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|Current / Passing Rent||
|Remaining Term||7 years, 7 months|
|Tenant||Walgreens Eastern Co|
Walgreens, a freestanding, single-tenant property located in 120 E1st Ave, Roselle, New Jersey, is up for sale. The property is encumbered by an absolute triple net lease featuring zero landlord responsibilities, over eight years of primary term remaining, and ten, 5-year options for renewal. Additionally, the location performs well above the national average, reporting over $2.84 million in sales in fiscal year 2018. This can be attributed to the outstanding location just 15 miles southwest of Manhattan at the primary retail intersection of Roselle, surrounded by a dense population base of over 228,000 residents within three miles. The property sits upon a large 1.44-acre parcel with accessibility to both First Avenue and Chestnut Street (44,000 vehicles per day combined) allowing residents from Roselle convenient access from any direction of travel. This offering presents the unique opportunity to acquire a stabilized, high-performing Walgreens location within the largest MSA in the United States, providing security in the value of the underlying real estate.
- Absolute NNN lease with over eight years of term remaining
- Fee simple interest
- Investment grade credit guarantor with Walgreen Co (S&P: ‘BBB/Stable’)
- Tri-modal ingress/egress
- 2.5 miles from Elizabeth, NJ and 0.5 miles from Roselle Park train station
- Close proximity to CVS, McDonald’s, Wendy’s, Dunkin’ Donuts and Wells Fargo
- Drive-thru location open until 12 am every night