9.5 CAP Albany MSA Walgreens Rental Increases 869 2nd Ave

We are pleased to market for sale the Walgreens property located at 869 2nd Avenue in Troy, New York ("The Property"). Walgreens has been successfully operating at this location for 15 years and has over 4 years of firm term remaining. Walgreens has 4 (5-year) options to extend its lease, with ±5% increases at the beginning of each option.

Located within 4.5 miles of the Samaritan Hospital, the Property benefits from its proximity to one the largest hospitals in upstate NY, serving the Troy Albany and Schenectady markets. The 277-bed hospital underwent major renovations in 2018 modernizing their facilities and expanding their emergency department, ICU, PCU, Med/Surg units, and adding a new parking garage.

The Subject Property was rebranded in 2019 to Walgreens newer prototype and has the preferred double drive through window. Rensselaer Polytechnic Institute and Hudson Valley Community College, both within 10 miles of the Subject Property, combined for over 18,000 full time students and 2,800 faculty and staff.

The Property is located 12 miles from Albany and benefits from its highly visible location and direct access to downtown Albany. Situated on the Waterford bridge (11,000 VPD), the Property has access to Interstate 787 (79,000 VPD) leading directly to downtown Albany. The Albany MSA has over 1,239,000 people and the largest year over year increase in population among New York’s 13 metro areas.

Listed in association with Brian Brockman, Bang Realty, 513-898-1551, wg@bangrealty.com, NY DRE 10311208985.