Overview

Description

SRS Real Estate Partners-West, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, corporate guaranteed (NASDAQ: WBA), Walgreens investment property located in Phoenix, Arizona. The tenant, Walgreen Co., recently signed a brand new 15 year lease with 12 (5-year) options to extend, demonstrating their commitment to the site. The lease features 5% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. Founded in 1901, and representing one of the largest pharmacies in America with over 9,000 retail locations, Walgreens is a pharmaceutical and health destination serving nearly 10 million customers each day. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor.

The asset is strategically located at the signalized, hard corner intersection of West Southern Avenue and South 35th Avenue with a combined 65,400 vehicles passing daily. The intersection features three large retail centers making this the centralized retail destination for its immediate trade area and the surrounding area of Phoenix. The asset is an outparcel to the Laveen Pavilions Retail Center featuring national brands such as Dollar Tree and Taco Bell. The remainder of the intersection is comprised of the South Mountain Crossing Shopping Center featuring a Planet Fitness, Goodwill, McDonald’s, and Filiberto’s, and the Laveen Village Shopping Mall, anchored by a Walmart Supercenter with outparcel retailers Starbucks and Jack in the Box. The 5-mile trade area is comprised of a population of over 213,000 residents and 104,000 employees with an average household income of $89,116. Phoenix in its entirety supports a population of nearly 1.7 million, making it the largest city in Arizona.

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