This Retail Property is Off-Market.

401 South Main Street
Danville, VA 24541 ·

14,820 SF · Retail For Sale

N/A

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Walgreens | NNN | Relo | 10, 5 Yr Opts

Price N/A Cap Rate 6.10%
Building Size 14,820 SF Occupancy 100%
Property Type Retail No. Stories 1
Property Sub-type Retail (Other) Tenancy Single
Property Use Type Net Lease Investment with 10+ years left on lease Year Built 2012
Construction Status Under Construction/Proposed Lot Size 1.75 AC
Listing ID: 17723133 Date Created: 06/26/2012 Last Updated: 12/26/2012

Description

newly-constructed Walgreens store in Danville, Virginia. The subject property is a relocation of a pre-existing store that Walgreens operated under the banner of Professional Pharmacy located on the opposing corner in an older 4,000 square foot building. The customers of the former location will certainly provide a strong customer base for this new store, which is subject to a new 25-year absolute net lease with 10, five-year option terms. Currently, the subject property is under construction with rent commencement projected for no later than December 2012. The 14,820 square foot building will be situated on a highly-visible 1.75 acre parcel, and is Walgreens' second location in the Danville marketplace. This is a clear indication of the tenant's commitment to the market. Further, this property is located at a high-traffic intersection with more than 36,000 vehicles per day, and is in close proximity to the regional hospital (only one-quarter-mile away). See Financial Analysis for More Details. [VA Broker: David Feldman(Lic#0225-197846)]

The subject property is located at the signaled intersection of Main Street/Central Boulevard (Route 86) and Watson Street in Danville, Virginia. Route 86 is a four-lane, divided highway at the subject intersection with traffic counts estimated at 25,000 vehicles per day. The primary drivers for Walgreens selection of this location were the nearby hospital and relocation of the operation from the Professional Pharmacy location that is situated on the opposing corner along Watson Street. Just north of this site is Danville Regional Medical Center which is surrounded by medical office buildings that will provide additional customers for this larger prototypical Walgreens store.

Highlights

  • New 25 Year NNN Lease with Ten, Five Year Option Terms
  • Relocation Store for Tenant
  • Large 1.75 Acre Parcel; Solid Traffic Counts of 36,000 VPD
  • Free and Clear of Debt
  • See Financial Analysis for Details
  • Contact Agent for Full Offering Memorandum

Research

401 South Main Street, Danville, VA 24541 (Danville City County)

Property Record Data - Historical Listings, current tax, mortgage, owners & tenant info for this property

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