This Retail Property is Off-Market.

Route 104 and Route 21
Williamson, NY 14589 ·

13,813 SF · Retail For Sale

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Eckerd Drug Store

Price N/A Cap Rate 8.25%
Building Size 13,813 SF Tenancy Single
Property Type Retail Year Built 2003
Property Sub-type Free Standing Bldg Lot Size 0 AC
Property Use Type Investment
Listing ID: 13664381 Date Created: 04/03/2003 Last Updated: 10/22/2003

Description

CB Richard Ellis Net Leased Property Group is pleased to offer for sale a 13,813 sf Eckerd Drugstore located at the corner of Route 104 and Route 21 (Lake Avenue) in Williamson, NY. This Eckerd is currently under construction, slated for rent commencement in August 2003. This store is replacing a 7,434 sf existing in-line store state is currently doing in excess of $5.0 M in sales (or $675 psf) ! The lease is 20 years, Absolute NNN, 4x5 yr. options ($0.50 psf increase each option).

Willamson, NY is a suburb east of Rochester, NY, located along Lake Ontario. The site sits at the intersection of Route 104 (Traffic Count: 19,500) and Route 21 (Traffic Count 11,500). This newly constructed freestanding Eckerd will replace an in-line store, which is adjacent to the subject site in Plaza Shopping Center anchored by IGA foods. As evidence by the high store sales of the existing store, this Eckerd enjoys NO immediate competition, with the nearest national competition being a CVS over 10 miles away.

Highlights

  • Replacing a store currently doing in excess of $5.0M in sales
  • 20 Year Absolute NNN Lease, 4x5 year options ($0.50 psf increase in the options)
  • Investment Grade Tenant; Standard & Poors shadow rating of BBB-, positive outlook
  • Eckerd's operating profit for Fiscal Year 2003 was $412M, a 91% increase over Fiscal Year 2002

Research

Route 104 and Route 21, Williamson, NY 14589 (Wayne County)

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