Walgreens

Tenant

Walgreens

Location

West Milford, NJ

Price

10,655,238

CAP Rate

5.25

NOI

$559,400

Lease Term

25 Years

Occupancy

100%

Building Size

12,350 SF

Property Type

Single Tenant

Year Built

2009

Lot Size

1.6 Acres

Status

Closed

Property Contacts:

Karly Iacono

Associate Director

201-742-6119 | Email

  • NYC MSA
  • Rare NNN Walgreens with 10% Increases
  • 17.5 Years Remaining on Base Term
  • 5.79% Cap Rate in 2019 After Rent Increase
  • Investment Grade Tenant – Rated BBB by S&P
  • Walgreens Has a Drive Through
  • Average Household Income $112k within 3 miles
  • Surrounded Tenants Include Shop Rite, McDonalds, Wells Fargo, and Many More

Marcus and Millichap is pleased to exclusively present a Walgreens investment property located in the affluent community of West Milford, NJ.  This NNN property has 17.5 years remaining in the base term of the lease with four 5-year renewal options. This is an extremely rare opportunity to own a corporately backed single tenant pharmacy offering 10% rent increases every 10 years in the highly sought after Northern NJ market.

The property is located on Union Valley Road, the main retail corridor in the Township of West Milford.  The property is surrounded by many national tenants including ShopRite, McDonalds, Dunkin Donuts, TJ Maxx and H&R Block. It is also located near many national and regional banks including Wells Fargo, M&T Bank, Bank of America, Lakeland Bank, and Columbia Bank.  The property is less than a half mile from West Milford Physical Therapy and one mile from Chilton Ambulatory Care Center.  There is a very high political barrier to entry for new construction in and around West Milford, adding to the intrinsic value of this offering.

West Milford, New Jersey is a historic Dutch township in Passaic County, which is a part of the New York City MSA.  Known as “Heart of Highlands”, West Milford is a suburban area sought after by many New York City commuters because of its small quaint town character along with mountainous terrains, tranquil lakes, and scenic valleys.