Cushman & Wakefield of Phoenix reps seller in portfolio sale
PHOENIX, Arizona – Cushman & Wakefield completed the sale of two Walgreens for a total of $6.9 million. 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, Colo.
Chris Hollenbeck of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller.
The two single-tenant properties totaling 29,300-square-feet were 100% occupied at the time of sale by Walgreens, one of the nation’s largest drugstore chains. Totaling 14,560-square-feet, the freestanding property located at 1840 E. Broadway Boulevard was purchased by Cove Capital of Rolling Hills Estates, Calif. for $4,650,000 million ($319 PSF). The property located at 14285 W. Grand Avenue is 14,740-square-feet and was purchased by Midwest Alliance Partners, LLC of Urbandale, Iowa for $2,253,000 million ($153 PSF).
“We were pleased to have successfully closed this portfolio of two investment properties. Both deals are freestanding Walgreens with drive-thrus and have corporate guaranteed leases,” stated Hollenbeck.
According to Cushman & Wakefield research, the demand for all retail types were 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.