August 9, 2019 – SRS Real Estate Partners’ National Net Lease Group has completed the approximately $2.23 million sale of a 13,905-square-foot single-tenant retail property fully occupied by Walgreens in Gilbert, AZ.
SRS National Net Lease Group’s Patrick Luther, Britt Raymond and Matthew Mousavi represented the seller, a private investor based in Arizona. The buyer, a fund based in San Diego was represented by Jan Fincham of Lee & Associates. The closing cap rate was 6.25 percent.
Built in 1999, the property is situated on 2.29 acres at 805 S. Val Vista Drive. Walgreens recently signed a corporate-guaranteed lease extension. Walgreens is well positioned at the signalized intersection of S. Val Vista Dr. and Warner Rd., a busy intersection in the city of Gilbert. The site also features a drive-thru and two prominent monument signs.
“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.”
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 million square feet of retail space.
SRS’ National Net Lease Group and Investment Properties Group have successfully completed more than 300 sales in 2018, across 35 states nationwide, and has over $1.5 billion in assets currently listed for sale.