405 S Hill St Griffin, GA 30224

Property Details for 405 S Hill St

Year built

1996

Property size

11,220 SF

Property type

Drug stores

Property subtype

NNN properties

Description

Prime Net Lease is please to exclusively market a single-tenant Walgreens located in Griffin, GA. The property was originally build in 1996 as a build-to-suit for Rite Aid. After Walgreens' acquisition of part of a Rite Aid portfolio, this location was converted to Walgreens. The conversion took place in 2017 and included an interior and exterior remodel, showing Walgreens commitment to the site. The building spans 11,220 SF and sits on a parcel of just under 1 acre. This location is centrally located within the city and has no immediate competition aside from a CVS that is located over 1 mile away, making this a primary go-to pharmacy for the entire Griffin population for the past 25 years. Walgreens is located directly next to national tenant, Ace Hardware and is near several other major national tenants including Advance Auto Parts, Lowe's, Kroger, Aldi, Burger King, KFC, McDonald's, Krystal, Dairy Queen, and many more. Wellstar Spalding Regional Medical Center is nearby with 160 total beds and over 6,000 discharges as of 8/24 along with Southern Crescent Technical College with over 5,000 students enrolled. The current NN lease was executed after the remodel in 2017 for 10 years and expires in October 2027 giving the investor 2.5 years of term remaining. The first 5-year option has a 20% rental increase, which is significant increase from current rent, but still significantly below comparable Walgreens rental rates. The remaining Six, 5-year options each feature 7% rental increases. This investment allows a new investor a opportunity to acquire a well established, centrally located Walgreens at a price point that significantly below other Walgreens investment. Walgreens has reached out to Landlord with interest to extend the lease for up to 10-years. Please contact agent for details. Walgreens Boots Alliance (Nasdaq: WBA) is the first global pharmacy-led, health and wellbeing enterprise. Walgreens Boots Alliance is the largest retail pharmacy, health and daily living destination across the U.S. and Europe. Walgreens Boots Alliance and the companies in which it has equity method investments together have a presence in more than 25 countries and employ more than 385,000 people.

Location Insight

City

Griffin

County

Spalding

State

Georgia

Longitude

-84.264046

Latitude

33.25396