Chicago Investor Purchases Two Tucson Walgreens stores for $5.51 Million

TUCSON, AZ — Steven Swanson II of Chicago Illinois recently purchased two Tucson Walgreen stores in two separate transactions. The Walgreens at 4910 N First Avenue in Tucson was purchased for $3.06 million ($197 PSF) for the 15,525-square-foot building on 2.56 acres and the Walgreens store at 1415 W River was purchased for $2.45 million ($158 PSF) for the 15,252-square-foot building on 1.96 acres.

The lease at 4910 N First Ave was recently extended to over 12 years showing a strong commitment to the location. This property benefited from a remodel in 2016 with improvements including a new roof with transferrable 20-year warranty, new parking lot and an exterior facelift. It sits on the hard corner of North 1st Avenue and River Road which oversees a combined 69,000 vehicles per day. Walgreens has been there since 1994.

The seller at 4910 N First Ave, Meadville Holdings, a Las Vegas Investor, was represented by Peter Deltondo with Marcus & Millichap of Newport Beach, CA and the buyer represented by John Susank also with Marcus & Millichap of Newport Beach, CA.

The Walgreens at 1415 W River Road is located at the intersection of La Canada Dr. and River Road in Tucson. Walgreens recently extended their lease term at this location for an additional 5 years through April 2021, with the ability to renew through April 2056. The location benefits from high traffic visibility at the intersection with 55,000 vehicles per day. Walgreens has been at this location since 1996.

Cole Flanagan with NAI Maestras and Ward in Albuquerque, New Mexico represented the seller of 1415 W River Road, The Donny Tina Bird Trust, a Private Trust from Albuquerque. John Susank with Marcus & Millichap of Newport Beach represented the buyer.

For additional information, Deltondo and Susank can be reached at 949.419.3200 and Flanagan should be contacted at 505.878.0001.

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