Tucson, Arizona – Our west coast correspondents have Net Lease Properties news from Tucson, Arizona. Tucson is a major city in Pima County and also the county seat. We want to announce that Cole Credit Property Trust has recently acquired a (NNN) triple net lease property that has Walgreen’s as the Tenant. This Investment property is a freestanding absolute NNN, that is a single tenant net lease property (STNL). This premier triple net leased property with Walgreen’s is situated at 1145 South Harrison Road, in Tucson with the 85748 zip code. The Lot Size for this triple net leased property is approximately 1.75 Acres. This Arizona Triple Net Lease Property was marketed as a 7% Cap Rate.
The Arizona triple net leased property seller was the Barclay Group. We were not aware if this was a 1031 Exchange replacement property. The NNN lease property seller received $5.09 million, or which equates to about $356 per square-foot. This triple net lease property has excellent visibility with ingress and egress easily achieved for this Walgreen’s Pharmacy. This Walgreen’s Net Leased Property also has a Chase Bank ATM available for customers.
A nearby Net Lease Properties Tenant is Fry’s Grocery, which is owned by Kroger. The area of this triple net leased property has approximately 175,243 people with an average household income of $70,750 within a 10-mile radius. This NNN Lease Investment was recently built as a new Class A quality constructed building. NNN Commercial Real Estate Investors are interested in investing in the fast growing, high retail traffic area, like a Phoenix, Tucson or Orange County.
The NNN Commercial Real Estate investors purchased this property with a new Walgreen’s corporate, NNN lease. One of the reasons that we like Walgreen’s (NYSE: WAG) as a Tenant is that they are rated A+ by Standard & Poor’s. This triple net lease property comes with a 25-year primary term. The Percentage rent is 2% of gross sales except food if any, and drugs, if any plus 0.5 of gross sales on food and prescription drugs.
This NNN Lease Investment is an out-parcel to the Target Greatland, and is also surrounded by dense residential development. This triple net lease property has a strong mix of national retail properties nearby. Some of the net leased properties nearby are Pier One, Ross, Bed Bath & Beyond, Office Max, Petco, Dress Barn, Subway and Starbucks for all your coffee needs. Our Triple Net Lease Properties Investors are prepared to purchase these types of net leased properties. This triple net lease property benefits from a Corner location. The average traffic counts of 35,639 cars per day (VPD) will help fuel this NNN Lease Property. The NNN Lease Investment is about 14,497 square-feet for Walgreen’s to use 100% for their retail needs.
Cole Credit Property Trust III, Inc. (Cole REIT III) is a public, non-traded Real Estate Investment Trust (REIT). Cole Credit Property Trust structures investments in income-producing retail commercial real estate. Cole Credit Property Trust seeks to primarily invest in net lease properties with creditworthy tenants. Cole Credit Property Trust has a strategy to invest in NNN Commercial Real Estate which is locked down with long-term, net leases. Cole REIT III seeks to provide investors with access to the highest quality retail commercial real estate properties, providing current, and stable income. These factors help keep the volatility reduced for property investments and allows for the potential of capital appreciation.
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