A San Diego-based fund paid $2.23 mil for a 13.9k sf ($160/sf), single-tenant retail property fully occupied by Walgreens in Gilbert, AZ. Walgreens recently signed a corporate-guaranteed lease extension for the property, which also features a drive-thru and two prominent monument signs.
Built in 1999, the property is situated on 2.29 acres at 805 S. Val Vista Dr. The property is well positioned at the signalized intersection of S. Val Vista and Warner Rd, a busy intersection in the city of Gilbert.
The property is within a dense retail hub, with national tenants including Target, The Home Depot, Ross Dress for Less, Petco, Chase, and more. It is also located about three miles north of SanTan Village, the premier shopping destination in Gilbert with 1.2 msf of retail space.
SRS National Net Lease Group’s Patrick Luther, Britt Raymond and Matthew Mousavi represented the seller, a private investor based in Arizona. The buyer was repped by Jan Fincham of Lee & Associates. The closing cap rate was 6.25%.
“SRS experienced a high amount of buyer demand and therefore aggressive pricing for this transaction,” said Raymond. “The market responded to Walgreens’ commitment to the location and the rent level was below the average for the corridor.”