5401 N Main St
Cowpens, SC 29330
Retail Property For Sale

Marcus & Millichap is pleased to present this recently acquired and rebranded Walgreens single-tenant, net-leased drug store in the city of Cowpens, Spartanburg County, South Carolina. The tenant is Walgreens Boots Alliance, Inc (NASDAQ: WBA), one of the nation’s largest retail drug store chains with over 9,500 stores located in all 50 states, the District of Columbia, and the United States Virgin Islands. The subject property, Walgreens Pharmacy #19501, was built-to-suit Rite Aid Corporation with rental payments commencing February 27, 1996. The property was triplenet (NNN) leased to Rite Aid Corporation for 20 years with six five-year renewal options. The building is approximately 10,004 square feet with a land area of 1.27 acres. Owner responsible for roof and outer walls. The subject property is one of 1,932 locations Walgreens Boots Alliance purchased from Rite Aid Corporation in 2018 for $4.4 billion dollars. After spending $850 million on integration costs including the closure of 750 other locations, another $500 million on re-branding and store improvements, and a further $288 million in anticipated legal fees; Walgreens will have spent over $5.1 million to operate at each of the remaining 1,182 net new Walgreens locations including the subject property, Walgreens Pharmacy #19501. With its Grand Opening on February 15, 2019, the subject property became the 188th purchased location re-branded and re-opened as a full-fledged Walgreens Pharmacy. Walgreens branding of the subject property represents an investment of over $5.1 million and shows its commitment to this location. The price of the property is $1,553,782 at a 6.90 percent cap with an annual rent of $107,211.