Description

INVESTMENT HIGHLIGHTS

• Walgreens extended this lease by 10 years in March of 2024 showing commitment to this location.
• More than 1M SF of medical space in a 5-mi radius including WakeMed Hospital and UNC Rex Healthcare Surgery Center.
• This is an absolute net lease with no landlord responsibilities whatsoever.
• Affluent Demographics within a 5-mile radius, the household income is $117,632 with a population of 128,470 residents
• Over 2,000 apartment units within a 1-mile radius including two blocks from an independent senior living complex with 121 units.
• Walgreens is reporting exceptional sales volumes at this location.

EXECUTIVE SUMMARY

Pharma Property Group is pleased to market for sale the Walgreens property located at 2901 Wakefield Pines Drive in Raleigh, North Carolina (the "Property"). Walgreens has had a long successful operating history at this location (±23 years) and is on an absolute net lease with approximately 11 years remaining on the initial term. There are no landlord responsibilities whatsoever and rental increases in the option periods.
Walgreens recently agreed to extend the lease by an additional 10 years of firm term showing its long term commitment to this location well into the future. The property is located in a dense residential area with over 2,000 apartment units within a 1-mile radius and is positioned near multiple medical facilities totaling over 1 million square feet within the surrounding area. WakeMed Hospital, which is the newest hospital in Wake County having opened in 2015, is located just a short 5 minute drive to the south along New Falls of Neuse Road.
The property also benefits from its location in one of the prominent retail corridors in North Raleigh with multiple complementary retailers nearby including Food Lion, Subway, Dunkin Donuts, Sheetz, Sherwin Williams and McDonalds. The area is extremely affluent with household incomes of more than $139,000 in the immediate 1-mile radius and $124,00 within 3-miles.

Listed in conjunction with Brian Brockman, Bang Realty, 513-898-1551, wg@bangrealty.com, NC DRE Lic. #298998