For Sale
For Sale
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Year Built
2002
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Overview
Offered for sale: an absolute net leased (NNN) Walgreens property located in Oro Valley, three miles north of Tucson, Arizona. This Walgreens is well-positioned on a hard corner of a signalized intersection at 11951 North First Avenue in Oro Valley. Sale price is $6.2 million ($410.05 per square foot). Cap rate is 6.1 percent.
The property is an approximate 15,120-square foot, single-tenant retail building on approximately 2.24 acres. The property has drive-thru pharmacy access on the west side of the building.
Walgreens has successfully operated at this location since 2002, with nine years remaining on the initial 25-year term, with 10 five-year renewal options with an expiration in 2077. The Corporate Guarantee of Walgreens provides long-term stability for the investor. The Investment Grade Credit (S&P BBB) of the tenant is an important feature for potential buyers who are seeking a conservative quality investment. In addition, given the structure of the absolute NNN lease, the tenant is responsible for taxes, insurance, CAM and roof structure. There are zero landlord responsibilities and is an ideal property for 1031/1033 buyers.
The existing lease is a long-term, absolute triple-net (NNN) lease guaranteed by Walgreen Co., Recognized as not only the largest retail pharmacy chain in the United States, but Walgreens is considered to be the leader in innovative drugstore retailing. Walgreens (NYSE: WAG).
The subject property has a strong market position because of its highly visible location, solid demographics and income levels. The property will continue to benefit from the growing nature of the immediate surrounding area, as well as the existing retail synergies with Placita de Oro and Vistoso Plaza shopping centers.
Absolute triple-net (NNN) lease
Long-term 25-year lease with nine years remaining on the initial term. Lease commencement date: 2002; lease expiration date: 2027
Lease options: 10 five-year options after initial term
Provides security and stability for an investor
Tenant is responsible for taxes, insurance, roof and structure
Proven location, as evidenced by strong store sales since 2002
Positioned at a hard corner signalized intersection
Located on major corridor to the expanding area and residential/commercial developments, north, east, south, west
Located in the immediate vicinity of well-established retail centers
Tenant right to terminate: Tenant’s option every five years after initial 25-year term, with 180 days of written notice
Property Details
Single-Tenant Absolute NNN Investment in Oro Valley
Offered for sale: an absolute net leased (NNN) Walgreens property located in Oro Valley, three miles north of Tucson, Arizona. This Walgreens is well-positioned on a hard corner of a signalized intersection at 11951 North First Avenue in Oro Valley. Sale price is $6.2 million ($410.05 per square foot). Cap rate is 6.1 percent.
The property is an approximate 15,120-square foot, single-tenant retail building on approximately 2.24 acres. The property has drive-thru pharmacy access on the west side of the building.
Walgreens has successfully operated at this location since 2002, with nine years remaining on the initial 25-year term, with 10 five-year renewal options with an expiration in 2077. The Corporate Guarantee of Walgreens provides long-term stability for the investor. The Investment Grade Credit (S&P BBB) of the tenant is an important feature for potential buyers who are seeking a conservative quality investment. In addition, given the structure of the absolute NNN lease, the tenant is responsible for taxes, insurance, CAM and roof structure. There are zero landlord responsibilities and is an ideal property for 1031/1033 buyers.
The existing lease is a long-term, absolute triple-net (NNN) lease guaranteed by Walgreen Co., Recognized as not only the largest retail pharmacy chain in the United States, but Walgreens is considered to be the leader in innovative drugstore retailing. Walgreens (NYSE: WAG).
The subject property has a strong market position because of its highly visible location, solid demographics and income levels. The property will continue to benefit from the growing nature of the immediate surrounding area, as well as the existing retail synergies with Placita de Oro and Vistoso Plaza shopping centers.
Absolute triple-net (NNN) lease
Long-term 25-year lease with nine years remaining on the initial term. Lease commencement date: 2002; lease expiration date: 2027
Lease options: 10 five-year options after initial term
Provides security and stability for an investor
Tenant is responsible for taxes, insurance, roof and structure
Proven location, as evidenced by strong store sales since 2002
Positioned at a hard corner signalized intersection
Located on major corridor to the expanding area and residential/commercial developments, north, east, south, west
Located in the immediate vicinity of well-established retail centers
Tenant right to terminate: Tenant’s option every five years after initial 25-year term, with 180 days of written notice
- Property TypeRetail
- Submarket
- Year Built2002
- Sale Price$6,200,000
- Total Acres0.35
- Property ID2052746
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