Walgreens - Johns Island, SC
3621 Savannah Highway, Johns Island, SC, 29455, US
PLN 18,705,000
Asset Description
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the fee simple Pinnacle Financial Partners located at 3305 South Morgans Point in Mount Pleasant, South Carolina (“Property” or “Asset”). Pinnacle is operating on 15-year absolute NNN lease with ±12.5 years of primary lease term remaining, 1.9% annual rent escalations, two, five-year renewal options and zero landlord responsibilities.
Located just 10 miles northeast of downtown Charleston, Pinnacle is positioned at the signalized intersection of N US Highway 17 and S Morgans Point Road with direct visibility to more than 55,000 vehicles per day. Pinnacle is located within what is known as “Upper Mount Pleasant” which has undergone decades of new residential development that outpaced the state as a whole.
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Attributes
Asking price
PLN 20,984,000
Cap rate
5.25%
NOI
PLN 1,101,000
WAULT
12.5 years
Building area net
934 m²
Land area gross
0.45 ha
Media
Investment Highlights
- Operating on an absolute NNN lease with ±12.5 years of lease term remaining and 1.9% annual rent escalations
- Pinnacle Financial Partners is the 2nd largest bank holding company in TN with an investment grade rating (Moody's: Baa2)
- Adjacent to Market at Oakland, a top 4% shopping center in SC
- Strong demand characteristics driven by 5-mile AHHI of $172K
- Positioned in Upper Mount Pleasant which outpaces the state in residential development
- Signalized intersection with direct accessibility to 55K VPD
Contact brokers
Pinnacle Bank - Mount Pleasant, SC (0 Properties)
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Last updated
5 May 2025
