1016 N Arendell Ave
Zebulon, NC 27597
Walgreens - Zebulon · Retail Property For Sale

Stan Johnson Company is pleased to offer for sale to qualified investors a corporate-guaranteed Walgreens located in Zebulon, North Carolina. This Walgreens location was a part of the Walgreens buyout of Kerr Drug Stores in 2013. Walgreens has a 20-year NNN lease with approximately 6 years remaining and a rental escalation of 5% in July 2020, but is currently a dark location. This value-add investment opportunity gives investors a 6-year in-place cash flow and significant upside potential. Located 17 miles from Raleigh, North Carolina in Wake County, the property is in one of the fastest growing counties in the state. Wake was the 20th fastest growing county nationally between 2010 and 2017 (based on count) at 165,319 people. As a percentage, Wake County was 57th nationwide growing 18.2% in the same period. With over 490 permits, commercial development was valued at more than $7.55 billion over the past 10 years. The property is strategically located right of Highway 64 (26,000 VPD) at the corner of North Arendell Avenue (20,000 VPD) and Wakelon Street. The property is well located on a signalized hard corner offering excellent visibility. VALUE-ADD OPPORTUNITY: This value-add investment opportunity gives investors a 6-year in-place cash flow, with a rent escalation in July 2020 and significant upside potential. GROWTH: Wake County is one of the fastest growing counties in the state, and from 2010 to 2017 Wake County was the 20th fastest growing county nationally. In the last 10 years Wake County has seen over 490 commercial permits and commercial development was valued over $7.55 billion. CORPORATE GUARANTEE: The property is 100% leased and guaranteed by Walgreens. NNN LEASE: The NNN structure of the lease provides the landlord with zero obligations and responsibilities as Walgreens assumes these encumbrances. SIGNALIZED CORNER: The property is well located on a signalized hard corner offering excellent visibility and multiple points of ingress/egress with over 20,000 VPD. DRIVE-THRU LOCATION: This location is outfitted with a drive-thru which can be utilized by a range of tenants.