Walgreens
Walgreens Duncan, South Carolina
Representative Store Photo
2901 Rigsby Lane Safety Harbor, FL 34695 Phone: (727) 726-1115 Fax: (727) 726-2337 www.paradisedev.com
EXECUTIVE SUMMARY
Representative Store Photo
Paradise Development Group is pleased to exclusively offer for sale a 14,086 SF Walgreens Drug Store located at the southwest corner of S.R. 290 (E. Main Street) and S.R. 296 (Reidville Road) in the city of Duncan, Spartanburg County, South Carolina. The store is scheduled to turn over to Walgreens in October 2009 with rent commencement estimated for November 2009. The property is 100% leased to Walgreens under a new lease for 75 years with the right to terminate after the 25th year, and at the end of each option period thereafter.
PROPERTY INFORMATION
2196 E. Main Street Duncan, SC 29334 2009 $4,700,000 7.50% $352,299.96 14,086 SF 1.62 Acres +/-
Address: Year Built: Asking Price: CAP Rate: NOI: Building Area: Land Area:
LOCATION OVERVIEW The subject property is located at the southwest corner of SR 290 (E. Main Street) and SR 296 (Reidville Road), a signalized intersection in Duncan, Spartanburg County, South Carolina. Duncan is located in the northwestern part of South Carolina approximately 10 miles southwest of Spartanburg and approximately 20 miles northeast of Greenville. This site is located at the current “node” or “hot spot” of new commercial development along the leading edge of urban sprawl to the southwest of the larger Spartanburg area. A few retail tenants in the immediate area include Publix, Ingles grocery, Subway, McDonald’s, Advanced Auto, BB&T Bank branch, and CVS.
DEMOGRAPHICS 2007 Estimates
1–Mile
3–Mile
5–Mile
Population
1,547
11,738
34,542
Average Household Income
$85,226
$76,840
$70,875
Estimated Households
544
4,191
12,746
TENANT DATA
Tenant Trade Name
Walgreen Co.
Annual Rent
$352,299.96
Percentage Rent
Walgreen’s annual rent is equal to the greater of (1) $352,299.96 or (2) an amount equal to 2% of Gross Sales (as defined in the Lease) plus .5% of food and most prescription items
Lease Type
Triple Net
Rent Commencement
November 2009 estimated
Lease Term
75 years
Options
Right to terminate after the 25th year or any option period thereafter (50 – 1 year options)
Right of First Refusal
Walgreens has a forty-five (45) day right to match any Bona Fide Offer that the landlord may receive for the property.
LOCATION MAPS
AERIALS View to East 10/07
Si
Actual Property As of: 9/4/09
te
SITE PLAN
OFFERING PROCESS
Offers should be submitted in the form of Letter of Intent. If you plan to make an offer, you should also include information about your timing on closing, the amount of earnest money, equity and debt sources, your background information, references from your lender and any recent comparable investment property sales. All offers will be reviewed and will be based on price, offer terms, and information requested above. Owner reserves the right to accept or reject an offer, and to remove the property from the market at any time. Written offers should be submitted to Chris Bowers in the Safety Harbor office of Paradise Development.
Chris Bowers Director of Disposition Paradise Development Group, Inc. 2901 Rigsby Lane Safety Harbor, FL 34695 (727) 726-1115 x239 Fax: (727) 726-2337 E-mail: [email protected] Web: www.paradisedev.com
DISCLAIMER No warranty or representation, expressed or implied, is made by Owner, Paradise Development Group, or any of its respective affiliates, as to the accuracy or completeness of the information contained herein. All information is subject to change without notice. Any person intending to rely upon the information supplied herein should verify said information independently.
Representative Store Photo
2901 Rigsby Lane Safety Harbor, FL 34695 Phone: (727) 726-1115 Fax: (727) 726-2337 www.paradisedev.com
EXECUTIVE SUMMARY
Representative Store Photo
Paradise Development Group is pleased to exclusively offer for sale a 14,086 SF Walgreens Drug Store located at the southwest corner of S.R. 290 (E. Main Street) and S.R. 296 (Reidville Road) in the city of Duncan, Spartanburg County, South Carolina. The store is scheduled to turn over to Walgreens in October 2009 with rent commencement estimated for November 2009. The property is 100% leased to Walgreens under a new lease for 75 years with the right to terminate after the 25th year, and at the end of each option period thereafter.
PROPERTY INFORMATION
2196 E. Main Street Duncan, SC 29334 2009 $4,700,000 7.50% $352,299.96 14,086 SF 1.62 Acres +/-
Address: Year Built: Asking Price: CAP Rate: NOI: Building Area: Land Area:
LOCATION OVERVIEW The subject property is located at the southwest corner of SR 290 (E. Main Street) and SR 296 (Reidville Road), a signalized intersection in Duncan, Spartanburg County, South Carolina. Duncan is located in the northwestern part of South Carolina approximately 10 miles southwest of Spartanburg and approximately 20 miles northeast of Greenville. This site is located at the current “node” or “hot spot” of new commercial development along the leading edge of urban sprawl to the southwest of the larger Spartanburg area. A few retail tenants in the immediate area include Publix, Ingles grocery, Subway, McDonald’s, Advanced Auto, BB&T Bank branch, and CVS.
DEMOGRAPHICS 2007 Estimates
1–Mile
3–Mile
5–Mile
Population
1,547
11,738
34,542
Average Household Income
$85,226
$76,840
$70,875
Estimated Households
544
4,191
12,746
TENANT DATA
Tenant Trade Name
Walgreen Co.
Annual Rent
$352,299.96
Percentage Rent
Walgreen’s annual rent is equal to the greater of (1) $352,299.96 or (2) an amount equal to 2% of Gross Sales (as defined in the Lease) plus .5% of food and most prescription items
Lease Type
Triple Net
Rent Commencement
November 2009 estimated
Lease Term
75 years
Options
Right to terminate after the 25th year or any option period thereafter (50 – 1 year options)
Right of First Refusal
Walgreens has a forty-five (45) day right to match any Bona Fide Offer that the landlord may receive for the property.
LOCATION MAPS
AERIALS View to East 10/07
Si
Actual Property As of: 9/4/09
te
SITE PLAN
OFFERING PROCESS
Offers should be submitted in the form of Letter of Intent. If you plan to make an offer, you should also include information about your timing on closing, the amount of earnest money, equity and debt sources, your background information, references from your lender and any recent comparable investment property sales. All offers will be reviewed and will be based on price, offer terms, and information requested above. Owner reserves the right to accept or reject an offer, and to remove the property from the market at any time. Written offers should be submitted to Chris Bowers in the Safety Harbor office of Paradise Development.
Chris Bowers Director of Disposition Paradise Development Group, Inc. 2901 Rigsby Lane Safety Harbor, FL 34695 (727) 726-1115 x239 Fax: (727) 726-2337 E-mail: [email protected] Web: www.paradisedev.com
DISCLAIMER No warranty or representation, expressed or implied, is made by Owner, Paradise Development Group, or any of its respective affiliates, as to the accuracy or completeness of the information contained herein. All information is subject to change without notice. Any person intending to rely upon the information supplied herein should verify said information independently.
