High Density Walgreens NNN 8 CAP 8.75 Yr | 1019 Grandiflora Dr
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High Density Walgreens NNN 8 CAP 8.75 Yr 1019 Grandiflora Dr
14,787 SF Retail Building Leland, NC 28451 $4,660,625 ($315/SF) 8% Cap Rate
Investment Highlights
- Developments within 2 miles include Evolve at Waterford, Exchange at Westgate, Brunswick Forest and Inspire at Brunswick Forest totaling 1,178 units.
- Located on a signalized corner with frontage on Ocean Highway E (56,000 VPD) and with direct access to Andrew Jackson Highway NE (71,000 VPD).
- Positioned less than 2 miles from Novant Health Brunswick Forest Medical Plaza which services the Greater Leland market.
- 1 million square feet of retail space in the immediate 1-mile radius anchored by Aldi, Harris Teeter and Walmart Supercenter.
- Leland’s population increased 70% from 2010 to 2020 and is currently growing at a rate of 8.25% annually.
- With a 2.5% corporate tax rate, North Carolina is ranked as one of the best business climates in the United States.
Executive Summary
We are pleased to market for sale the Walgreens property located at 1019 Grandiflora Drive in Leland, North Carolina ("The Property"). Walgreens has been successfully operating at this location for 16 years and has 8.75 years of firm term remaining before the option periods on an absolute net lease with no landlord obligations whatsoever.
Situated in the Wilmington MSA, the Property benefits by being in one of the fastest growing markets in North Carolina. Leland’s population has surged by 41% since the most recent Census in 2020 and is experiencing rapid new development. In 2023 alone, 464 new multi-housing units were constructed within 2 miles of the property, with an additional 714 units slated for completion in 2024.
Over the last 5 years, 180,000 square feet of retail space has been added within a 1-mile radius of the Property, totaling over 1,000,000 existing square feet of retail. This is the primary retail hub west of Wilmington for over 44 miles until Whiteville. The Property is strategically located off Andrew Jackson Highway NE, with over 71,000 vehicles per day, serving as the main east/west connector between Wilmington and Charlotte.
Listed in conjunction with Brian Brockman, Bang Realty, 513.898.1551, wg@bangrealty.com, NC DRE Lic. 2988998
Situated in the Wilmington MSA, the Property benefits by being in one of the fastest growing markets in North Carolina. Leland’s population has surged by 41% since the most recent Census in 2020 and is experiencing rapid new development. In 2023 alone, 464 new multi-housing units were constructed within 2 miles of the property, with an additional 714 units slated for completion in 2024.
Over the last 5 years, 180,000 square feet of retail space has been added within a 1-mile radius of the Property, totaling over 1,000,000 existing square feet of retail. This is the primary retail hub west of Wilmington for over 44 miles until Whiteville. The Property is strategically located off Andrew Jackson Highway NE, with over 71,000 vehicles per day, serving as the main east/west connector between Wilmington and Charlotte.
Listed in conjunction with Brian Brockman, Bang Realty, 513.898.1551, wg@bangrealty.com, NC DRE Lic. 2988998
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
14,787 SF
Building Class
B
Year Built
2008
Price
$4,660,625
Price Per SF
$315
Cap Rate
8%
NOI
$372,850
Tenancy
Single
Building Height
1 Story
Building FAR
0.20
Lot Size
1.72 AC
Zoning
LE-PUD
Parking
63 Spaces (4.26 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Corner Lot
- Dedicated Turn Lane
- Pylon Sign
- Signage
- Signalized Intersection
- Drive Thru
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 0470004508 | Improvements Assessment | $3,231,630 |
| Land Assessment | $978,250 | Total Assessment | $4,209,880 |
PROPERTY TAXES
Parcel Number
0470004508
Land Assessment
$978,250
Improvements Assessment
$3,231,630
Total Assessment
$4,209,880
(619) 297-0055
x302
Contacts
-
Jason Pongsrikul -
Chris Barry -
Pharma Property Group- Drugstore Specialists
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High Density Walgreens NNN 8 CAP 8.75 Yr | 1019 Grandiflora Dr
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