TUCSON, Ariz. – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Walgreens, an absolute triple-net-leased property in Tucson, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix and Tucson offices, the asset sold for $4.15 million ($290 PSF).
Jonathan Eckerd, Jamie Medress, Mark Ruble and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a limited liability company, was procured by David Berookhim and Rick Raymundo, investment specialists in the firm’s Los Angeles office.
Walgreens is located at 9250 North Coachline Boulevard in Tucson in a high-growth area containing 47,766 residents within five miles with a projected increase of 18%. The property is less than one mile from the Interstate-10 and minutes from Tucson Premium Outlets and other major national retailers.