1387 Plainfield St
Johnston, RI 02919
Walgreens | Increases | Exercised Option · Retail Property For Sale

Pharma Property Group has been exclusively retained by ownership to present for sale the opportunity to acquire the Walgreens property located in Johnston, RI. Walgreens recently exercised its first option showing commitment to this location. The lease has approximately 4 years remaining before the seven (5-year) options to follow and operates on a double net lease basis with landlord responsible for roof and structure. The lease allows for increases in each of the remaining seven (5-year) options. Rent increases to $181,194 on February 1, 2023. Income guaranteed by Walgreens corporation (S&P BBB) investment grade Fortune 500 Company with over 9,500 locations. The subject property is located just five miles southwest of downtown Providence, the capital city of Rhode Island. The average household income in a one-mile radius is $61,346, in a three-mile radius is $64,921, and is $67,305 in a five-mile radius. Total 5-mile population count is 297,809 residents. The subject property is located at the signalized intersection of Plainfield Street and Atwood Avenue with a total traffic count of approximately 25,500 vehicles per day. Johnston is a suburb approximately five miles southwest of the capital city of Providence, in the county of Providence. It is located just west of the Providence River where it begins to broaden into Narragansett Bay about 43 miles southwest of Boston, Massachusetts. The town is part of the Providence-Fall River- Warwick metropolitan statistical area (MSA) and is one of the original 13 colonies with American Revolution era historical importance.