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DOM: 461 Updated: 09.18.24 Posted: 01.30.24 Status: Active

Summary

Price $5,434,000
Built/Renov 2007
Tenant Walgreens
Cap Rate 6.00%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 14,821
Lease Start 11-21-2023
#Units 13,532
Price/SF $366.64
Expiration 11-30-2038
Tenant Type Pharmacy
NOI $326,040
R. Term 13.7
Ownership Fee Simple
Rent/SF $22.00
Increases 5.0%/4/yrs
Pop 5Mi 213,363
Lot/AC 1.54
Options 12/5yrs/5%
AHHI 5Mi $89,116

Lease Highlights

  • Walgreens recently executed a brand-new 15-year lease with 12 (5-year) options to extend
  • The lease features 5% rental increases every 5 years throughout the initial term and each option period
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

Location Description

Walgreens is strategically located at the signalized, hard corner intersection of West Southern Avenue and South 35th Avenue, with a combined daily traffic count of 65,400 vehicles. This site serves as an outparcel to the Laveen Pavilions Retail Center, which boasts national tenants such as Dollar Tree and Taco Bell. Furthermore, the surrounding area includes the South Mountain Crossing...

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Maps

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Tenant

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 : 18,139 94,775 226,305
2023 Total Population : 17,904 89,070 213,363
2023 Employed Civilian Pop : 7,942 38,283 89,765
2023 Total Businesses : 164 1,082 4,661
2023 Average Household Income : $ 97,851 $ 102,459 $ 89,116
2023 Total Consumer Spending : $ 411 M $ 2103 M $ 4686 M
2023 Median Age : 30 31 30
2023 Total Households : 4,820 23,593 59,950
2023 Pop Age 25+: Bachelor's Degree : 1,721 7,638 15,826
2023 Average Home Value : $ 383,168 $ 406,752 $ 383,713
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
W Southern Ave S 35th Ave 2012 18,219 0.15 mi
W Southern Ave S 33rd Ave 2013 22,886 0.21 mi
West Southern Avenue S 33rd Ave 2018 25,721 0.24 mi
South 35th Avenue S 34th Glen 2018 17,951 0.27 mi
S 35th Ave W Lydia Ln 2016 17,043 0.32 mi
S 35th Ave W la Salle St 2011 18,014 0.33 mi
West Southern Avenue S 37th Ln 2018 22,257 0.34 mi
Roeser Rd S 35th Ave 2014 80 0.48 mi
S 31st Ave W Sunland Ave 2010 2,865 0.48 mi
West Southern Avenue S 31st Ave 2019 28,035 0.49 mi

Listing Broker

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Patrick Luther

SRS National Net Lease Group

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  • 420 Listings
  • 79263 Views
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Matthew Mousavi

SRS National Net Lease Group

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  • 369 Listings
  • 72139 Views
  • 171 Sold

Patrick joined SRS in 2016 with more than 10 years of transactional brokerage experience in the commercial real estate industry and over $1 billion in closed transactions, representing over 300 individual properties. Along with Matthew Mousavi, Patrick co-founded and leads the National Net Lease Group at SRS, the exclusive net lease capital markets platform within SRS, comprised of more than 75 professionals handling all net lease transactions for the firm nationally. He focuses on all types of

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Matthew is the managing principal and co-founder of the SRS National Net Lease Group, based in Newport Beach, California. SRS’ is the exclusive net lease investment advisory platform across more than 25 offices nationally. SRS is the largest retail estate firm in North America exclusively focused on retail services, of which Matthew is a member of the board. The firm has a track record spanning over 30 years and billions in transaction volume, and represents over 400 retailers throughout the co

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