This is a NNN building Leasehold Walgreens that is a former Rite Aid. The lease was reassigned in 2019 to Walgreens Corporate at which time they decided to convert the location into a Walgreens which costs approximately $300,000 to rebrand. Walgreens pays the ground lease directly and the ground lease is coterminous with the Walgreens lease.
There are eight five year renewal options with 10% increases every ten years. If Walgreens decides not to renew their options the owner of the leasehold can re-tenant their interest in the real estate.