Hanley Investment Group Sells Single-Tenant NNN Leased Walgreens in Tucson, Ariz. for $5.19 Million
IRVINE, CA – March 6, 2012 – (RealEstateRama) — Hanley Investment Group Real Estate Advisors, one of the most dominant retail investment groups in the western United States and a market leader in the sale of retail properties, announced today that William B. Asher and Jeremy S. McChesney represented the buyer in the sale of a single-tenant NNN leased investment, Walgreens in Tucson, Ariz. The purchase price was $5,190,000, representing a 6.70% capitalization rate.
Located at 1880 E. Irvington Road in Tucson, the 14,490-square-foot freestanding building is situated on 1.70 acres and was built in 2002. The tenant has 15 years remaining on the lease.
“Single tenant Walgreens continue to be a preferred investment for buyers seeking a safe place to put their money in today’s commercial real estate market,” said William B. Asher, managing director at Hanley Investment Group. “The buyer was specifically attracted to this particular location in Tucson because of its strong store sales and the high population density in the immediate surrounding area.”
“We were able to arrange very attractive financing for a Walgreens lease that had over 15 years remaining on the initial term,” Jeremy S. McChesney, senior vice president at Hanley Investment Group. “The fixed-term rate, loan to value and amortization that were procured were the most aggressive we have seen in the marketplace in recent months and helped the buyer achieve his return goals.” Alex Chenarides at Barry Slatt Mortgage of Los Angeles, Calif. facilitated the financing.
The buyer was 31781 Mission Trail Road, LLC of Orange County, Calif. The seller, Tucson Drugstore, LLC of Louisville, Colo., represented itself.
About Hanley Investment Group Real Estate Advisors
Built on a solid foundation of performance, integrity and dedication, Hanley Investment Group Real Estate Advisors is a boutique retail investment brokerage firm with a three billion dollar transaction track record that is comprised of innovative specialists delivering unparalleled service and superior results that consistently exceed client expectations. Hanley Investment Group’s expertise, commitment and unwavering focus of putting the client’s needs first have continued to set the company apart in the industry. Hanley Investment Group works closely with individual investors, developers, and institutional property owners in every facet of the transaction to insure that the highest value is achieved. Clients rely on Hanley Investment Group to be the most knowledgeable and trusted source for valuation services, market information and retail property acquisitions and dispositions. For more information, visit the Company’s website at www.hanleyinvestment.com or call (949) 585-7610.
