Walgreens Middletown,New York

$3,450,000
Closed Single-Tenant
Property type:Single-Tenant Net Lease

The space

  • Price: $3,450,000
  • Rentable Square Feet: 11,180 SF
  • Annual Rent: $234,572
  • Price PSF: $308.58
  • Land Area: 0.36 Acres
  • Year Built: 1998
  • Parking Spaces: 57+
  • Lease Guarantor: Corporate
  • Lease Type: NN
  • Lease Term: 20 Years
  • Option Periods: 4, 5-Year Options
  • Rental Increases: In Option Periods
  • Lease Expiration: 6/30/2023

Description

7 Fitzgerald Drive
Middletown, NY 10940

Investment Highlights

  • Tenant at Location for 20+ Years Showing Great Commitment to Site
  • Four, Five-Year Options with Rental Increases Throughout Option Periods
  • Tenant is Currently in the First Option Period with Three Options Remaining
  • Tenant Executed First Option Period Early
  • Walgreens has 57 Parking Spaces with Additional Parking Available Through Easement with Adjacent Strip Center
  • Located off State Road 211 with a Daily Traffic Count of Approximately 40,000 Vehicles
  • Outparcel to Aaron’s Anchored Shopping Center
  • Surrounding National Brands Include Walmart Supercenter, Lowe’s, Home Depot, Target, Staples, Macy’s, JCPenney, T.J. Maxx, HomeGoods, Best Buy, Planet Fitness, Hampton Inn, Holiday Inn, Courtyard by Marriott, Outback Steakhouse, Chili’s Grill & Bar, Applebee’s, Olive Garden, Panera Bread, Chipotle, Pizza Hut, Taco Bell, Dunkin Donuts and Many More
  • 2.5 Miles from Orange Regional Medical Center – Named One of America’s 250 Best Hospitals
  • Part of the New York Metropolitan Area

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a Walgreens located in Middletown, New York. Walgreens offers a 20-year, double net (NN) lease. There are four, five-year renewal options with rental increases throughout the option periods. Tenant is currently in the first option period with four years remaining. The first option period was executed by the tenant early. The subject property consists of a more than 11,000-square foot free-standing building and is an outparcel to an Aarons anchored shopping center. Walgreens has 57 parking spaces with additional parking available through easement with adjacent strip center. Walgreens offers a corporate tenant with a corporate guarantee. Walgreens is the second largest drugstore chain in the United States with over 8,100 locations.

Consumers can easily access Walgreens off State Road 211 with a daily traffic count of approximately 40,000 vehicles and is within close proximity to Interstate 84 with a daily traffic count of more than 62,000 vehicles. The subject property is 2.5 miles from Orange Regional Medical Center, which was named one of Americas 250 best hospitals. Surrounding national brands include Walmart Supercenter, Lowes, Home Depot, Target, Staples, Macys, JCPenney, T.J. Maxx, HomeGoods, Best Buy, Planet Fitness, Hampton Inn, Holiday Inn, Courtyard by Marriott, Outback Steakhouse, Chilis Grill & Bar, Applebees, Olive Garden, Panera Bread, Chipotle, Pizza Hut, Taco Bell, Dunkin Donuts and many more.

Middletown falls within the New York metropolitan area, the largest metropolitan area in the world by urban landmass. The metropolitan area includes New York City (the most populous city in the United States), Long Island, and the Mid and Lower Hudson Valley in the state of New York; the five largest cities in New Jersey and six of the seven largest cities in Connecticut. The New York metro area remains the most populous in the United States. As a center of many industries, including finance, international trade, new and traditional media, real estate, education, fashion, entertainment, tourism, biotechnology, law, and manufacturing, the New York City metropolitan region is one of the most important economic regions in the world.


Broker of Record

John Krueger

Regional Manager

Manhattan

Lic.# 10311205789

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