TUCSON, ARIZONA – Walgreens at 4910 North 1st Avenue in Tucson sold to The Clover Company (Paul Craft, CEO) for $3.925 million ($253 PSF) from 4910 N 1st, LLC (Steven M Swanson II, manager).
Located at 1st Avenue ad River Road, this net-leased investment is approximately 15,525-square-feet and has been in operation at this site since 1994. The building sits on a 2.56-acre lot and serve the upscale, high-income community of the Catalina Foothills, one of the most affluent communities in Arizona. The community also anchors Tucson’s Resort corridor which includes multiple resorts and health spas.
The single tenant property was remodeled in 2016 with improvements that included a new roof with transferrable 20-year warranty, new parking lot and an exterior facelift.
Walgreens lease was recently extended to over 12 years, showing the commitment to the location. This was the first time the property had been on the market in 20-years.
Peter Deltondo with Marcus & Millichap in Irvine, CA handled the transaction for buyer and investor.
For more information, Deltondo can be contacted at 949.419.3200.
To learn more, login and see RED Comp #4853.
[mepr-show rules="58038"]Property sold 5/19/2017 at a 5.7% cap rate and an NOI of $223.560[/mepr-show]