US - Lubbock, TX
SEK 105,298,000 | 6,548 m²
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 2286 Jefferson Davis Hwy in Sanford, NC (the “Property” or “Asset”). The Asset is strategically positioned on the hard corner of Jefferson Davis Hwy and Center Church Rd (42,400 VPD) situated on an oversized, 2.56-acre outparcel of Tramway Crossing Shopping Center.
The Asset’s proximity to the Research Triangle of Raleigh, NC has resulted in a 13% population growth in the surrounding 3-mile radius over the last decade, leading the way for significant development opportunities in the area. A 252-unit apartment complex is currently under construction directly behind the Asset and is expected to be delivered in 2023.
This location generates over $4 million in annual sales (RX excluded) and ranks in the 77th percentile of all Walgreens nationwide in terms of annual visits. Due to its success, Walgreens will execute a brand-new absolute NNN 15-year lease on a low $210k annual rent at closing of escrow. The lease will feature 5.0% rent bumps every 5-years in the base term and in each of the twelve (12) 5-year option periods.
Alex Sharrin and Jeffrey Cicurel are limited nonresident commercial real estate brokers.
BROKER OF RECORD: Pete Pittroff LICENSE #: NC - 163984
A FLOURISHING COMMUNITY OUTSIDE OF THE RESEARCH TRIANGLE
•The Asset’s surrounding 3-mile population has grown by more than 13% over the past decade.
•Over 1,300 apartment units have been delivered in Sanford over the last two years alone, representing a 20% increase in inventory.
•Pine Reserve, a 10-building, 252-unit apartment complex is currently under construction directly behind the Asset and is expected to be delivered in 2023.
POWERHOUSE CORPORATIONS WITH STRONG LOCAL PRESENCES
•Pfizer’s 230-acre, state-of-the-art manufacturing site in Sanford is one of the largest biotechnology facilities in the United States.
•Caterpillar’s Building Construction Products Division, a 665,000 square foot facility with over 1,400 employees, is also located in Sanford.
HARD CORNER OUTPARCEL OF SHOPPING CENTER
•Hard corner location (42,400 VPD) adjacent to Tramway Crossing Shopping Mall, anchored by Food Lion, one of North Carolina’s most frequented grocery store locations (90th percentile per Placer Ai).
TOP PERFORMING LOCATION
•This location generates $4.2 million (RX excluded) annually and ranks in the 77th percentile of most visited Walgreens locations nationwide, per Placer Ai.