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December 12, 2019
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Two AZ Walgreens Stores Trade in Deals Totaling $6.9 Mil


Two AZ Walgreens properties sold in separate deals totaling $6.9 mil. The properties, located at 1840 W. Southern Avenue in Phoenix and 14285 W. Grand Avenue in Surprise, Ariz., were controlled by Grand Village CFI LLC of Telluride, CO.

The two single-tenant properties totaling 29.3k sf were 100% occupied at the time of sale by Walgreens, one of the nationís largest drugstore chains. One of the properties, totaling 14.6k sf, is a freestanding property located at 1840 E. Broadway Blvd. It was purchased by Cove Capital of Rolling Hills Estates for $4.65 mil ($318/sf).

The other property, located at 14285 W. Grand Ave, totals 14.7k sf. It was purchased by Midwest Alliance Partners LLC of Urbandale, Iowa for $2.25 mi ($153/sf).

Chris Hollenbeck of Cushman & Wakefield represented the seller in both transactions. According to Hollenback, both properties have drive-thrus and corporate-guaranteed leases. Per Cushman & Wakefield research, the demand for all retail types was consistent despite the growing strength of the eCommerce market in the first quarter of 2019. Vacancy rates have returned to pre-recession lows, though asking rates are lower, especially for Class B and C space.

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