Walgreens - Martinsville, VA

2707 Greensboro Road
Martinsville, VA 24112

Overview

JLL is pleased to offer for sale the fee-simple interest in a single tenant Walgreens (the “Property” or “Asset”), located in Martinsville, Virginia. The asset is situated at a high-visibility hard corner along one of Martinsville’s busiest traffic thoroughfares between the downtown area and outlying traffic draws including numerous employment centers and the famous Martinsville Speedway. The Asset features a drive-thru pharmacy, over 16 years of contractual term remaining, and zero landlord obligations, making this a perfect property for investors seeking passive income. This is a rare opportunity to acquire a well-located property with a long-term lease to an investment-grade tenant with absolutely zero landlord responsibilities and a 16-year primary term with 50 years of renewal options.
  • Primary Broker

    Peter Bauman - Net Lease Broker
    Peter Bauman
    (602) 282-6289

  • Secondary Broker(s)

    Tivon Moffitt - Net Lease Broker
    Tivon Moffitt
    (602) 282-6348

  • In-State Licensee

    Steven Ranck - Net Lease Broker
    Steven Ranck
    VA

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Investment Highlights
• Ideal absolute NNN lease structure with 16 years of remaining primary lease term
• Desirable Walgreens corporate guarantee with investment grade tenancy
• Strong investment-grade tenant, rated Baa2 by Moody’s Investor Services
• Excellent access and visibility at the hard corner of Rives Road and Greensboro Road
• Relatively dense retail cluster with surrounding national tenants including McDonalds, Food Lion, Dollar General, Aaron’s, Planet Fitness, Family Dollar, Dollar Tree, Advanced Auto, and more
• Immediately proximate to numerous light industrial employers such as Georgia Pacific, West Window Corp, Rock-Tenn, Schenker Logistics, Drake Extrusion, and Blue Ridge Packaging
General
Property Type Retail
Property Address 2707 Greensboro Road
Martinsville, VA 24112
Land In Acres 1.38
Building Size 13,569 Square Feet
Primary Use Drug Store
Year Built 2008
Tenancy Single-Tenant
Financial
Price $6,919,740
Price PSF $509.97
Cap Rate 5.80%
Current NOI $401,345
Lease
Tenant Name Walgreens
Credit Rating (S&P) BBB
Lease Type NNN
Annual Rent $401,345
Rent PSF $29.58
Rent Escalations Flat
Lease Expiration Date 10/30/2033
Remaining Term 15.5Yrs