Walgreens | 13.5 Yrs Remain on NN

Listing Walgreens | 13.5 Yrs Remain on NN Price:$4,575,000 Status:For Sale On behalf of ownership, exclusively offers for sale, the fee simple interest to purchase a Walgreen’s (NYSE: WAG) double-net leased property, located at the signalized T-intersection of Elmwood Ave (Route 1) and Earl Street in Providence, Rhode Island. There are approximately 13.5 years remaining on the primary term of the initial 20-year lease, with five, five-year option periods remaining. The lease is guaranteed by Walgreens Co., which has a Standard & Poor’s BBB (investment grade) credit rating. In November of 2010, Walgreen’s, whose lease was set to expire in 2017, executed two, five year option periods prematurely, extending the base term of the lease through April of 2027. The commitment to the location is due to the exceptionally high store sales being reported at the subject property (available upon request from listing broker). The lease is double-net in structure, whereas Tenant shall be responsible for all exterior non-structural repairs to the Building, including, but not limited to, tuck pointing, painting and removal of graffiti. Landlord shall maintain and make all repairs to the structural portions of the Building, to the roof (except entrance ways to the Building), and to pipes, ducts, wires and conduits leading to and from the Leased Premises and/or said Building unless caused by the fault of Tenant. The site is positioned on Route 1, next to Columbus Square, just 0.75 miles north of the I-95 on/off ramp and south of downtown Providence. With extreme high barriers to entry, it would be difficult to assemble a piece of property to develop a new or competing drug store in the immediate vicinity. I-95 runs from north to south through Providence while I-195 connects the city to eastern Rhode Island and southeastern Massachusetts, including New Bedford, Massachusetts, and Cape Cod. On behalf of ownership, exclusively offers for sale, the fee simple interest to purchase a Walgreen’s (NYSE: WAG) double-net leased property, located at the signalized T-intersection of Elmwood Ave (Route 1) and Earl Street in Providence, Rhode Island. There are approximately 13.5 years remaining on the primary term of the initial 20-year lease, with five, five-year option periods remaining. The lease is guaranteed by Walgreens Co., which has a Standard & Poor’s BBB (investment grade) credit rating. In November of 2010, Walgreen’s, whose lease was set to expire in 2017, executed two, five year option periods prematurely, extending the base term of the lease through April of 2027. The commitment to the location is due to the exceptionally high store sales being reported at the subject property (available upon request from listing broker). The lease is double-net in structure, whereas Tenant shall be responsible for all exterior non-structural repairs to the Building, including, but not limited to, tuck pointing, painting and removal of graffiti. Landlord shall maintain and make all repairs to the structural portions of the Building, to the roof (except entrance ways to the Building), and to pipes, ducts, wires and conduits leading to and from the Leased Premises and/or said Building unless caused by the fault of Tenant. The site is positioned on Route 1, next to Columbus Square, just 0.75 miles north of the I-95 on/off ramp and south of downtown Providence. With extreme high barriers to entry, it would be difficult to assemble a piece of property to develop a new or competing drug store in the immediate vicinity. I-95 runs from north to south through Providence while I-195 connects the city to eastern Rhode Island and southeastern Massachusetts, including New Bedford, Massachusetts, and Cape Cod.

Walgreens | 13.5 Yrs Remain on NN