Rite Aid (Walgreens) - Durham, NC

3798 Guess Road
Durham, NC 27705

Marketing Materials

Overview

JLL is pleased to offer for sale an absolute NNN-leased Rite Aid (the “Property”), located in Durham, NC. The Property possesses highly favorable lease fundamentals, featuring Rite Aid tenancy whose lease has been assigned to Walgreens corporate on an absolute NNN lease structure. There are currently 7.8 years of lease term remaining, and five, 5-year option periods with rental increases. The Property is strategically positioned on the hard signalized intersection of Guess Road and Horton Road which see a combined traffic count of over 28,000 vehicles per day. While the exterior is still branded as a Rite Aid, the store contains a Walgreens operated pharmacy. This store is currently managed by Walgreens and over time will undergo positive changes as Walgreens systematically absorbs Rite Aid. This offering represents an exceptional opportunity to acquire a valuable property with strong lease fundamentals leased to an investment-grade tenant.
  • Primary Broker

    Peter Furest - Net Lease Broker
    Peter Furest
    (212) 812-5802

  • In-State Licensee

    Mike Longmore - Net Lease Broker
    Mike Longmore
    NC

Contact

First Name*

Last Name*

Company*

Phone Number*

Email*

I am interested in this property. Please contact me at your earliest convenience.


Investment Highlights
-High-Visibility Location with Drive-Thru
-Absolute NNN Lease with 7.8 Years of Initial Term
-Strong Tenant with Intense Brand Loyalty
-Highly Educated, Technology Driven City
General
Property Type Retail
Property Address 3798 Guess Road
Durham, NC 27705
Land In Acres 1.25
Building Size 11,200 Square Feet
Primary Use Drug Store
Year Built 2000
Tenancy Single-Tenant
Financial
Price $4,500,000
Price PSF $401.79
Cap Rate 6.76%
Current NOI $304,204
Lease
Tenant Name Rite Aid
Guarantor Walgreens
Lease Type NNN
Annual Rent $304,204
Options Five, 5-Year Options
Lease Expiration Date 1/24/2026
Remaining Term 7.3Yrs