Harrington, Delaware – We have Net Lease Properties information from Delaware on a Credit Tenant. We see some nice Net Lease Properties with Walgreen’s as Tenant that are still candidates for CTL Financing. A Single-Tenant Net-Leased property leased to Walgreens has sold. This Net Lease Investment sold for $5.494 Million, which comes to a 7.50% cap rate.
This Net Leased Property with Walgreen’s is located at U.S. Route 13 and Clark Street. As far as Net Lease Properties go, this Walgreen’s was a rare relocation store built in 2010. This high performing net lease property is situated on a 2.29 acre parcel of land. It features a fantastic new 25-Year lease with 10 Five-Year options. What a great net lease investment for this 14,820 square foot building to be had at a 7.50% Car Rate.
The buyer of this net lease property needed it to facilitate a 1031 exchange. The Net Lease Property Investor obviously recognized the value in owning a Walgreen’s within the tri-state area. The 1031 Exchange Buyer made a wise move as reports have Walgreens cutting down their development for the next couple of years. Triple Net Lease Properties are an ideal debt replacement Vehicle for Commercial Real Estate Investors using a 1031 exchange.
A nearby “NNN” Triple Net Lease Property located at 9202 Commercial Center Drive, in Bridgeville, should be closing soon. Bridgeville is approximately 16 miles south of Harrington, Delaware. This NNN Investment Property with a lease to Walgreen’s is a relocation of an inline store. It is across the street as part of the Bridgeville Park Center anchored by Food Lion. This “NNN” Net Lease Investment was a Happy Harry’ s which was a highly successful drugstore chain before it was acquired by Walgreen’s.
This Net Lease Investment was offered with a new 25-year, absolute triple net lease. This new Net Lease Property leased to Walgreens is situated at the commercial intersection of Delaware State Route 404 (Seashore Highway) and U.S. Route 13 (Dupont Highway). This location is a major thoroughfare for east-west travelers from the Washington and Baltimore area to Delaware beaches.
The Net Leased Property leased to Walgreens offered several unique features that made the Walgreen’s Net Lease Site attractive. Walgreen’s will be closing its existing store nearby, which is at a far inferior location in the shopping center on the opposite corner. This Net Lease Property is strategically positioned at a far superior corner location. This intersection in Bridgeville is located along one of two frequently traveled roads to the Delaware beaches and gets a high amount of traffic during the summer months. The location of this Net Lease Investment has the proximity to the beaches, and housing growth in this area is huge given slow growth in other States.
Feel free to Contact us to sell your existing Net Lease Properties portfolio. We have relationships with 1,000’s of commercial real estate investors interested in purchasing net lease investments. We provide tremendous marketing and exposure for your net lease properties, resulting in the highest pricing and quicker closings.
If you are ready to purchase a Net Leased Property, Loanrise.com can assist you with CTL Financing or Commercial Loans.