Investment Offering – $6,456,000
Location: 188 Union Street, Vernon, CT 06066 (HARTFORD CT, MSA)
|Current Rent: $403,000||Cap Rate: 6.25%|
|Lease Term: 20||Remaining Term: 14.5|
|Lease Type: NNN||Building Sq. Ft.: 13,669|
|Renewal Options: 10, Five Year Options|
- Tenant: Walgreen Co. (S&P: BBB), a subsidiary of Walgreens Boots Alliance Inc. (NASDAQ: WBA, S&P: BBB), operates 8,330 stores (as of November 2014) across 50 states, the District of Columbia and Puerto Rico. The company produced total revenues of more than $77.6 billion, an EBITDA of $5.6 billion, and net income of $2.05 billion as of LTM November 2014
- Long-Term Absolute NNN Lease: 25-year Absolute NNN Lease with 14.5 years of primary lease term remaining and ten 5-year options–No Landlord responsibilities
- Excellent Visibility: The property is ideally positioned on a hard corner at the intersection of Union Street and West Street (Combined Traffic Count: 25,630 VPD), just 1.5 miles east of Interstate 84 (Traffic Count: 81,00 VPD) which connects the city to both Hartford and New York City
- Dynamic Demographics: Average annual household income of $90,915 and population of 67,975 within a 5-mile radius
- Market: Tolland County (Population: 152,377) is an upscale suburban community located within the Hartford MSA (MSA Population: 1.2 million) just 11 miles northwest of Hartford, about 80 miles northeast of New York City, 105 miles southwest of Boston and 77 miles west of Providence.
- Other major retailers with a presence in the immediate vicinity include: 7Eleven, Super Stop & Shop, Sherwin Williams, YMCA, BJ’s Wholesale, Goodwill, Home Depot, TJ Maxx, Bed Bath & Beyond, Dominos, Bank of America, Advance Auto, CVS, BP, Wells Fargo, Subway, Target, Lowe’s and TD Bank among others.