Drug Store

Dark Rite Aid Gaffney

1320 W Floyd Baker Blvd, Gaffney, SC 29341

Listing Price: $2,500,000

Cap Rate
11.68%
Tenant Name
Walgreens
Years Remaining On Lease
2.60
Gross SF
14,221
Guarantor
Corporate Guarantee
Rentable SF
14,221
Price/Gross SF
$175.80
Lease Type
Absolute Net
Rent Per Square Feet
$20.53

Investment Overview

The subject investment opportunity is an Absolute Net, freestanding retail property leased to Walgreens (BBB Credit). While the tenant has vacated the building, there are 3.5 years remaining on the lease, during which Walgreens continues to be responsible for all costs including insurance, taxes, CAM, roof and structure. The larger-than-most 14,221 SF building was constructed in 2003, and also sits on an 1.6 acre tract. This property has 62 parking spots, 4 curb cuts, 2 pylon signs and a double drive thru. The property is listed both For Sale and For Lease. For a prospective lease, ownership will only consider Absolute Net offers with a minimum of 10 years.

The subject property sits on a unique double-corner on West Baker Blvd, including a signalized, 4-way intersection at Gettys Dr and a hard corner at Beltline Rd. Gettys Dr feeds directly into the subject propertys drive-thru, and curb cuts on both sides allow access to Beltline Rd as well as peachplaza (32,000 SF shopping center with Pizza Hut, Enterprise, Citi Trends and Aarons). Combined traffic counts are approximately 30,000 vehicles per day.

- The subject property is located at the heart of Gaffneys primary retail corridor and is surrounded by shopping centers, restaurants, and national brands. Within its immediate vicinity is a Walmart Supercenter, Tractor Supply Co, Walgreens, Baymont by Wyndham, Big Lots (renovated last year), Advanced Auto Parts, Taco Bell, Applebees, Aarons, USPS, Sherwin Williams and many more.
- In the past couple years, this area has seen a new Medical Group of the Carolinas Urgent / Primary Care, Autumn Glen Villas (60-unit apartments), and a new park directly across from the subject property. Currently under construction is another apartment complex (Linden Square) and dentistry (6-minute walk from subject) on Floyd Baker.

THE BOOM BELT: Gaffney, the largest city in Cherokee County (and the County seat), is known as the "Peach Capital of South Carolina". Gaffney sits at the foothills of the Appalachian Mountains on the I-85 corridor linking it to Atlanta and Charlotte. Floyd Baker is dense primarily because it connects downtown Gaffney to the I-85 corridor (and thus Charlotte, Greenville / Spartanburg). This segment of I-85 is currently being expanded from four to six lanes, the result of a decade of growth:

- Planners adopted an aggressive industrial policy to lure investments, which has transformed the region into the Southeasts primary transportation artery. These transportation networks and incentive programs, combined with a low cost of living, has attracted many manufacturers and has lead to a highly diversified industrial.

As the Greenville MSA thrives and Charlotte continues to grow, new development has flourished along this major industrial corridor with Floyd Baker Blvd being Gaffney's largest benefactor.

Investment Highlights

  • Rare Double Corner: Signalized, 4-Way Intersection on Gettys Dr & Beltline Hard Crnr
  • $1M in BBB Corp-Guaranteed Income + 14k SF Building + 1.6 Acres + Redev Upside
  • Epicenter of Dense Retail Corridor, Surrounded by Multiple Grocery-Anchored Sh. Ctrs
  • New Development: New Park (adj.), Linden Sq Apts, Dentist, Urgent / PrimaryCare
  • 3.73%: 1-Mile Population Growth | Less Than 1-Hour from Charlotte, Greenville
  • Absolute Net Lease | Zero Landlord Responsibilities

Exclusively Listed By

Listing Price: $2,500,000

Cap Rate
11.68%
Tenant Name
Walgreens
Years Remaining On Lease
2.60
Gross SF
14,221
Guarantor
Corporate Guarantee
Rentable SF
14,221
Price/Gross SF
$175.80
Lease Type
Absolute Net
Rent Per Square Feet
$20.53

Investment Highlights

  • Rare Double Corner: Signalized, 4-Way Intersection on Gettys Dr & Beltline Hard Crnr
  • $1M in BBB Corp-Guaranteed Income + 14k SF Building + 1.6 Acres + Redev Upside
  • Epicenter of Dense Retail Corridor, Surrounded by Multiple Grocery-Anchored Sh. Ctrs
  • New Development: New Park (adj.), Linden Sq Apts, Dentist, Urgent / PrimaryCare
  • 3.73%: 1-Mile Population Growth | Less Than 1-Hour from Charlotte, Greenville
  • Absolute Net Lease | Zero Landlord Responsibilities

Investment Overview

The subject investment opportunity is an Absolute Net, freestanding retail property leased to Walgreens (BBB Credit). While the tenant has vacated the building, there are 3.5 years remaining on the lease, during which Walgreens continues to be responsible for all costs including insurance, taxes, CAM, roof and structure. The larger-than-most 14,221 SF building was constructed in 2003, and also sits on an 1.6 acre tract. This property has 62 parking spots, 4 curb cuts, 2 pylon signs and a double drive thru. The property is listed both For Sale and For Lease. For a prospective lease, ownership will only consider Absolute Net offers with a minimum of 10 years.

The subject property sits on a unique double-corner on West Baker Blvd, including a signalized, 4-way intersection at Gettys Dr and a hard corner at Beltline Rd. Gettys Dr feeds directly into the subject propertys drive-thru, and curb cuts on both sides allow access to Beltline Rd as well as peachplaza (32,000 SF shopping center with Pizza Hut, Enterprise, Citi Trends and Aarons). Combined traffic counts are approximately 30,000 vehicles per day.

- The subject property is located at the heart of Gaffneys primary retail corridor and is surrounded by shopping centers, restaurants, and national brands. Within its immediate vicinity is a Walmart Supercenter, Tractor Supply Co, Walgreens, Baymont by Wyndham, Big Lots (renovated last year), Advanced Auto Parts, Taco Bell, Applebees, Aarons, USPS, Sherwin Williams and many more.
- In the past couple years, this area has seen a new Medical Group of the Carolinas Urgent / Primary Care, Autumn Glen Villas (60-unit apartments), and a new park directly across from the subject property. Currently under construction is another apartment complex (Linden Square) and dentistry (6-minute walk from subject) on Floyd Baker.

THE BOOM BELT: Gaffney, the largest city in Cherokee County (and the County seat), is known as the "Peach Capital of South Carolina". Gaffney sits at the foothills of the Appalachian Mountains on the I-85 corridor linking it to Atlanta and Charlotte. Floyd Baker is dense primarily because it connects downtown Gaffney to the I-85 corridor (and thus Charlotte, Greenville / Spartanburg). This segment of I-85 is currently being expanded from four to six lanes, the result of a decade of growth:

- Planners adopted an aggressive industrial policy to lure investments, which has transformed the region into the Southeasts primary transportation artery. These transportation networks and incentive programs, combined with a low cost of living, has attracted many manufacturers and has lead to a highly diversified industrial.

As the Greenville MSA thrives and Charlotte continues to grow, new development has flourished along this major industrial corridor with Floyd Baker Blvd being Gaffney's largest benefactor.

Exclusively Listed By

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