooga and Knoxville.
Walgreens (NYSE: WBA) is a publicly traded company with an S&P Credit Rating of BBB and is ranked #17 in the Fortune 500 (2019). Some financial highlights include 2018 Revenues of $131.537 billion and 2018 Net Profits of $5.024 billion. Walgreen Co. operates over 8,200 stores in all 50 states, the District of Columbia, Puerto Rico and Guam. The company also operates worksite health centers, home care facilities, and specialty and mail service pharmacies.

  • Walgreens Corporate Guarantee (NYSE: WBA) – Investment Grade Tenant (S&P BBB)
  • More than 15 Years Remaining on Absolute NNN Lease
  • Absolute NNN – Zero Landlord Responsibility
  • Located on Highly Visible Signalized Corner
  • Fee Simple Allowing for Depreciation
  • Exposure to more than 20,000 Vehicles Per Day
  • Relocation from Successful In-Line Store
  • One Mile from Harrah’s Casino & Resort
  • No Competing National Drugstores within the County
  • Drive-Thru Pharmacy

Property Documents

  • City: Murphy
  • State/county: North Carolina
  • Zip/Postal Code: 28906
  • Country: United States

Detail

  • Price: $6,361,577
  • Year Built: 2016

Additional details

  • CAP RATE: 5.45%
  • NOI: $346,706

Features