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Drug Store

Dollar Tree (Walgreens Guaranty)

235 E Mercury Blvd, Hampton, VA 23669

Listing Price: $4,300,000

Cap Rate
7.50%
Tenant Name
Walgreens
Years Remaining On Lease
6.6
Gross SF
13,560
Guarantor
Corporate Guarantee
Rentable SF
13,560
Price/Gross SF
$317.11
Lease Type
Absolute Net
Rent Per Square Feet
$24.78

Investment Overview

The subject property is a former Walgreens that has been recently subleased to Dollar Tree. Walgreens has 6.5 years remaining on the base term of their Absolute Net lease, and remains the guarantor on the lease, responsible for the payment of the rent, all expenses, and the upkeep of the property throughout the remainder of their lease term. The Dollar Tree lease is co-terminus with that of Walgreens, preserving a new owner’s control of the site while providing an easy option for ongoing cashflow from a strong credit tenant beyond the current lease term. The property is situated on a hard corner at a signalized intersection of two state highways, which see a combined traffic count of more than 28,000 vehicles per day. There are points of ingress and egress on both Pembroke Avenue and Mercury Boulevard, two four-lane streets with dedicated turning lanes, allowing customers to easily enter and exit the property. The site is located less than 2 miles from Hampton University, which is home to more than 3,500 students, and is close to the Hampton Medical Center, a 468-bed facility that services 15 counties in Virginia and 10 counties in North Carolina.

Investment Highlights

  • Investment-grade, corporately guaranteed tenant
  • Absolute NNN lease - zero landlord responsibilities
  • Nearly seven years of remaining lease term with Walgreens
  • Subleased to a credit tenant, ensuring proper upkeep of the property
  • Nearest free-standing dollar store is five miles away
  • Well-positioned at a signalized hard corner, which sees over 28,000 VPD
  • Strong demographics with more than 100,000 people within a 5-mile radius
  • Close proximity to Hampton University and Hampton Medical Center

Exclusively Listed By

Broker of Record

  • Brian Hosey

    First Vice President / District Manager

    (202) 536-3700

    License(s) VA: 0225247494

    Virginia

Drug Store

Dollar Tree (Walgreens Guaranty)

Listing Price: $4,300,000

Cap Rate
7.50%
Tenant Name
Walgreens
Years Remaining On Lease
6.6
Gross SF
13,560
Guarantor
Corporate Guarantee
Rentable SF
13,560
Price/Gross SF
$317.11
Lease Type
Absolute Net
Rent Per Square Feet
$24.78

Investment Highlights

  • Investment-grade, corporately guaranteed tenant
  • Absolute NNN lease - zero landlord responsibilities
  • Nearly seven years of remaining lease term with Walgreens
  • Subleased to a credit tenant, ensuring proper upkeep of the property
  • Nearest free-standing dollar store is five miles away
  • Well-positioned at a signalized hard corner, which sees over 28,000 VPD
  • Strong demographics with more than 100,000 people within a 5-mile radius
  • Close proximity to Hampton University and Hampton Medical Center

Investment Overview

The subject property is a former Walgreens that has been recently subleased to Dollar Tree. Walgreens has 6.5 years remaining on the base term of their Absolute Net lease, and remains the guarantor on the lease, responsible for the payment of the rent, all expenses, and the upkeep of the property throughout the remainder of their lease term. The Dollar Tree lease is co-terminus with that of Walgreens, preserving a new owner’s control of the site while providing an easy option for ongoing cashflow from a strong credit tenant beyond the current lease term. The property is situated on a hard corner at a signalized intersection of two state highways, which see a combined traffic count of more than 28,000 vehicles per day. There are points of ingress and egress on both Pembroke Avenue and Mercury Boulevard, two four-lane streets with dedicated turning lanes, allowing customers to easily enter and exit the property. The site is located less than 2 miles from Hampton University, which is home to more than 3,500 students, and is close to the Hampton Medical Center, a 468-bed facility that services 15 counties in Virginia and 10 counties in North Carolina.

Exclusively Listed By

Broker of Record

  • Brian Hosey

    First Vice President / District Manager

    (202) 536-3700

    License(s): VA: 0225247494

    Virginia

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