Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale the opportunity to acquire the fee-simple interest in a Walgreens located at 19631 West Catawba Avenue, Cornelius, NC (the “Property” or “Asset”). Due to its success, Walgreens will execute a brand-new absolute NNN 15-year lease at closing of escrow. The lease will feature 5.0% rent bumps every 5-years in the base term and options. Following the 15-year in-place lease term, there are twelve (12) 5-year extension options.
The Property benefits from the 26% population growth that has occurred in the past decade within a five-mile radius. The Asset is in eastern Cornelius alongside Lake Norman. The Property is within a residential and retail trade area along West Catawba and Bethel Church Rd (SR 2189) with direct exposure to over 33,500 vehicles per day. The property is down the street from Jetton Village Shoppes, one a highly trafficked shopping center in the region with 4+ retailers and over 763,000 visitors annually. It is less than a 5-minute drive to Davidson College, a 665-acre campus and over 1,900 students enrolled annually. The property is also less than a 30-minute drive to Charlotte Douglas International Airport. The Property benefits from proximity to Lake Norman Regional Medical Center, an acute Care Medical and Surgical Facility with 123 beds providing the health care needs of the greater Lake Norman area, Iredell, and surrounding counties, since 1926.
- Investment-grade tenant (S&P: BBB)
- Brand-new, 15-year Absolute NNN lease with no landlord obligations & 12, 5-year renewal options
- 87,000 residents and 26% population growth since 2010 within a 5-mile radius of the Asset
- Located in an affluent area with household income of over $160,000
- Large, corner site at W Catawba Ave & SR 2189 (33,500 VPD)
- Proximate to Lake Norman Regional Medical Center, a 123 bed regional hospital
- Less than a 5-minute drive to Davidson College