Walgreen NNN deal with high cap rate

[John C]

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.