Drug Store

Walgreens Absolute NNN Lease

1630 Andrews Rd, Murphy, NC 28906

Listing Price: $6,361,577

Cap Rate
5.45%
Tenant Name
Walgreens
Years Remaining On Lease
15.40
Gross SF
14,430
Guarantor
Corporate Guarantee
Rentable SF
14,430
Price/Gross SF
$440.86
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$24.03

Investment Overview

Marcus & Millichap is pleased to present for sale this Absolute Net Leased
Walgreens located at 1630 Andrews Road in Murphy, North Carolina. The
subject property consists of a free-standing building comprised of 14,430
square feet of retail space and is situated on a 1.31-acre parcel of land.
Strategically located on the Hard-Signalized Intersection of Pleasant
Valley Road and US-74, the property is highly visible to more than 20,000
vehicles per day. The property is situated on the primary commercial artery
in Murphy and the main thoroughfare leading to the new Harrahs Casino
and Resort, which is approximately one mile from Walgreens. The casino,
which opened in September 2015, employs over 1,100 people and is the
largest employer in Cherokee County as well as a draw from around the
Southeast. The subject property is also directly across from a Walmart
Super Center and benefits from numerous National and Regional retailers
in the immediate trade area. Some of these include Ingles Grocery, Lowes,
Big Lots, Bojangles, Burger King, KFC, Verizon Wireless, Taco Bell, among
many others.
Walgreens executed a 20 Year Absolute Net-Lease with Zero Landlord
Responsibility when originally built in 2016. Walgreens is a relocation from
a successful in-line store across the highway from the new location and
is the only free-standing national drug store chain within the county. The
property is more than 20 miles from the nearest Rite Aid and 10 miles to
the next Walgreens drugstore. The area can be reached in two hours or
less from Atlanta, Chattanooga and Knoxville.
Walgreens (NYSE: WBA) is a publicly traded company with an S&P Credit
Rating of BBB and is ranked #17 in the Fortune 500 (2019). Some financial
highlights include 2018 Revenues of $131.537 billion and 2018 Net
Profits of $5.024 billion. Walgreen Co. operates over 8,200 stores in all 50
states, the District of Columbia, Puerto Rico and Guam. The company also
operates worksite health centers, home care facilities, and specialty and
mail service pharmacies.

Investment Highlights

  • Walgreens Corporate Guarantee (NYSE: WBA) Investment Grade Tenant (S&P BBB)
  • More than 15 Years Remaining on Absolute NNN Lease
  • Absolute NNN Zero Landlord Responsibility
  • Located on Highly Visible Signalized Corner
  • Fee Simple Allowing for Depreciation
  • One Mile from Harrahs Casino & Resort

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Regional Manager

    License(s): NC: 303785

    North Carolina

Drug Store

Walgreens Absolute NNN Lease

Listing Price: $6,361,577

Cap Rate
5.45%
Tenant Name
Walgreens
Years Remaining On Lease
15.40
Gross SF
14,430
Guarantor
Corporate Guarantee
Rentable SF
14,430
Price/Gross SF
$440.86
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$24.03

Investment Highlights

  • Walgreens Corporate Guarantee (NYSE: WBA) Investment Grade Tenant (S&P BBB)
  • More than 15 Years Remaining on Absolute NNN Lease
  • Absolute NNN Zero Landlord Responsibility
  • Located on Highly Visible Signalized Corner
  • Fee Simple Allowing for Depreciation
  • One Mile from Harrahs Casino & Resort

Investment Overview

Marcus & Millichap is pleased to present for sale this Absolute Net Leased
Walgreens located at 1630 Andrews Road in Murphy, North Carolina. The
subject property consists of a free-standing building comprised of 14,430
square feet of retail space and is situated on a 1.31-acre parcel of land.
Strategically located on the Hard-Signalized Intersection of Pleasant
Valley Road and US-74, the property is highly visible to more than 20,000
vehicles per day. The property is situated on the primary commercial artery
in Murphy and the main thoroughfare leading to the new Harrahs Casino
and Resort, which is approximately one mile from Walgreens. The casino,
which opened in September 2015, employs over 1,100 people and is the
largest employer in Cherokee County as well as a draw from around the
Southeast. The subject property is also directly across from a Walmart
Super Center and benefits from numerous National and Regional retailers
in the immediate trade area. Some of these include Ingles Grocery, Lowes,
Big Lots, Bojangles, Burger King, KFC, Verizon Wireless, Taco Bell, among
many others.
Walgreens executed a 20 Year Absolute Net-Lease with Zero Landlord
Responsibility when originally built in 2016. Walgreens is a relocation from
a successful in-line store across the highway from the new location and
is the only free-standing national drug store chain within the county. The
property is more than 20 miles from the nearest Rite Aid and 10 miles to
the next Walgreens drugstore. The area can be reached in two hours or
less from Atlanta, Chattanooga and Knoxville.
Walgreens (NYSE: WBA) is a publicly traded company with an S&P Credit
Rating of BBB and is ranked #17 in the Fortune 500 (2019). Some financial
highlights include 2018 Revenues of $131.537 billion and 2018 Net
Profits of $5.024 billion. Walgreen Co. operates over 8,200 stores in all 50
states, the District of Columbia, Puerto Rico and Guam. The company also
operates worksite health centers, home care facilities, and specialty and
mail service pharmacies.

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Regional Manager

    License(s): NC: 303785

    North Carolina

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