Walgreens

1616 East Thomas Road, Phoenix, AZ 85016

$5,546,000

Cap Rate 5.75%

Views: 33 DOM: 37 Updated: 04.22.24 Posted: 04.09.24 Status: Active

Summary

Price $5,546,000	Built/Renov 1999	Tenant Walgreens
Cap Rate 5.75%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 13,846	Lease Start 11-21-2023	#Units 13,532
Price/SF $400.55	Expiration 11-30-2038	Tenant Type Pharmacy
NOI $318,895	R. Term 14.6	Ownership Fee Simple
Rent/SF $23.03	Increases 5.0%/5/yrs	Pop 5Mi 358,128
Lot/AC 1.85	Options 12/5yrs/5%	AHHI 5Mi $97,734

Lease Highlights

Walgreens has 14+ years remaining on the current lease term with 12 (5-year) options to extend
The lease features 5% rental escalations throughout the initial term and option periods 
Absolute NNN | Zero landlord responsibilities
Corporate guarantee | Investment grade tenant

Location Description

Walgreens is strategically located at the signalized, hard corner intersection of North 16th Street and East Thomas Road, with access to a combined daily traffic count of 65,449 vehicles. This prime location is further enhanced by its proximity to Piestewa Freeway, just a half-mile east, where it sees a significant traffic count of 180,704 VPD. Additionally, the site is positioned directly...

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Key Features

Signalized intersection
Hard corner intersection
High traffic 50M+ VPD
Near major nationals
Top 100 MSA
Strong demographics
Absolute NNN
Long 10+ yr lease
Traded and rated company
Corporate Guarantee

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Links

Walgreens Wikipedia Walgreens Wikipedia Phoenix, Arizona Zip Code 85016 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Walgreens
Guarantor:Corp T and Rated
Company:Walgreens Boots Alliance
# Units:13,532
Tenant S&P: BBB-
Moody’s: Baa2
Stock: NASDAQ: WBA

About Tenant

Walgreens is an American company that operates the second-largest pharmacy store chain in the United States. It specializes in filling prescriptions, health and wellness products, health...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	20,344	184,552	371,933
2023 Total Population :	20,551	172,104	358,128
2023 Employed Civilian Pop :	11,111	94,466	184,143
2023 Total Businesses :	744	11,641	20,423
2023 Average Household Income :	$ 86,278	$ 94,137	$ 97,734
2023 Total Consumer Spending :	$ 632 M	$ 6645 M	$ 13076 M
2023 Median Age :	34	36	35
2023 Total Households :	8,337	80,366	152,679
2023 Pop Age 25+: Bachelor's Degree :	2,924	29,400	55,688
2023 Average Home Value :	$ 458,079	$ 496,300	$ 529,901

*ESRI data is presented for informational purposes only

Listing Broker

Chris Bosworth

CBRE

Contact

121 Listings
5889 Views
43 Sold

Brian Pfohl

CBRE: NLP Atlanta

Contact

122 Listings
5929 Views
41 Sold

Chris Bosworth

Chris Bosworth is a Vice Chairman and Managing Director of the CBRE Net Lease Property Group and Corporate Capital Markets practice. Mr. Bosworth’s focus is to advise institutions, private equity firms, REITs, developers and corporate users regarding all facets of net-leased properties. In his career, Mr. Bosworth and his partners, Will Pike and Brian Pfohl, have been responsible for the disposition of 3,900 transactions valued in excess of $29 billion. Mr. Bosworth and Mr. Pike co-head the

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Brian Pfohl

Brian Pfohl is an Executive Vice President with CBRE’s Net Lease Property and Corporate Capital Markets practice groups. Mr. Pfohl’s singular focus is to advise corporate users, institutions, private equity firms, REITs, developers, and private individuals regarding all facets of net-leased properties. Mr. Pfohl’s expertise stems from the myriad of sale-leaseback transactions, net lease investment sales, programmatic portfolio dispositions, and advisement assignments he has completed throughout

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Thomas Carr

CBRE: NLP Atlanta

Contact

125 Listings
6006 Views
44 Sold

Thomas Carr

Thomas Carr is an Senior Investment Sales Analyst with CBRE’s Net Lease Property Group. As a member of the team led by Chris Bosworth and Will Pike, Mr. Carr plays an integral role in all aspects of the group’s property valuation, underwriting, and marketing efforts. He is also actively involved in marketing the team’s disposition assignments, specializing in single-tenant assets, national net-lease portfolios, and corporate sale-leasebacks, as well as advising 1031 exchange buyers. Mr. Carr

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