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Walgreens, Phoenix, AZ

Walgreens

Price $3,884,000
Cap Rate 6.50% return
NOI $252.438
Lease Term 10 Years Remaining
Lease Type Net, with Tenant Responsible for all Taxes, Insurance, and Interior and Non-Structural Maintenance
Rental Increases
Year Built 1998
Building Size 13,905 SF
Lot Size 2.50 Acres (108,779 SF)
Status Available
Lead Broker Information Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288


Cushman and Wakefield Inc. LIC. # 00616335
This property is listed in conjunction with Florida-licensed real estate broker Cushman & Wakefield, Inc.

Investment Highlights

LONG-TERM NET LEASE TO INVESTMENT GRADE TENANT

» Recent 10-year lease extension, demonstrating commitment to the location
» Strong operating history at this location since 1998
» Property features newly installed roof
» Walgreens Boots Alliance, Inc. (NASDAQ: “WBA”) is rated “BBB” by Standard & Poor’s and is ranked 19th in the Fortune 500
» Walgreens is the largest drugstore chain in the U.S. based on prescription sales
» Walgreens recently acquired nearly 2,000 Rite Aid stores, making Walgreens the largest drugstore chain by number of locations

HIGH-TRAFFIC LOCATION AT SIGNALIZED HARD CORNER

» Excellent visibility and access to 49,158 vehicles per day at the signalized hard corner of East Southern Avenue and South 40th Street
» Both Southern Avenue and 40th Street provide nearby access to Interstate 10 (210,731 AADT), which provides access to downtown Phoenix

CENTRAL LOCATION WITH LARGE CUSTOMER BASE

» Centrally located just minutes from downtown Phoenix; Phoenix Sky Harbor International Airport, which serves over 43 million passengers per year; downtown
Tempe; and the Tempe campus of Arizona State University, which has an enrollment of 51,164 students
» Supported by a strong customer base comprised of working professionals, residents, students, and tourists
» Near a number of popular hotels and tourist attractions, including several golf courses, Phoenix Marriott Resort Tempe at The Buttes, and Tempe Diablo Stadium, which serves as the spring training home of the Los Angeles Angels baseball team
» Close to Arizona Mills, the state’s largest, indoor outlet, value-retail, and entertainment destination, with more than 185 retailers and unique entertainment and restaurant options like LEGOLAND Discovery Center, Sea Life Arizona, Rainforest
Caf•, and the largest IMAX in the state of Arizona
» 276,490 residents live and 241,348 daytime employees work within a five-mile radius
» Located in the South Mountain neighborhood—an area undergoing significant development—and immediately adjacent to The Grove, a 17-acre office and commercial development



Property Description

The property is conveniently located at the signalized hard corner of East Southern Avenue and South 40th Street, with excellent visibility and access to 49,158 vehicles per day. Both Southern Avenue and 40th Street provide nearby access to Interstate 10 (210,731 AADT), which provides access to downtown Phoenix. The property is in a dense commercial region and is near several shopping centers and major national retailers. Less than three miles from the property is Arizona Mills, the state’s largest, indoor outlet, value-retail, and entertainment destination, with more than 185 retailers and unique entertainment and restaurant options like LEGOLAND Discovery Center, Sea Life Arizona, Rainforest Café, and the largest IMAX in the state of Arizona. Other nearby retail centers include Legacy Village, featuring Target and Fry’s Food and Drug, and the Marketplace at South Mountain, tenanted by Walmart Neighborhood Market and PetSmart.

The property is centrally located just minutes from downtown Phoenix; Phoenix Sky Harbor International Airport, which serves over 43 million passengers per year; downtown Tempe; and the Tempe campus of Arizona State University, which has an enrollment of 51,164 students. Due to its central location, the property is supported by a strong customer base comprised of working professionals, residents, students, and tourists. The property is near several major industrial parks, and 241,348 daytime employees work within a five-mile radius. Additionally, the property is located in a densely populated area, with 276,490 people living within five miles. Also nearby are a number of popular hotels and tourist attractions, including several golf courses, Phoenix Marriott Resort Tempe at The Buttes, and Tempe Diablo Stadium, the spring training home of the Los Angeles Angels baseball team.

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