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Walgreens: Phoenix, AZ 1602 E Thomas Rd

13,814 SF Retail Building Phoenix, AZ 85016 £4,350,338 (£315/SF) 5.75% Net Initial Yield

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Investment Highlights

Just 0.3 miles west of the Phoenix Children’s Hospital
Positioned less than 5 miles northeast of downtown Phoenix

13.8 MSF of retail, 40.2 MSF of office, 8.7 MSF of industrial, and 47,012 multifamily units within a 3-mile radius of the site

Executive Summary

CBRE is pleased to exclusively offer for sale the 13,846-square-foot Walgreens situated on 1.85 acres in Phoenix, AZ (MSA Population: 5.06M+). Walgreens’ NNN lease recently commenced in November 2023 and features ±14.0 years of term remaining with 5% rent increases every 5 years throughout the term and in each of the twelve 5-year renewal options.

Property Facts

Sale Type

Investment NNN

Property Type

Retail

Property Subtype

Drug Store

Building Size

13,814 SF

Building Class

Year Built

1998

Price

£4,350,338

Price Per SF

£315

Net Initial Yield

5.75%

NOI

£250,144

Tenancy

Single

Number of Floors

Building FAR

0.17

Land Acres

1.85 AC

Zoning

C-2

Parking

89 Spaces (6.44 Spaces per 1,000 SF Leased)

Frontage

237 ft on Thomas Road

Retailer
99,999 SF
-
Jan 0000

Walgreens is a trusted and convenient local health destination that millions of Americans rely on every day. Their founder, Charles R. Walgreen Sr., was known for finding new ways to connect with customers on a personal level and treating each person like a guest in his own home. For over a century, they have expanded that personal connection through their network of neighborhood pharmacies and their innovative health services and products. The foundation for all of this is their trusted pharmacy expertise, and their team members who provide essential care that helps people achieve better health outcomes at an affordable cost.