1155 Main St
West Warwick, RI 02893
Walgreens in RI l 6.35 CAP | $3.5M | NNN · Retail Property For Sale

Pharma Property Group has been exclusively retained by ownership to present for sale the opportunity to acquire fee interest in a future Walgreens property in West Warwick, Rhode Island. This asset is available for purchase and operates on an absolute net lease basis with 10.5 years remaining, with eight (5 year) options to follow. There are no Landlord responsibilities whatsoever. Lease allows for ten percent (10%) rental increases every ten (10) years in the options. Landlord received confirmation that this lease has been assumed by Walgreens in 2018 with their acquisition of ±1,900 Rite Aid locations. This store is now operating as a Walgreens Pharmacy. Property is located in the center of the city on the main thoroughfare across from town hall. There is a newly built CVS on a 25 year lease paying approximately $26.76 per square foot two blocks from subject property. This location is strategic for both Walgreens and CVS. Only Rite Aid or Walgreens property serving the community of West Warwick on the west side of the Pawtuxet River. Within a five-mile radius the average household income is $87,530. Natco Home, a $300 million dollar company, is one of the country’s largest privately owned home furnishings companies, is located 0.7 miles from the subject property. West Warwick is a town in Kent County, Rhode Island, just 6 miles from Warwick the second largest city in the state. Warwick is officially a part of the Providence metropolitan area, which had a population of 1,600,852 in 2010 census. Warwick’s central location provides access to over 300,000 residents within a 10-mile radius. Two thirds of New England’s total population of 8.7 million is within a 75-mile radius. That includes 65 percent of the region’s manufacturers of plastics, chemicals, communications equipment and electrical machinery.