This Retail Property is Off-Market.

2069 Rockford Street
Mount Airy, NC 27030 ·

14,820 SF · Retail For Sale

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Walgreens | 20-Year Absolute NNN Lease | NC

Price N/A Cap Rate 6.25%
Building Size 14,820 SF Occupancy 100%
Property Type Retail Tenancy Single
Property Sub-type Free Standing Bldg Year Built 2006
Property Use Type Net Lease Investment with 10+ years left on lease Lot Size 1.56 AC
Listing ID: 17870579 Date Created: 10/11/2012 Last Updated: 01/02/2013

Description

The CBRE Net Lease Property Group is pleased to exclusively offer a 14,820- square-foot freestanding Walgreens situated on 1.56 acres in Mount Airy, North Carolina. The city of Mount Airy is nestled in the foothills of the Blue Ridge Mountains 35 miles northwest of Winston-Salem and 100 miles north of Charlotte. Built in 2007, the property is located on Rockford Street (Traffic Count: 22,000 VPD), the area' s preeminent retail artery, just 1.5 miles north of Interstate 74 and just 0.4 miles south of U.S. Route 52. The lease commenced in June 2007 and has 19.7 years of remaining lease term and fifty one-year options to renew. The area within a three mile radius of the property has a population of 14,309 and an average household income of $38,748. The location was strategically selected to attract a customer base both from the city of Mount Airy and surrounding Surry County and because of the synergy created by the myriad of retailers located in the immediate area. Other major retailers with a presence along Rockford Street include: Walmart Supercenter, Lowe' s Home Improvement, Food Lion, Burke' s Outlet, Dollar General, Tractor Supply, Dollar Tree, BB&T, McDonald's and Staples

Mount Airy, North Carolina, is the largest of the four municipalities that make up Surry County. With a current population of approximately 10,000, the city is located 35 miles northwest of Winston-Salem and 100 miles north of Charlotte. Mount Airy also borders the Virginia state line and is nestled in the foothills of the Blue Ridge Mountains.

Mount Airy retains its quaint, small town atmosphere while offering fine dining, downtown shopping featuring a myriad of national retailers and a number of museums to explore. They city' s annual festivals including Mayberry Days, Autumn Leaves Festival, and the Bluegrass & Fiddler's Convention attract visitors from across the country. The city is also home to the largest collection of Andy Griffith Memorabilia and is located within the Yadkin Valley Wine Region which is home to dozens of wineries. The city was even named as one of the Friendliest Cities in America by Rand McNally in 2011.

Highlights

  • Walgreens (S&P Rating: BBB, NYSE:WAG) is the #1 drugstore in sales and boasts revenues of $72B
  • 25-year absolute NNN lease with 19.7 years remaining
  • Low price point for Walgreens; rent $19.70 PSF
  • Strong sales performance
  • Situated within the area's preeminent retail corridor on Rockford Street (Traffic Counts: 22,000 VPD)
  • 40+ national and regional retailers are located within a 0.5 mile radius of the property

Research

2069 Rockford Street, Mount Airy, NC 27030 (Surry County)

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