Drug Store
Walgreens
85 Robinson St, Binghamton, NY 13901
Listing Price: $3,786,580
Investment Overview
Marcus & Millichap is pleased to offer for sale the fee simple interest in 85 Robinson St. (the Property), a 14,673-square-foot double-drive-through pharmacy in Binghamton, New York, in which Walgreens has over 10 years remaining on their corporately guaranteed double-net lease. The building was originally constructed for and occupied by Rite Aid, and Walgreens executed a 15-year lease in 2020 with eight five-year renewal options and the right to operate at the location through 2085, showing commitment to the site. The rent increases 5 percent every 5 years in the firm term and 10 percent in the first, third and fifth renewal options to offset inflation. The rent will be adjusted to fair market value in the seventh and eighth options.
The Property sits on the northwest corner of the signalized intersection of Robinson Street and Whitney Avenue in Binghamton’s North Side neighborhood. Within 350 feet of Walgreens is State Route 7, which connects to U.S. Highway 11 to the south and merges with State Route 363 and connects to the Southern Tier Expressway (Interstates 81 and 86 and State Highway 17) and Interstate 88 to the north. Walgreens’ neighbors include Advance Auto Parts, Green Mountain Electrical Supply, Cook Brothers Truck Parts and local service businesses.
Binghamton serves as a hub for healthcare, education and transportation for the 243,792-person metro area, located in southern New York state near the Pennsylvania border. Downtown Binghamton is just 1.3 miles southwest of the asset. SUNY Broome Community College, SUNY Upstate College of Medicine and three hospitals are within three miles of Walgreens, and the 18,454-student SUNY Binghamton campus is within 4.5 miles. Greater Binghamton Airport sits 11.1 miles northwest of the Property.
Walgreens
Investment Highlights
- Over 10 Years Remaining on Corporately Guaranteed NN Lease - Eight Five-Year Renewal Options
- Rent Increases 5 Percent Every Five Years in Firm Term, 10 Percent Every 10 Years in the First Six Renewal Options, and to Market Rent in the Seventh and Eighth Options
- Generous 1.36-Acre Lot on Signalized Intersection
- Across from Broome County Transit #28 Robinson Street Route Bus Stop — Service to Downtown and Greater Binghamton Health Center
- Quick Access to U.S. Highway 11; State Routes 7, 17, and 363; Interstates 81, 86 and 88
- Daytime Population of 120,058 Within a Five-Mile Radius
- Triple Cities Metro Area Located 73 Miles South of Syracuse, NY, and Seven Miles North of the Pennsylvania Border
Listing Price: $3,786,580
Investment Highlights
- Over 10 Years Remaining on Corporately Guaranteed NN Lease - Eight Five-Year Renewal Options
- Rent Increases 5 Percent Every Five Years in Firm Term, 10 Percent Every 10 Years in the First Six Renewal Options, and to Market Rent in the Seventh and Eighth Options
- Generous 1.36-Acre Lot on Signalized Intersection
- Across from Broome County Transit #28 Robinson Street Route Bus Stop — Service to Downtown and Greater Binghamton Health Center
- Quick Access to U.S. Highway 11; State Routes 7, 17, and 363; Interstates 81, 86 and 88
- Daytime Population of 120,058 Within a Five-Mile Radius
- Triple Cities Metro Area Located 73 Miles South of Syracuse, NY, and Seven Miles North of the Pennsylvania Border
Investment Overview
Marcus & Millichap is pleased to offer for sale the fee simple interest in 85 Robinson St. (the Property), a 14,673-square-foot double-drive-through pharmacy in Binghamton, New York, in which Walgreens has over 10 years remaining on their corporately guaranteed double-net lease. The building was originally constructed for and occupied by Rite Aid, and Walgreens executed a 15-year lease in 2020 with eight five-year renewal options and the right to operate at the location through 2085, showing commitment to the site. The rent increases 5 percent every 5 years in the firm term and 10 percent in the first, third and fifth renewal options to offset inflation. The rent will be adjusted to fair market value in the seventh and eighth options. The Property sits on the northwest corner of the signalized intersection of Robinson Street and Whitney Avenue in Binghamton’s North Side neighborhood. Within 350 feet of Walgreens is State Route 7, which connects to U.S. Highway 11 to the south and merges with State Route 363 and connects to the Southern Tier Expressway (Interstates 81 and 86 and State Highway 17) and Interstate 88 to the north. Walgreens’ neighbors include Advance Auto Parts, Green Mountain Electrical Supply, Cook Brothers Truck Parts and local service businesses. Binghamton serves as a hub for healthcare, education and transportation for the 243,792-person metro area, located in southern New York state near the Pennsylvania border. Downtown Binghamton is just 1.3 miles southwest of the asset. SUNY Broome Community College, SUNY Upstate College of Medicine and three hospitals are within three miles of Walgreens, and the 18,454-student SUNY Binghamton campus is within 4.5 miles. Greater Binghamton Airport sits 11.1 miles northwest of the Property.
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