Walgreens – Columbia, SC
Fortis Net Lease is pleased to present this 14,560 SF Walgreens store located in Columbia, South Carolina. This sale would be for the leasehold interest in the building as there is a separate Ground Lease in play. The property is secured with a 25 Year Absolute NNN Ground Lease. The lease also contains five (5 year) options to renew each with a rental rate increase. The lease is corporately guaranteed by Walgreens Corporation which holds a credit rating of “BBB”, which is classified as Investment Grade. The store has been open & operating successfully since rent commenced in July of 2003. It is ranked in the top 11% of performing stores in the entire state of South Carolina (15 out of 133)! Also ranked in the top 15% of performing stores within a 15 mile radius (3 out of 20).
This Walgreens is highly visible as it is strategically positioned on the hard, signalized corner of Devine Street and Cross Hill Road which sees 43,050 cars per day. The store is surrounded by national tenants like Food Lion, Whole Foods, Target, Michaels, and Marshalls and also across from Midlands Technical College – Beltline Campus. The five mile population from the site is 145,475 while the one mile average household income is $89,271 per year, making this location ideal for a Walgreens. This area is also experiencing steady growth and sees consumer spending within a 5 mile radius at $1.6Billion. The Subject offering represents an ideal opportunity for a 1031 exchange buyer or a “passive” investor to attain the fee simple ownership of a Walgreens. This investment will offer a buyer continued success due to the financial strength and the proven profitability of the tenant. List price reflects a 7.50% cap rate based on NOI of$297,550.
– 25 Year Absolute NNN Lease | Zero Landlord Responsibilities
– Sale for the Leasehold Interest Only | Separate Absolute NNN Ground Lease
– Located on a Hard Signalized Corner | Store Reports Strong Sales!
– Performs in the Top 11% of Stores in South Carolina (15/133)! Ranked in the Top 15% of Performing Stores Within a 15 Mile Radius (3/20)!
– Four (5 Year) Options and One (10 Year) Option with Rental Rate Increases at Each Option
– Adjacent to Food Lion, Whole Foods, Michaels, Marshalls, and Many Other National Retailers
– Across From Midlands Technical College – Beltline Campus
– 43,050 Cars Per Day at Devine Street and Cross Hill Road
– One Mile Household Income $89,271
– Five Mile Population 145,475
– Five Mile Consumer Spending is $1.6 Billion
– Investment Grade Store | BBB Credit Rating
– Ground Lease Rent Yrs 1-20: $145,000; Yrs 21-25: $160,000; Yrs 26-30: $175,000; Yrs 31-35: $190,000; Yrs 36-40: $210,000; Yrs 41-50:$235,000
Instate Broker of Record: Brian Brockman | Bang Realty, Inc.