Walgreens Pharmacy
High Point, NC
$2,250,000
Acquisition
A single story dark Walgreens location containing approximately 8,999 ± Rentable SF building and 560 ± Rentable SF two-lane covered drive-thru situated on a 1.34 ± Acre parcel. The subject property was originally developed as a Kerr Drug location. Kerr Drug was a North Carolina drug store chain with 76 locations throughout the state and was acquired by Walgreens in November of 2013.
The property is subject to a long term 25-year lease with Walgreens Pharmacy. Presently the lease has seventeen (17) years remaining and matures on March 31, 2032. Thereafter the tenant has four (4), five (5) year lease renewal options. The lease is corporately guaranteed by Walgreens and is structured with annual 1.5% base rental increases.