Located at 12 Park Drive, Hornell, New York in Steuben County, which is just an hour’s drive from South of Rochester, New York and just over an hour’s drive from South East of the City of Buffalo, this Net Leased Rite Aid is now backed by Walgreens as of February 2018. The subject property is situated in a trade area that has an average annual household income of over $58,695. There is no direct Walgreens competitor in the nearby areas, and the nearest Walgreen’s store is located 23 miles away in Bath, New York. The subject property has a 13,813 sq.ft. free-standing building that sits on a massive 1.71-acre-parcel of land, including a fully-functioning pharmacy drive-thru window and a Wellness Clinic within the store. The property is strategically located at the signalized intersection of Maple City Drive and Park Drive. The subject property is currently leased under an Absolute Net Lease that includes no landlord responsibilities. More than 13 years are remaining on the lease, including a flat initial term and three five-year options with no rent increases. This Walgreens store functions as an outparcel to Hornell Railroad Center that has national retailers such as Family Dollar, Aaron’s, Save a Lot, and Tractor Supply Company, among others.
Being one of the nation’s largest drugstore chains, Walgreens, constitutes the Retail Pharmacy USA Division of Walgreens Boots Alliance, Inc. (Nasdaq: WBA), the first global pharmacy-led, health, and wellbeing enterprise. The company serves more than 8 million customers every day in communities across America, and provides the most convenient, multichannel access to consumer goods and services and trusted, cost-effective pharmacy, health and wellness services, and advice. Walgreens has its presence in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands and operates 8,100 drugstores.
This investment property is suitable for a 1031 exchange.
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