Drug Store

Walgreens

505 W Black Horse Pike, Pleasantville, NJ 08232

Listing Price: $4,300,400

Cap Rate
7.50%
Tenant Name
Walgreens
Years Remaining On Lease
4.3
Gross SF
11,200
Guarantor
Corporate Guarantee
Rentable SF
11,200
Price/Gross SF
$383.96
Lease Type
Double Net
Rent Per Square Feet
$28.80

Investment Overview

Marcus & Millichap is proud to present Walgreens, a Double-Net Lease Drugstore located in Pleasantville, NJ in the County of Atlantic City. The site consists of an estimated 2.10 acres of land and a 11,200-square-foot single-tenant pharmacy built in 1999. The parking lot of over 60 spaces supports ingress from either side and features a two-lane drive-thru.
Subject property is situated on a hard corner with a signalized intersection at the convergence of NJ Route 9 (New Road), West Decatur Avenue, and Black Horse Pike (NJ Routes 40 and 322). The site is positioned on a strong retail corridor at a signalized intersection with clear visibility to oncoming traffic from every direction.
The corporately guaranteed lease commenced on March 23, 1999 with a twenty-year base term followed by four option periods of five-years. Landlord and Tenant negotiated a lease amendment which extended the base term by five years through April 2025 and set the annual rent at $322,530. The five-year extension of term added by the amendment is followed by four, five-year options periods. Annual rent will increase upon commencement of the next three option periods. Real estate taxes, insurance, and general maintenance are Tenants responsibilities while Landlord is responsible for roof and structure. The roof was recently replaced and is covered through 2030 under a 10-year transferable warranty.
In 2018, Walgreens closed on the purchase of 1,932 stores from competitor Rite Aid for $4.4 billion, gaining significant synergies and market share. Subject property was operated as a pharmacy for twenty years before it was acquired from Rite Aid. Walgreens made a significant capital investment in the store during renovations by upgrading it to the latest prototype format. Walgreen Boots Alliance is publicly traded on the NYSE under ticker WBA, with 2018 revenue of over $131 billion and carries S&P BBB/Stable investment-grade credit. WBA currently operates more than 14,300 retail pharmacies worldwide with over 9,000 in the U.S.
Cumulative average daily traffic counts along New Road and Black Horse Pike exceed 47,000 vehicles. This surpasses the estimated 39,000 daily commuters in the three-mile trade area, demonstrating the prominent volume of through-traffic. Current population estimates at a three- and ten-mile radius are 39,530 and 222,814 respectively. Proximate retailers include Walmart, Sams Club, Chick-fil-A, Starbucks, McDonalds and Petco

Investment Highlights

  • +11,000 SF Walgreen's on Corner at Busy Signalized Intersection in Pleasantville, NJ
  • Secure Investment: Roof Covered by 10-Year Transferable Warranty
  • NN Tenant Responsible for Taxes, Insurance and General Maintenance
  • Only 5.5 Miles from Atlantic City International Airport
  • Within 10 Minute Drive of Atlantic City Casinos
  • Clear Visibility to Traffic Averaging over 47,000 Vehicles Per Day Cumulatively

Broker of Record

  • Brian Hosey

    Vice President / District Manager

    License(s): NJ: 1434917

    New Jersey

Listing Price: $4,300,400

Cap Rate
7.50%
Tenant Name
Walgreens
Years Remaining On Lease
4.3
Gross SF
11,200
Guarantor
Corporate Guarantee
Rentable SF
11,200
Price/Gross SF
$383.96
Lease Type
Double Net
Rent Per Square Feet
$28.80

Investment Highlights

  • +11,000 SF Walgreen's on Corner at Busy Signalized Intersection in Pleasantville, NJ
  • Secure Investment: Roof Covered by 10-Year Transferable Warranty
  • NN Tenant Responsible for Taxes, Insurance and General Maintenance
  • Only 5.5 Miles from Atlantic City International Airport
  • Within 10 Minute Drive of Atlantic City Casinos
  • Clear Visibility to Traffic Averaging over 47,000 Vehicles Per Day Cumulatively

Investment Overview

Marcus & Millichap is proud to present Walgreens, a Double-Net Lease Drugstore located in Pleasantville, NJ in the County of Atlantic City. The site consists of an estimated 2.10 acres of land and a 11,200-square-foot single-tenant pharmacy built in 1999. The parking lot of over 60 spaces supports ingress from either side and features a two-lane drive-thru.
Subject property is situated on a hard corner with a signalized intersection at the convergence of NJ Route 9 (New Road), West Decatur Avenue, and Black Horse Pike (NJ Routes 40 and 322). The site is positioned on a strong retail corridor at a signalized intersection with clear visibility to oncoming traffic from every direction.
The corporately guaranteed lease commenced on March 23, 1999 with a twenty-year base term followed by four option periods of five-years. Landlord and Tenant negotiated a lease amendment which extended the base term by five years through April 2025 and set the annual rent at $322,530. The five-year extension of term added by the amendment is followed by four, five-year options periods. Annual rent will increase upon commencement of the next three option periods. Real estate taxes, insurance, and general maintenance are Tenants responsibilities while Landlord is responsible for roof and structure. The roof was recently replaced and is covered through 2030 under a 10-year transferable warranty.
In 2018, Walgreens closed on the purchase of 1,932 stores from competitor Rite Aid for $4.4 billion, gaining significant synergies and market share. Subject property was operated as a pharmacy for twenty years before it was acquired from Rite Aid. Walgreens made a significant capital investment in the store during renovations by upgrading it to the latest prototype format. Walgreen Boots Alliance is publicly traded on the NYSE under ticker WBA, with 2018 revenue of over $131 billion and carries S&P BBB/Stable investment-grade credit. WBA currently operates more than 14,300 retail pharmacies worldwide with over 9,000 in the U.S.
Cumulative average daily traffic counts along New Road and Black Horse Pike exceed 47,000 vehicles. This surpasses the estimated 39,000 daily commuters in the three-mile trade area, demonstrating the prominent volume of through-traffic. Current population estimates at a three- and ten-mile radius are 39,530 and 222,814 respectively. Proximate retailers include Walmart, Sams Club, Chick-fil-A, Starbucks, McDonalds and Petco

Broker of Record

  • Brian Hosey

    Vice President / District Manager

    License(s): NJ: 1434917

    New Jersey

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