Walgreens - Milford, DE

648 NW Front St
Milford, DE 19963

Overview

JLL is pleased to offer for sale the fee-simple interest in a single tenant Walgreens (the “Property” or “Asset”), located in Milford, Delaware. The Asset is located at the intersection of US Route 113 and NW Front Street, within Milford’s main retail corridor that includes Walmart and Big Lots, as well as many other national retailers. Strategically positioned on the hard corner of a signalized intersection, the Property benefits from over 38,100 vehicles passing daily along the two thoroughfares. There are more than 10 years of term remaining on the lease, which features $12,500 increases every three years, and very rare 2.5% annual escalations in each of the four, five-year renewal options. This Asset is a very rare opportunity to acquire a net leased drug store with increases in both the primary and option periods as well as an investment grade corporate guarantee.
  • Primary Broker

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

    +1 949 885 2933

  • Secondary Broker(s)

    Scott Bailey - Net Lease Broker
    Scott Bailey
    +1 424 901 8204

  • In-State Licensee

    Blaise Fletcher - Net Lease Broker
    Blaise Fletcher
    DE

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Investment Highlights
• 10.8 years remaining on a NN lease with contractual escalations every 3 years in primary term
• Strong retail oriented location along the primary retail corridor in Milford
• Signalized hard corner with over 38,000 vehicles passing daily
• Proximate to the only hospital in Milford
• Investment grade tenancy
General
Property Type Retail
Property Address 648 NW Front St
Milford, DE 19963
Land In Acres 1.70
Building Size 12,500 Square Feet
Primary Use Drug Store
Tenancy Single-Tenant
Financial
Price $6,800,000
Price PSF $544.00
Cap Rate 5.70%
Current NOI $387,500
Lease
Lease Type NN
Annual Rent $387,500
Rent PSF $31.00
Rent Escalations $12,500 every 3 years in primary term; 2.5% annually in options
Options 4, 5-year extensions
Lease Expiration Date 7/31/2028
Remaining Term 10.4Yrs