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Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale the opportunity to acquire a fee simple interest in Walgreens (the “Property” or “Asset”) offering in the affluent lake town of Canandaigua, New York. Due to the success of the site, Walgreens recently executed an Absolute NNN 13-year lease with contractual increases of 5% every 5 years. The lease’s structure truly poses a passive investment opportunity. The Property offers a rare opportunity to acquire an industry leading tenant on a long-term lease with zero landlord responsibilities.
The Asset is located along the main retail thoroughfare in Canandaigua and is surrounded by strong credit national tenancy. The neighboring co-tenants have an established consumer base proving routine traffic patterns to the corridor. A new PUD development, Pinnacle North, is also located across the highway from the Property and will have direct access to Walgreens. This five-phase development has already delivered 135 units and 30,000 SF of residential and commercial space, with another 315 new residential units and 45,000 SF of commercial space still to come. The Tenant’s recent lease extension shows their commitment to this location, minimizing any future investment risk.
• NET LEASE WITH ZERO LANDLORD RESPONSIBILITIES: The Property boasts an NOI of $456,000 and is operating on a recently extended 13-year Absolute NNN Lease with contractual rental increases of 5% every 5 years.
• SURROUNDED BY EXCEPTIONAL DEMOGRAPHICS: Within a 3-mile radius there are 18,100 residents, 8,000 households and an average household income of $92,547 providing nearby spending power in a popular lake town in Upstate New York.
• QUALITY INTRINSIC REAL ESTATE: Property is located in a lake town surrounded by strong credit national tenancy in the main retail corridor of Canandaigua. Pinnacle North, a new PUD development located directly across the highway to the Property, will have direct signalized access to Walgreens. The Asset will benefit from the established consumer base fueled by surrounding co-tenants and the new development entering the market.