Walgreens - Westbrook, CT

1211 Boston Post Rd
Westbrook, CT 06498

Marketing Materials

Overview

JLL is pleased to offer for sale the fee-simple interest in a freestanding, single-tenant Walgreens (the “Property” or “Asset”) located in Westbrook, Connecticut. The Property is subject to an absolute triple-net lease with 15 years of primary lease term remaining and rare primary term rental increases every five years, allowing future ownership to collect increasing returns on a passive investment for a long guaranteed period. Furthermore, the Property is strategically located in Westbrook Center, the “downtown” area of Westbrook, along Boston Post Road (U.S. Route 1) benefitting from strong traffic counts and an affluent population base surrounding the Property. This Offering presents the unique opportunity to acquire a rare increasing-rent pharmacy lease with outstanding returns over the course of a long-term lease paired with strong residual real estate value in southern Connecticut proximate to the Long Island Sound.
  • Primary Broker

    Matthew J. Berres - Net Lease Broker
    Matthew J. Berres

    +1 949 885 2933

  • In-State Licensee

    Thomas Beneville - Net Lease Broker
    Thomas Beneville
    CT

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Investment Highlights
• 15 years remaining on an absolute NNN lease and 5% rent increases every five years
• Outstanding market share with the subject property drawing from affluent demographic base
• Nearest pharmacy location to the north is over 4 miles away
• Historically reported strong store sales
• Investment grade guaranty on the lease
• Westbrook, CT location just minutes away from the Long Island Sound
• Convenient Interstate accessibility
General
Property Type Retail
Property Address 1211 Boston Post Rd
Westbrook, CT 06498
Market CT-Hartford
Land In Acres 1.57
Building Size 14,820 Square Feet
Primary Use Drug Store
Tenancy Single-Tenant
Financial
Price $8,694,000
Price PSF $586.64
Cap Rate 5.25%
Current NOI $456,456
Lease
Tenant Name Walgreen Eastern Co, Inc.
Guarantor Walgreen Co
Lease Type NNN
Annual Rent $456,456
Rent PSF $30.80
Rent Escalations 5% every 5 years
Options 10, 5-year options
Lease Expiration Date 3/31/2033
Remaining Term 14.9Yrs