405 S Hill St
Griffin, GA 30224
Walgreens · Retail Property For Sale

Prime Net Lease is please to exclusively market a single-tenant Walgreens located in Griffin, GA. The property was originally build in 1996 as a build-to-suit for Rite Aid. After Walgreens acquisition of part of Rite Aid portfolio, this location was converted to Walgreens. The conversion took place in 2017 and included a interior and exterior remodel, showing Walgreens commitment to the site.
The building spans 11,220 SF and sits on a parcel of just under 1 acre. This location is centrally located within the city and has no immediate competition aside from a CVS that is located over 1 mile away, making this a primary go-to pharmacy for the entire Griffin population for the past 25 years. The current NN lease was executed after the remodel in 2017 for 10 years and expires in October 2027 giving the investor 4 years of term remaining. The first 5-year option has a 20% rental increase, which is significant increase from current rent, but still significantly below comparable Walgreens rental rates. The remaining Six, 5-year options each feature 7% rental increases. This investment allows a new investor a opportunity to acquire a well established, centrally located Walgreens at a price point that significantly below other Walgreens investment.
Walgreens Boots Alliance (Nasdaq: WBA) is the first global pharmacy-led, health and wellbeing enterprise. Walgreens Boots Alliance is the largest retail pharmacy, health and daily living destination across the U.S. and Europe. Walgreens Boots Alliance and the companies in which it has equity method investments together have a presence in more than 25 countries and employ more than 385,000 people.