- New 15 year lease with 5% rental increases every 5 years in the initial term and in the options.
- 16+ year operating history.
- Recent third-party reports will be provided to buyer.
- Absolute net lease with zero landlord responsibilities.
- Adjacent to Mosquito Lake State Park with 3,000,000 visitors annually.
- Large trade radius with limited competition, no other Walgreens, CVS or Rite Aid besides the immediate corner for 5 miles.
- Near Lakeview High School and Middle/Elementary Schools, ±2000 combined students and faculty.
Pharma Property Group is pleased to market for sale the Walgreens property located at 600 South Mecca Street in Cortland, Ohio ("The Property"). Walgreens has agreed to a new 15-year absolute net lease with no landlord responsibilities whatsoever. The lease includes 5% rental increases every 5 years in the initial term and in each of the 12 (5-year) options.
The Property sits directly across the street from a Rite Aid and there are no other Walgreens, CVS or Rite Aid locations within 5 miles making this a strategic location for Walgreens within the Northern Youngstown-Warren MSA market. The Property has a large trade radius as it serves a number of communities to the north and east outside of Cortland being the closest Walgreens location.
The Property is located at the signalized intersection of South High Street and South Mecca Street which is a main thoroughfare leading into Warren from the north. Many of Cortland's residents also commute to work into Youngstown via Highway 11 (±39,521 vehicles per day) which is just east of Cortland and the main highway leading into the heart of the Youngstown-Warren MSA from the north.
The Property also benefits from a strong tourism base as it is located adjacent to Mosquito Lake State Park, a 7,000 surface area reservoir and 2,500 acre campground. This state park hosts approximately 3,000,000 visitors annually allowing for boating, fishing, hiking, and horseback riding.