Walgreens | Abs NNN Lease with Rent Growth
Brooklyn, NY
Price: $14,000,000Cap Rate: 5%Building SF: 12,648 SFLot Size: 23,585 SFYear Built: 2009Status: Available

Investment Highlights: 

Globally Recognized Tenant: Walgreens (S&P: BBB) – Largest Retail Pharmacy in the Country – The building is leased to Walgreens Eastern Co., Inc. dba Walgreens. Walgreens is owned by the Walgreens Boots Alliance, Inc. This parent company is currently the largest retail pharmacy in the US and Europe, with 13,200 stores in over 11 countries.

Strong Corporate Lease Guaranty: Walgreens Boots Alliance – Long Term NNN Lease w Rent Growth Every 5 Years  – The lease provides an investor with a strong corporate guaranty from Walgreens Boots Alliance. The absolute triple-net (NNN) lease has nearly 12 years of firm lease term remaining and features 8% rent increases every 5 years. The next increase will take effect July 2020. The Tenant may terminate the lease as of July 1, 2030 with six (6) months notice.

Hard Corner Signalized Intersection (31,000+ CPD) – Excellent Visibility & Access – Dense Infill Location  – The site is located on the hard corner signalized intersection of Flatlands Ave & Utica Ave, in the Flatlands neighborhood of Brooklyn. This location offers outstanding visibility to 31,000 cars per day and multiple access points for customers. The dense infill site offers outstanding demographics, with nearly 950,000 people living within a 3-mile radius of the subject property with an average household income over $80,000, lending well to the tenant’s concept and supporting its continued success.

Located Along Multiple Bus Lines: Ridership of 90,000 Average Weekday – Connecting Commuters to Subway System –  The subject property sits at the intersection of bus lines B46, B82 and BM1, offering easy access for commuters and residents. These bus lines combined see a total of 90,000 riders on an average weekday; the B46 line is the 3rd busiest bus line in the MTA system.  The Flatlands neighborhood offers convenient access to the Belt Parkway, which is a 15-minute drive or bus ride south to connect to the subway system for the commute to Long Island and Manhattan, and offers easy access to nearby shopping at the Kings Plaza Shopping Center and Marina, and the Georgetown Shopping Center.

Proximity to Brooklyn College (18,000 Students) – Top Ranked Institution – Influx of Young Professionals – The subject property is located within 2 miles of Brooklyn College, a senior university of the City University of New York with an enrollment of nearly 18,000 students. Brooklyn College was the first public coeducational liberal arts college in New York City and has been ranked by U.S. News & World Report as #83 top Regional college and by Princeton Review in the Top 50 for value (2009) and Top 10 for value, diversity and location (2003).

Located in Brooklyn – One of the Fastest Growing Burroughs in New York City – Dynamic Growth & Development – Brooklyn is one of the fastest growing burroughs in New York City. The rezoning of Downtown Brooklyn has generated over US$10 billion of private investment and $300 million in public improvements since 2004, and the resulting new construction in Brooklyn is staggering – there will be 22,000 new apartments built here by 2019, as well as an additional 16 million square feet of office space is planned or currently being developed. 


Ryan Barr

rbarr@lee-associates.com
O. 760.448.2446
F. 760.929.9977

Ryan Bennett

rbennett@lee-associates.com
O. 760.448.2449
F. 760.929.9977