4915 Flatlands Ave
Brooklyn, NY 11234

Lee & Associates is pleased to exclusively offer for sale, the fee simple interest (land & building) in a Walgreens property located in Brooklyn, NY (the “Property”). Built in 2010, the Property consists of a 12,648-square-foot retail building that sits on an approximately 23,585-square-foot parcel. The building is leased on a corporate guaranty to Walgreens Eastern Co., Inc. dba Walgreens. Walgreens is owned by the Walgreens Boots Alliance, Inc. This parent company is currently the largest retail pharmacy in the US and Europe, with 13,200 stores in over 11 countries. The absolute triple-net (NNN) lease has nearly 12 years of firm lease term remaining and features 8% rent increases every 5 years. The next increase will take effect July 2020. The Tenant may terminate the lease as of July 1, 2030 with six (6) months notice. The site is located on the hard corner signalized intersection of Flatlands Ave & Utica Ave, in the Flatlands neighborhood of Brooklyn. This location offers outstanding visibility to 31,000 cars per day, and sits at the intersection of bus lines B46, B82 and BM1, offering easy access for commuters and residents. The B82 line sees an average weekday ridership of over 27,000 people and the B46 line sees average weekday ridership of over 48,000 people, making it the 3rd busiest bus line in the MTA system. The BM1 line along Avenue K services over 13,000 riders on an average weekday. Utica Ave is a major retail corridor, with national tenants such as T-Mobile, Dunkin Donuts, Staples, Dollar Tree, McDonald’s, KFC, Wendy’s, and CVS nearby. The dense infill site offers outstanding demographics, with nearly 950,000 people living within a 3-mile radius of the subject property with an average household income over $80,000, lending well to the tenant’s concept and supporting its continued success. The property lies within the Flatlands neighborhood, near the south shore of Brooklyn. Flatlands has become more popular as one of the more affordable areas in Brooklyn. With new high-end developments being built in downtown Brooklyn, the Flatlands neighborhood has seen an influx of middle class, young professionals. The area is considered safe, and offers access to services and restaurants. Brooklyn is one of the fastest growing burroughs in New York City. The rezoning of Downtown Brooklyn has generated over US$10 billion of private investment and $300 million in public improvements since 2004, and the resulting new construction in Brooklyn is staggering - there will be 22,000 new apartments built here by 2019, as well as an additional 16 million square feet of office space is planned or currently being developed.