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Walgreens | Charleston MSA 7501 Rivers Ave

14,550 SF Retail Building North Charleston, SC 29406 £6,607,643 (£454/SF) 5.50% Net Initial Yield

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Investment Highlights

Attractive Assumable Interest Only Debt
Over 4.7MSF of surrounding retail space

Top Performing Store in Charleston MSA

Executive Summary

Top Performing Store
- This location is in the top 60th percentile of Walgreens in the State
- Very strong sales reporting
Attractive Assumable Debt
- Seller is offering interest-only assumable debt that is well below market interest rates (5.30%)
- 5 Years Remain on the Interest Only Loan
Located in Commercial Hub
- Over 4.7MSF of retail space is located within a 1-mile radius
- National tenants include: Walmart Supercenter, Target, Best Buy, Home Depot, and Lowes Home Improvement
- Less than 0.5 miles to Northwoods Mall, a 411K SF enclosed shopping center
Phenomenal Underlying Real Estate
- Subject site is located at the lighted intersection of Ashley Phosphate Rd (73.2K VPD) and Rivers Ave (42.6K VPD)
- Less than a half mile to I-26 (111k VPD), the main interstate to Charleston, SC
Investment Grade Tenant
- Absolute Net Lease signed with Walgreens Corporate
- Walgreens’ has over 9K locations
- Market Cap: $21.7B and credit rating of BBB (S&P)
Charleston MSA - High Growth
- Charleston, SC has had a 17.7% population change from 2010 to 2023
- Approximately 800K people live in the MSA

Walgreens_Charleston, SC_5.50%

Property Facts

Sale Type

Investment NNN

Property Type

Retail

Property Subtype

Drug Store

Building Size

14,550 SF

Building Class

Year Built

2011

Price

£6,607,643

Price Per SF

£454

Net Initial Yield

5.50%

NOI

£363,405

Tenancy

Single

Number of Floors

Building FAR

0.13

Land Acres

2.50 AC

Parking

100 Spaces (6.87 Spaces per 1,000 SF Leased)

Frontage

174 ft on Ashley Phosphate Rd

Amenities

Bus Route
Pylon Sign

Signage

Signalised Intersection

Drive Thru

MAJOR TENANTS

Retailer
14,550 SF
-
Triple Net
Sep 2036

Walgreens is a trusted and convenient local health destination that millions of Americans rely on every day. Their founder, Charles R. Walgreen Sr., was known for finding new ways to connect with customers on a personal level and treating each person like a guest in his own home. For over a century, they have expanded that personal connection through their network of neighborhood pharmacies and their innovative health services and products. The foundation for all of this is their trusted pharmacy expertise, and their team members who provide essential care that helps people achieve better health outcomes at an affordable cost.