Historical Retail Sale Listing - Walgreens - New Prototype - Price Reduction

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Walgreens - New Prototype - Price Reduction

8980 E. Tanque Verde Rd., Tucson, AZ 85749

N/A

14,820 SF | Retail

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Retail Property - Off Market

Price:
N/A
Building Size:
14,820 SF
Property Type:
Retail
Property Sub-type:
Free Standing Bldg
Property Use Type:
Net Lease Investment with
10+ years left on lease
Commission Split:
1%
Cap Rate:
5.50%
No. Stories:
1
Tenancy:
Single
Year Built:
2013
Lot Size:
135,000 SF
APN / Parcel ID:
114-54-057
Listing ID
18348704
Last Updated
246 days ago

Highlights

  • Strong Corporate Guarantee- Walgreens Co. (NYSE: WAG) - Revenues Over $70B in 2012
  • Brand New 75 Year Absolute NNN Lease (Fee Simple) Scheduled to Open July 2013
  • New Modern Prototype Construction- Free Standing Bldg. with Drive Thru- America' s #1 Drugstore
  • Excellent Location in the Catalina Foothills- Beverly Hills of Tucson- High Income Residential Area
  • Investment Grade Tenant- S&P Rated A-2, Moody' s Baa1- over 8,071 Locations across the U.S.
  • Ranked #23 Best Places to Live - CNN Money' s Top Earning Towns- Over $116,997 Median Income

Description

Price Reduction - Submit All Offers. The subject property is situated in the southern foothills of the Santa Catalina Mountains, referred to as the Catalina Foothills. Catalina Foothills is one of the most affluent communities in Arizona and the U.S., with the 6th highest per capita income in Arizona, and the 14th highest per capita income in the U.S. of communities with a population of at least 50,000. The offering includes a brand new (July 2013) single tenant, freestanding Walgreens with drive-thru located in the City of Tucson, AZ at the busy intersection of Catalina Hwy and Tanque Verde Rd. The property has a 75 year absolute NNN Ground Lease, set to open in July of 2013, with the right to terminate every 5 years beginning Year 21. The finished building will be built based on Walgreen' s new design prototype. The Lease is corporate guaranteed by Walgreen Co (NYSE : WAG ), with a Standard & Poor' s Rating A-2 and Moody' s Rated Baa1. As the Nation' s largest drug store chain, it remains one of the fastest growing retailers in the country. Now operating over 8,071 locations along with over 700 wellness centers.

The subject property is located the south side of Tanque Verde Road, near the intersection of Tanque Road and East Catalina Highway in the city of Tucson, AZ. The surrounding area is comprised of a healthy mix of retail, public storage, office and middle or upper income residential housing. The 2010 United States Census puts the city' s population at 520,116, while the 2011 estimated population of the entire Tucson metropolitan area was 989,569. Tucson is the second-largest populated city in Arizona behind Phoenix, which both anchor the Arizona Sun Corridor. Tucson is the 33rd largest city and the 52nd largest metropolitan area in the United States. This area is referred to as the Scottsdale of the city of Tucson, with high-end residential neighborhoods and home to many of the city' s upper class. Walgreens is strategically located along this main retail and residential corridor, including the Tucson Country Club and Arizona National Golf Course. This established family area creates a desirable location along these foothills.

Map of 8980 E. Tanque Verde Rd., Tucson, AZ 85749 (Pima County)

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