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7/22/15
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A freestanding, 15.4k sf, single-tenant retail property occupied by Walgreens in Tucson, AZ sold for $9.73 mil ($632/sf). The property’s absolute, NNN-lease with Walgreens is corporate-guaranteed and has 23 years remaining on its 25-year initial term.
Built in 2008, the property is located on a signalized intersection at 7111 East Golf Links Rd and is an outparcel to the 99 Cent Only-anchored Desert Square Shopping Center. Other nearby retailers include Walmart, Safeway, Fry’s Food and Drug, and O’Reilly Auto Parts. Walgreens is within a densely populated area with more than 212,000 permanent residents within a five-mile radius and in excess of 110,000 daytime employees.
Nick Coo, Matt Mousavi and Patrick Luther of Faris Lee Investments represented the seller, Los Angeles-based Sierra Industrial LLC. The buyer, Los Angeles-based Capital Forsight, paid all cash and was represented by CAPRE Real Estate Investments. The transaction closed at a cap rate of 5.25 percent.
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