WALGREENS NNN Investment Cap rate 8.70%
This investment offering consists of the leasehold interest in a 14,490-square foot Walgreens location on a large 1.79- acre parcel in Conway, South Carolina MSA. Conway is the county seat of Horry County in Coastal Carolina and part of the Grand Strand. It is estimated that the daily population in the area averages more than three times that of permanent residents with the number climbing much higher during peak tourist season.
Walgreens has a 25-year absolute net lease which commenced in April 2003 and has 18 years remaining on the base term and five five-year options. Walgreens is a Standard & Poor's A+ rated credit tenant and number 36 on the Fortune 500 list. The property is subject to a ground lease with terms that coincide with those of the Walgreens lease.
The property is located on a major commercial intersection with traffic counts of 55,000 vehicles per day. It is adjacent to Applebee's and Chic-Fil-A and across from a Belk, Kmart and Dollar General anchored shopping center. It is an outparcel to a proposed shopping center.
Walgreens is located on Church Street (Highway 501) one of the main arteries running through the area.