New Small-Format Walgreens
For sale to qualified investors is the fee simple interest in a brand new corporate lease with Walgreen Co. in Galax, Virginia. The new building is projected to be turned over to Walgreens in early March for a late March 2023 store opening, which will provide the investor with 10 full years of guaranteed lease term plus options. The building is the newest small-format drive-thru prototype for the company and is located within walking distance to Twin County Regional Healthcare’s Galax Hospital (https://www.tcrh.org/). The modern store design allows Walgreens to cater to their main customers while selling only their highest margin items and focus on primarily on prescriptions and over-the-counter medication. The lease is triple net and features a firm, corporately-guaranteed 10-year initial lease term. Walgreens has operated a full-size store in Galax for many years and chose this site as the relocation of that store and transition to the company’s newest prototype. From a long-term investment perspective this asset “checks all of the boxes” with a modern, small drive-thru format, hand’s-off corporate lease, and relocation of an already-successful store in the market.