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JLL has been retained on an exclusive basis to arrange for the sale of 1235 Lexington Avenue, a 6,875 square foot (with an additional 5,350 SF of lower level space) retail co-op unit located on the southeast corner of East 84th Street and Lexington Avenue. The purchaser will acquire 100% of the co-op shares associated with the unit as well as a separate long term leasehold interest in the lower level. The retail space features 102’ of frontage on along Lexington avenue and 87’ of frontage along East 84th Street. The space is leased to Duane Reade through February 2029.
1235 Lexington will benefit as scores of both new and current residents make their way to New York City, and more specifically to the Upper East Side. Massive uptrends in residential leasing and sales activity in the neighborhood will continue throughout the recovery and act as strong demand drivers for Duane Reade’s 84th and Lexington address. Affluent residential neighborhoods such as the Upper East Side are also seeing the greatest increases in retail leasing activity coming out of the pandemic, of which 62.3% has been driven by essential businesses. 1235 Lexington represents an opportunity to own a stable, high cash-flowing trophy holding with credit tenancy on a long-term lease. The Property will appeal to passive investors and 1031 exchange participants looking for a fully leased, investment grade asset with an attractive lease structure, limited landlord obligations, and 189’ feet of wraparound frontage on a premier Upper East Side retail corridor.
BBB (S&P) Investment Grade Credit - Guaranteed by Parent Company - Walgreens Boots Alliance (NASDAQ: WBA)
Long Term Lease - 8 Years Remaining Lease Term & 10-Year Extension Option
Attractive Lease Structure - Stable, Cash-Flowing Asset with Limited Landlord Obligations
Well-Suited 1031 Exchange Candidate - Ideal passive investment in a high cash-flowing asset
102’ of Lexington Avenue Frontage - 189’ of Highly Visible Corner Frontage in a Prime Upper East Side Retail Corridor
12,225 Total SF - 6,875 Ground Floor SF & 5,350 Lower Level SF
Strong & Vibrant Duane Reade Location - Despite Duane Reade’s recent consolidation of its UES footprint, 1235 Lexington remains open and is now Lexington Avenue’s only Duane Reade between 77th and 125th Streets