Fort Kent, ME
- Lease allows for 10% rental increases every 10 years in the options.
- Less than a mile from University of Maine Fort Kent with 915 students enrolled.
- Less than a mile from Clair Fort Kent Bridge, allowing access to customers in both the United States and Canada.
- High visibility location with frontage on E Main St with 8,626 VPD.
We are pleased to market for sale the Walgreens property located at 84 East Main Street in Fort Kent, Maine ("The Property"). Walgreens has ±4 years of firm term remaining before the option periods with minimal Landlord responsibilities. Walgreens has five (5 year) options to extend their lease with 10% rental increases every 10 years.
The Property offers investors the opportunity to purchase a strong performing Walgreens asset at a higher yield and lower price point. Located in the major medical corridor for the region, the Property benefits from being situated less than 1-mile from multiple medical facilities. Northern Maine Medical Center, located 0.7 miles north, has 49 beds, more than 500 employees and recently underwent a $14 million dollar renovation. Across the street from the hospital, Forest Hills Nursing Home is currently under construction and set to open in Spring 2024.
The Property benefits from limited drugstore competition and is the only freestanding national brand drugstore in a 14 mile radius. The Property is less than a mile from Clair Fort Kent Bridge, with international access to Canada and the United States. The border crossing ranks in the top one third of all U.S. Canadian ports and now carries roughly 1,900 vehicles a day across the St. John River.
