Walgreens | 20+ Yrs Remain | Relocation Store

Listing Walgreens | 20+ Yrs Remain | Relocation Store Price:$9,652,174 Status:New On behalf of the ownership, is pleased to exclusively offer for sale this fee simple Walgreens located in historic Chestertown, Maryland. The subject location opened in 2009 as the tenant elected to relocate from an a Happy Harry’s store less than a mile away with strong sales volumes. Subsequently, Walgreens completed a build to suit and executed a 25 year lease, which today has over 20 years of term remaining. The fact that Walgreens relocated to this corner should provide the investor additional comfort that the chain will operate here long term. Potential investors will immediately notice the extensive architectural upgrades to this 14,952 SF store. This is not your typical Walgreens building as even the landscaping and front entry area was modified to beautify this site’s appearance. Chestertown is a charming historic town, and one that is highly regulates new development providing inherent barriers to entry. The town’s historic charm makes it challenging for national retailers to build their prototype box since the Town is very active in the design and “look” of any new structure. Notably, Walgreens conformed to the town’s stringent historical standards as it knew that this was the busiest intersection in the greater Kent and Queen Anne’s community. Residents and second home owners frequent this intersection since it’s the epicenter of retail for a 10 mile radius. Additionally, the relocation of this store allowed Walgreens to out-position Rite Aid which had an undersized, non drive-thru inline store in the Kent Plaza (immediately behind it). Walgreens also knew that over 1,000 undergraduates spend 9 months of the year at Washington College, immediately across the street, were unreported on the demographic reports. All in all, while Chestertown remains a historic small town on Maryland’s eastern shore, the combination of the pre-existing customer base, and strength of this 1.30 acre parcel corner at the town’s “busiest” corner, and large base of retiree’s gave the tenant the foresight to proceed with this location.

Walgreens | 20+ Yrs Remain | Relocation Store