Drug Store

Walgreens | Long Term Lease | Strong Sales

10602 N 32nd St, Phoenix, AZ 85028

Listing Price: $7,504,950

Cap Rate
5.05%
Tenant Name
Walgreens
Years Remaining On Lease
54.5
Gross SF
14,820
Guarantor
Corporate Guarantee
Rentable SF
14,820
Price/Gross SF
$506.41
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$25.57

Investment Overview

Marcus & Millichap is pleased to present for sale this Net Leased
Walgreens located at 10602 North 32nd Street in Phoenix, Arizona.
The subject property consists of a free-standing building comprised of
14,820 square feet of retail space and is situated on a 1.21-acre parcel
of land.
Strategically located on the Hard-Signalized Intersection of E Shea Blvd
and North 32nd Street, the property is highly visible to more than 44,000
vehicles per day. It is also immediately off the exit of the Piestewa Freeway
(RT 51) which sees traffic counts in excess of 134,000 daily. This infill
location benefits from superb demographics including over 270,000 full
time residents in the immediate area with an average household income
exceeding $118,000 in the 1-mile radius. The immediate trade area is
home to a number of National and Regional retailers and within close
proximity of Paradise Valley Mall and Stone Creek Golf Club.
Walgreens executed a 20 Year Net-Lease with Minimal Landlord
Responsibilities when originally built in 2015. Walgreens is a relocation
store from across the street and is performing very well with exceptional
reported sales. The site also benefits from limited drugstore competition,
with the nearest competing drugstore over 3.5 miles away.
Walgreens (NYSE: WBA) is a publicly traded company with an S&P
Credit Rating of BBB and is ranked #17 in the Fortune 500 (2019).
Some financial highlights include 2018 Revenues of $131.537 billion
and 2018 Net Profits of $5.024 billion. Walgreen Co. operates over
8,200 stores in all 50 states, the District of Columbia, Puerto Rico and
Guam. The company also operates worksite health centers, home care
facilities, and specialty and mail service pharmacies.

Investment Highlights

  • Walgreens Corporate Guarantee (NYSE: WBA) | Investment Grade Tenant (S&P BBB)
  • Hard Signalized Corner with Great Visibility | Visible to over 44,000 vehicles/day
  • Urban Infill Location | Exceptional Sales
  • Affluent Market | Average Household Income exceeds $118,000 in 1-Mile
  • Fee Simple Allowing for Depreciation
  • Relocation Store | Drive-Thru Pharmacy

Exclusively Listed By

Broker of Record

  • Ryan Sarbinoff

    Vice President / Regional Manager

    License(s): AZ: BR675146000

    Arizona

Drug Store

Walgreens | Long Term Lease | Strong Sales

Listing Price: $7,504,950

Cap Rate
5.05%
Tenant Name
Walgreens
Years Remaining On Lease
54.5
Gross SF
14,820
Guarantor
Corporate Guarantee
Rentable SF
14,820
Price/Gross SF
$506.41
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$25.57

Investment Highlights

  • Walgreens Corporate Guarantee (NYSE: WBA) | Investment Grade Tenant (S&P BBB)
  • Hard Signalized Corner with Great Visibility | Visible to over 44,000 vehicles/day
  • Urban Infill Location | Exceptional Sales
  • Affluent Market | Average Household Income exceeds $118,000 in 1-Mile
  • Fee Simple Allowing for Depreciation
  • Relocation Store | Drive-Thru Pharmacy

Investment Overview

Marcus & Millichap is pleased to present for sale this Net Leased
Walgreens located at 10602 North 32nd Street in Phoenix, Arizona.
The subject property consists of a free-standing building comprised of
14,820 square feet of retail space and is situated on a 1.21-acre parcel
of land.
Strategically located on the Hard-Signalized Intersection of E Shea Blvd
and North 32nd Street, the property is highly visible to more than 44,000
vehicles per day. It is also immediately off the exit of the Piestewa Freeway
(RT 51) which sees traffic counts in excess of 134,000 daily. This infill
location benefits from superb demographics including over 270,000 full
time residents in the immediate area with an average household income
exceeding $118,000 in the 1-mile radius. The immediate trade area is
home to a number of National and Regional retailers and within close
proximity of Paradise Valley Mall and Stone Creek Golf Club.
Walgreens executed a 20 Year Net-Lease with Minimal Landlord
Responsibilities when originally built in 2015. Walgreens is a relocation
store from across the street and is performing very well with exceptional
reported sales. The site also benefits from limited drugstore competition,
with the nearest competing drugstore over 3.5 miles away.
Walgreens (NYSE: WBA) is a publicly traded company with an S&P
Credit Rating of BBB and is ranked #17 in the Fortune 500 (2019).
Some financial highlights include 2018 Revenues of $131.537 billion
and 2018 Net Profits of $5.024 billion. Walgreen Co. operates over
8,200 stores in all 50 states, the District of Columbia, Puerto Rico and
Guam. The company also operates worksite health centers, home care
facilities, and specialty and mail service pharmacies.

Exclusively Listed By

Broker of Record

  • Ryan Sarbinoff

    Vice President / Regional Manager

    License(s): AZ: BR675146000

    Arizona

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