For Sale
$2,400,000

2785 Pinal AveCasa Grande, AZ 85122

High-yield Walgreens NNN lease, Casa Grande.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a leasehold interest in a 14,736 square foot Walgreens pharmacy located at 2785 N Pinal Ave, Casa Grande, Arizona, 85122. The property, built in 2008 and situated on a 2.05-acre lot, is a single-story building operating under an absolute NNN lease with a corporate guarantee from Walgreens (NASDAQ: WBA). The lease commenced on November 7, 2014, and extends until November 30, 2039, providing long-term stability and predictable cash flow. The current annual net operating income (NOI) is $177,921, representing a 7.41% cap rate on the asking price of $2,400,000. The tenant is responsible for all property taxes, insurance, maintenance, repairs, and operating expenses, including a $140,000 annual ground rent payment. This investment benefits from Casa Grande's robust growth, projected at over 8% year-over-year population increase and a 53.9% projected job growth over the next ten years. The property enjoys a prime location across from a high-performing Fry's Marketplace, further enhancing its retail synergy. Significant residential development is underway within a 5-mile radius, including nearly 1,500 units at the immediate intersection, promising continued strong demand. This is a rare opportunity to acquire a stable, high-performing asset in a rapidly expanding market.

Highlights

  • Absolute NNN lease with zero landlord responsibilities; tenant pays all taxes, insurance, maintenance, repairs, operating costs, and a $140,000 annual ground rent.
  • Corporate guarantee from Walgreens (NASDAQ: WBA).
  • High-growth Casa Grande submarket; over 8% year-over-year population growth projected to continue.
  • 53.9% projected job growth in Casa Grande over the next ten years, driven by major companies establishing facilities.
  • Excellent retail synergy; located across from a high-performing Fry's Marketplace.
  • Significant residential development underway within a 5-mile radius, including nearly 1,500 units at the immediate intersection.

Property Details for 2785 Pinal Ave

Property type
Retail properties, Drug stores
Square Feet
14,736 SF
Year Built
2008
Buildings
1
Stories
1
Lot Size (sq. ft)
89,298 SF

Location Insight

City
Casa Grande
County
Pinal
State
Arizona
Latitude
32.9378425
Longitude
-111.7577129
2785 Pinal Ave, Casa Grande, Arizona

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2785 Pinal Ave
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