Historical Retail Sale Listing - Walgreens | NNN | Relo | 10, 5 Yr Opts

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Walgreens | NNN | Relo | 10, 5 Yr Opts

401 South Main Street, Danville, VA 24541

N/A

14,820 SF | Retail

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Retail Property - Off Market

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

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

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.

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

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