Walgreens

Tenant

Walgreens

Location

Franklin, NJ

Price

9,141,200

CAP Rate

5.0%

NOI

$457,060

Lease Term

20 Years

Occupancy

100%

Building Size

14,820

Property Type

Single Tenant

Year Built

2015

Lot Size

1.59 Acres

Status

Closed

Property Contacts:

Karly Iacono

Associate Director

201-742-6119 | Email

■ New 20-Year Absolute NNN Term; Rent Set to Commence July 2015

■ Standard & Poor’s “BBB” Rated Corporate Guarantor

■ Strong Demographics; Average HHI in Excess of $103,000

■ Development Prohibitive Market Provides Barriers to Entry; Popular Commuter/Resort Route

■ Premier Northern New Jersey Location; 47 Miles from George Washington Bridge

Marcus & Millichap, on behalf of ownership, is pleased to exclusively offer for sale a fee simple interest in this Walgreens, in Franklin, Sussex County, New Jersey. The Tenant, Walgreens, executed a new 20-year Absolute NNN lease and is presently under construction. Rent at this newly constructed 14,820 SF location is set to commence in July 2015. In terms of credit, Walgreens is investment grade, rated “BBB” by Standard & Poor’s. The Property is offered free and clear of debt and ideal for the 1031 exchange investor seeking a secure investment in proximity to the coveted New York Metropolitan region. This Walgreens is strategically located along Route 23, the area’s regional retail corridor. The Property is positioned at the signalized intersection of Route 23 and Washington Avenue with excellent frontage and visibility. Franklin Borough worked in conjunction with NJDOT to see that all commercial development on this corridor be connected with reciprocal cross easements to limit access on and off of this corridor. That being noted, all commercial projects connect to one another having a main ingress/egress right at the proposed location. On the opposing corner is Independence Square, a 101,568 SF Shop Rite-anchored center as well as a freestanding Walmart. Both of these boxes are tremendous traffic generators to this intersection, and additional traffic is anticipated considering the 260,000 SF of retail space that is approved on this corridor just south of Walmart adjacent to the Weis Supermarket. Other national tenants in the town include Mandee, Shop Rite, Wine & Spirits, Anytime Fitness, Dollar Tree, Starbucks, Lukoil, Wendy’s, Quick Chek, Dunkin’ Donuts, McDonald’s, Shoprite, Hess, Burger King, USPS, Chase Bank, TD Bank, Advance Auto, Hooters, AutoZone and STS Tire. To the rear of the site is Franklin Elementary School with several hundred students that add pedestrian trade. Lastly, Route 23 is a north-south commuter route to urban infill areas of Northern New Jersey, namely Essex, Bergen, Passaic and Morris Counties and New York City. On average, more than 25,000 commuters travel past the site each day. To further compliment this location, Walgreens recognized the attractive demographics in the area with average household income levels in excess of $103,000 within a five-mile radius