405 S Hill St - Drug Store FOR SALE


Griffin, GA 30224
$2,403,616 USD
714-875-2400
405 S Hill St, Griffin, GA for Sale
$2,403,616 USD
Drug Store - FOR SALE
1/4
null | 5.65% Cap Rate

405 S Hill St
Griffin, GA 30224


HIGHLIGHTS

  • LOW PRICE POINT WALGREENS INVESTMENT - Rare opportunity to acquire a Walgreens at a low basis.
  • CORPORATE CREDIT RATED TENANT - Corporately Guaranteed Lease by Walgreens Boots Alliance (WBA) is a publicly traded company with a BBB- Credit Rating.
  • SITE COMMITMENT - The tenant signed a 10 year lease extension in 2017, showing their long term commitment to this location.
  • LARGE FUTURE RENTAL INCREASE - There is a 20% rental increase available in 2027
  • MINIMAL LANDLORD RESPONSIBILITY - NN Lease with Landlord responsible for roof and structure only. The Landlord replaced the roof in 2017.
  • ATLANTA, GA MSA - Griffin is part of the Atlanta Georgia MSA, home to the #1 Busiest Airport in the World and the 9th largest Economy in the US.

OVERVIEW

Prime Net Lease is please to exclusively market a single-tenant Walgreens located in Griffin, GA. The property was originally build in 1996 as a build-to-suit for Rite Aid. After Walgreens acquisition of part of Rite Aid portfolio, this location was converted to Walgreens. The conversion took place in 2017 and included a interior and exterior remodel, showing Walgreens commitment to the site. The building spans 11,220 SF and sits on a parcel of just under 1 acre. This location is centrally located within the city and has no immediate competition aside from a CVS that is located over 1 mile away, making this a primary go-to pharmacy for the entire Griffin population for the past 25 years. The current NN lease was executed after the remodel in 2017 for 10 years and expires in October 2027 giving the investor 4 years of term remaining. The first 5-year option has a 20% rental increase, which is significant increase from current rent, but still significantly below comparable Walgreens rental rates. The remaining Six, 5-year options each feature 7% rental increases. This investment allows a new investor a opportunity to acquire a well established, centrally located Walgreens at a price point that significantly below other Walgreens investment. Walgreens Boots Alliance (Nasdaq: WBA) is the first global pharmacy-led, health and wellbeing enterprise. Walgreens Boots Alliance is the largest retail pharmacy, health and daily living destination across the U.S. and Europe. Walgreens Boots Alliance and the companies in which it has equity method investments together have a presence in more than 25 countries and employ more than 385,000 people.

FOR SALE DETAILS

PRICE

$2,403,616 USD

PRICE/SF

$214 USD /SF

CAP RATE

5.65%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Walgreens

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Drug Store

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1997

SPRINKLERS

-

PARKING SPACES

45

LAND DETAILS

LAND ACRES

0.99 AC

LAND SF

43,124 SF

ZONING

02

APN/PARCEL ID

023-06-003

ASK ABOUT THIS PROPERTY

Paul MatusikPrime Net LeaseMore Info
714-875-2400

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.

Paul MatusikPrime Net LeaseMore Info
714-875-2400

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.