Walgreen NNN deal with high cap rate

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I'm reviewing a possible deal for a walgreens nnn lease. The cap rate is above 10%, however there is only one year left on the original lease. They have 80 yrs left during their option period, yet they have the right to terminate after this year and every subsequent five years. The agent states the owner has had some positive feedback regarding renewal of their first option (for the next five years). But their is no formal written commitment, it's only verbal. It seems very tempting, if they renew ... you've made a very good deal, if not (rare for walgreens to go dark) there is going to be some pain. What is my next step. Should I inquire about their store sales? Should I get a lawyer involved, perhaps he could gather some more information in terms of wether this particular walgreens intends to stay or not. Also, how common is it to renegotiate a long term deal with walgreens after their initial term. Thank you in advance for any input.

Don't be so sure Walgreens wouldn't go dark. I've had quite a few of them go dark, especially with their recent mergers. A lawyer can't really help at this point. It's a business decision and the risks are exactly what you mentioned. You can certainly put in your contract that you have the right to speak with Walgreens and potentially make a deal for lower rent over the next option term if they agree to renew now. Make sure you do have a lawyer draft your contract if you do decide to proceed. Good luck!