Tag Archives: Walgreen’s

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Marcus & Millichap closes the sale of 3 properties

Wells Fargo

Marcus & Millichap announced the sale of Wells Fargo Ground Lease, a 4,692-square foot net-leased property located in Marana, AZ, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $2,118,000.

Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a limited liability company, was secured and represented by Jamie Medress and Mark Ruble.

Wells Fargo Ground Lease is located at 12140 N Dove Mountain Blvd in Marana, AZ.


Walgreens, a 14,820-square foot net-leased property located in Marana, AZ, has sold according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $5,466,600.

Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a developer.  The buyer, a limited liability company, was secured and represented by Ryan Shook and Evan Barry, investment specialists in Marcus & Millichap’s Newport Beach, Phoenix office.

Walgreens is located at 12050 North Dove Mountain Blvd in Marana, AZ.


Goodwill – 15 Year NNN, a 20,000-square foot net-leased property located in Yuma, AZ, has sold according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $4,954,838.

Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a limited liability company, was secured and represented by Jamie Medress and Mark Ruble

Goodwill – 15 Year NNN is located at 11259 South Frontage Road in Yuma, AZ.


Abrazo Scottsdale Campus offers free baby shots, flu shots

Free vaccinations for children and free flu shots for children and adults will be available from 3-7 p.m. Oct. 1 at Abrazo Scottsdale Campus, 3929 E. Bell Road. The Phoenix Fire Department Baby Shots Immunization Program is providing the children’s vaccinations and Walgreens is providing the flu shots at Abrazo Scottsdale Campus (formerly Paradise Valley Hospital) which is hosting the event. The Phoenix Fire Department provides free vaccinations to children who are eligible under the Vaccine for Children’s Program, a federally funded program that provides free immunizations to eligible children. Immunization records and proof of eligibility must be provided for the Baby Shots program.

The Phoenix Fire Department also is partnering with Walgreen’s to provide free flu shots. This program is available to anyone at least 7 years old.

Each year, more than 200,000 people are hospitalized for flu-related complications, according to the Centers for Disease Control. The CDC reports that in the United States, seasonal flu activity can begin as early as October and continue as late as May.


CBRE Capital Markets Debt Team completes two transactions

Walgreen’s drug store in Smithtown, New York
CBRE’s Capital Markets Debt and Structured Finance team has arranged $7.8 million in acquisition financing for a triple-net-leased Walgreen’s drug store in Smithtown, New York. The asset commanded a sale price of $10.4 million.

Geoffrey Harris of CBRE’s Phoenix office arranged a 75% LTV bank loan, 10-year fixed at 4.08% with a 30-year amortization, and non-recourse. The property was exclusively listed and sold by Simon Jonna and Raymond Jonna with Marcus & Millichap in Southfield, Michigan.

“This trophy, newer-construction Walgreens is situated along the exclusive North Shore of Long Island in Smithtown, New York. The tenant occupies a 14,560-square foot prototype freestanding building located on a prime corner with a drive through pharmacy,” said Mr. Harris. “Due to the populous demographic and exceptional exposure on Main Street USA, the strong store sales for this location showcase the highest range for Walgreens Corp. anywhere in the nation, reflecting nearly three times that of the average Walgreens. This pride of ownership site ensures dedicated longevity for decades to come.”

The asset is located at 10 West Main Street in Smithtown (Long Island), New York and was built in 2006. Since its completion, the property has been home to a corporate Walgreens store. At time of sale Walgreens had 16 years remaining on its lease.

Headquartered in the greater Chicago, Illinois area, Walgreens is the largest retail drug store chain in the United States. The company operates more than 8,000 stores across the United States, including Puerto Rico and the U.S. Virgin Islands.

Veterans Affairs outpatient clinic in Tomball, Texas
CBRE’s Capital Markets Debt and Structured Finance team has arranged an $8.2 million loan in the refinancing of a Veterans Affairs outpatient clinic in Tomball, Texas.

Geoffrey Harris of CBRE’s Phoenix office arranged the 10-year, fixed-rate loan through one of CBRE’s Life Insurance Company correspondents at 3.49% with 7 years I/O and thereafter a 25-year amortization.

“The subject investment is the rare opportunity to own a property operated by the US Department of Veterans Affairs, guaranteed by the AA+ Credit Rating (S&P) of the United States Government,” said Mr. Harris. “The property is subject to a 20-year flat triple net lease with no outs. This VA Medical Center and Clinic is located at 1200 W Main Street in Tomball, Texas.”

The subject property was originally built in 1971. It underwent significant renovation in 2013 and the VA outpatient clinic opened in July the same year. The Tomball area is home to more than

Credit: Wavebreak Media Ltd.

No guts, no glory: Tales of risk from Arizona CCIMs

Not all commercial deals were created equal. It’s when things get a little messy, complex or a buyer is considering a potentially risky investment that having a Certified Commercial Investment Manager on his or her side can lead to the most informed decisions possible. This was especially true during the Great Recession. Below are vignettes of interesting, risky and downright bizarre deals local CCIMs have encountered.

The fine print
CCIM: Alan Davidson, ORION Commercial
In 2009, an investment group* bought a package of properties. One property in particular, a single-story, single-tenant property, though gave them a bit more than they bargained for. When the investment company foreclosed on the property, they found three tenants in the building, a personal boat parked on the premises, flammable materials in what Davidson called a “non-permitted hut” outside the building, a second-floor mezzanine and electrical rewiring that was not completed to code. Furthermore, the previous tenant did not have permits for multiple tenants. The City of Gilbert, which happened to be operating across the street during all this, Davidson says, “red-tagged” the businesses and effectively asked them to move out. Davidson’s role was to strike an agreement with the city to let the tenants stay in operation until they could find a new space to lease. He managed to do this, and to sell the building “as is” to one of the remaining tenants who wanted to consolidate his cabinetry businesses around the Valley.

*Davidson has left his clients and certain specifics vague in the interest of fiduciary duty. He is unable to divulge details without written release, which he did not seek for this feature.

The corner of happy and healthy
CCIM: Alan Davidson, ORION Commercial
Universities receive planned gifts from alumni, especially those who have a particularly strong bond to their alma mater. One generous alum of a California university that will remain unnamed* who had no heirs named his alma mater the beneficiary of two Walgreen’s stores’ land leases in Phoenix. The university contacted a California-based bank for which Davidson was tasked to sell the properties as quickly as possible — in 2009. The university didn’t want to take the title for the land and the Walgreen’s leases were nearly up and losing value. Additionally, one of the leases had a defeasance clause, meaning the loan couldn’t be paid off unless the income to the lender was replaced with equivalent earnings. Davidson deferred to a North Carolina company that had an expert in defeasance clauses and found investments to acquire in Walgreen’s ground lease. The leases were sold in less than 100 days — and the new buyer sold the properties two years later.

To buy or not to buy
CCIM: Scott Fey, Omni-American LLC
Horne Plaza, a 15KSF retail center in Gilbert was available for sale in 2012. The economy was still very soft and retail in Phoenix had not improved. Furthermore the center’s largest tenant, Gilbert Center for Family Medicine, was preparing to move. The largest challenge was to replace the 6KSF medical tenant. The second largest challenge was beyond the control of the buyer. Part of the center not for sale was a 60KSF former Albertsons grocery store. The store was abandoned and there was no indication it would be replaced anytime soon. The CCIM performed a value forecast for the buyer showing the center value based on a CAP rate five years in the future under a worst case, best case and most likely case scenario. The CCIM also studied the retail market in the immediate area and discovered that many of the large vacant “big box” store locations that had been empty in the area were selling at a rapid pace. The buyer considered all of the research and made the decision to purchase what on the surface appeared to be a rather drastic situation. The CCIM helped the buyer negotiate a favorable termination with the medical center that had decided to leave its lease early. The broker on the building was instrumental in completing a lease with a new medical office tenant. An investment group from Las Vegas purchased the old Albertsons location and leased the space to a new grocery chain. The owner successfully released a smaller tenant that was not paying rent on time and expanded the new medical tenant into its space. Cash flow of the property not only stabilized but grew with company guaranteed leases. The value of the building has improved exponentially with the buyer taking a risk but a calculated risk based on the CCIM research.

Marley Park Plaza

Cassidy Turley reports two retail center sales

Cassidy Turley announced the sale of Marley Park Plaza, a 77,545 square foot, grocery-anchored neighborhood shopping center at 15411 W. Waddell Road in Surprise. IMAN Enterprises, LLC of Surrey BC, Canada, purchased the retail center for $12.45 million from Donahue Schriber Realty Group.

Cassidy Turley Executive Managing Directors Ryan Schubert, Michael Hackett, Dan Wald and Matt Kircher negotiated the transaction on behalf of the seller.

Located on 11.83 acres at the southeast corner of Waddell and Reems Road, the sale included the Basha’s anchored shopping center and an adjacent 2.45 acre developable land parcel. The parcel is currently planned for an additional 16,705 square feet of retail space. In addition to Basha’s, Marley Park Plaza tenants include Subway, H&R Block, Little Caesar’s Pizza, Baskin Robbins and Great Clips. Developed in 2007 by Donahue Schriber Realty Group, the property is located one-half mile east of the Loop 303 with frontage on two primary thoroughfares in Surprise. Marley Park Plaza was 98% leased at the time of sale.

“There was tremendous upside for the buyer with the future development of the adjacent parcel,” Hackett said.

The brokerage firm has also announced that Hayden Crossing Shopping Center, a 63,446 square foot neighborhood retail center at 8015-8035 E. Indian School Road sold for $14 million ($221.38 PSF).

Executive Managing Directors Ryan Schubert and Michael Hackett with Cassidy Turley’s Retail Capital Markets Group represented the seller Hayden Crossing Shopping Center, LLC. The buyer was a Phoenix investor, 919 Hillsdale, LLC.

Hayden Crossing

Hayden Crossing

“Hayden Crossing is located in a prime infill Scottsdale submarket with a very high barrier of entry by future competition,” Schubert said. “The center includes two quality, net lease tenants, Bashas’ and Walgreens.”

Hayden Crossing is located on six acres at the southeast corner of Hayden and Indian School Roads. The center was built in 2004 specifically for Bashas’ and Walgreens. The neighborhood shopping center services all of downtown Scottsdale, the city’s second largest employment center and a hub for technology and healthcare companies like Yelp and McKesson.


Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Walgreens, a 14,820-square foot net leased property located in Goodyear, according to Steven Ross Chaben, Managing Director of the firm’s Phoenix office. The asset commanded a sales price of $9,094,000.

Mark Ruble and Jamie Medress, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, an individual/personal trust, was secured and represented by Kirk Trammell, an investment specialist in Marcus & Millichap’s Palo Alto office.

Walgreens is located at 9800 South Estrella Parkway.  This is the first store in Arizona with the new “Wellness Experience” prototype.  The new prototype is focused on the Pharmacy experience and building sustainability.  In addition, this is the second Walgreens in the country to receive LEED certification.

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With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.


Phoenix AIDS Walk and 5K raises $327K

More than 6,000 participants walked, ran and strolled with their dogs in downtown Phoenix on Oct. 21 to raise $327,379 for 19 Valley-based HIV/AIDS service providers.  Since 2007, AIDS Walk Phoenix & 5K Run has raised more than $1.6 million, which has been evenly distributed by Aunt Rita’s Foundation, the 501(c)3 nonprofit agency that organizes the event.

“We had more walkers and runners this year than ever before and though we didn’t hit our goal of $500,000, we still raised a significant amount of money that will be put to good use by the agencies Aunt Rita’s Foundation supports,” said Aunt Rita’s Executive Director Kit Kloeckl.  “I’d say that raising nearly $330,000 in a very tough economy makes this event a significant success.”

Walgreen’s was the title sponsor.  Other sponsors were:

• Presenting Sponsors: Sonora Quest Laboratories, Univision Arizona, 100.3FM La Kalle, Echo Magazine

• Platinum Sponsors: After Hours Multicultural, City of Phoenix, PMT Ambulance, Platinum: After Hours Multicultural, City of Phoenix, PMT Ambulance, Southwest Airlines, Carefree Resort & Conference Center and Safeway; Gold: Attentive Home Health, just Wink, ONE Community, SWAY Events, Phoenix Pride, Rainbows Festival, Cardenas Marketing and Catch Creative; Silver: Avella, ASU Wellness, Blue Cross® Blue Shield® of Arizona*, Scottsdale Healthcare’s FitCity Scottsdale, The State Press, WDP Entertainment, Lodestone Systems, Pride Guide Arizona, Arizona Lottery, Bud Light, and Cultural Sponge

Agencies that benefit from the event are: A New Leaf, The Bill Holt Clinic at Phoenix Children’s Hospital, Chicanos Por La Causa, Compassion in Action, Concilio Latino de Salud, Ebony House, Heal International, HIV/AIDS Law Project, HIV Care Directions, Joshua Tree Feeding Program, Inc., Maricopa Interfaith HIV/AIDS Alliance, McDowell Healthcare Center, Native American Health, One n Ten, The Phoenix Shanti Group, Project Hardhat, Southwest Behavioral Health Services, Southwest Center for HIV/AIDS, and Terros

In addition to AIDS Walk Phoenix & 5 Run, Aunt Rita’s signature events include SAVORlife, a month-long event during which individuals across the Valley host dinners for their friends, either at home, at restaurants or even at workplaces.  SAVORlife takes place in March.

For more information about Aunt Rita’s, go to www.auntritas.org.  For more information about SAVORlife and to register as a host, visit www.savorlifephoenix.org or call (602) 882-8675.


Vestar Property Manager At Christown Spectrum Mall

Vestar, a prominent leader in commercial management, was selected as property manager at Christown Spectrum Mall in Phoenix.

“In today’s challenging retail market, owners understand that an experienced property manager is necessary for the success of a center,” says Pat McGinley, Vestar Vice President of Property Management.

Christown Spectrum Mall, formerly known as Phoenix Spectrum Mall, is a 1.14 MSF shopping center that caters to a diverse demographic. The change in management is not the only recent change; the exterior has been redesigned and developed to improve the overall environment of the property, according to Vestar officials.

Christown was Arizona’s first air-conditioned, enclosed mall and today it houses popular stores such as Walmart Supercenter, Walgreens, Ross Dress for Less, Costco Wholesale, Claire’s Boutique, and Dollar Tree. The mall also features other smaller specialty retail stores.

While Vestar continues to manage its various properties, it has begun examining and evaluating plans for Christown to specifically help increase mall traffic and tenant sales, Vestar says.

To increase the synergy from all of the tenants, the company plans to use its years of experience and the lessons it has learned to creatively think about every area of potential improvement.

The mall features seven anchor stores. Officials say in the current economic climate, having successful anchor stores is vital to the survival of a mall. In the past decade, several anchor stores began to close and put Christown in a difficult position. However, with the new redesign and change in management of the mall, the future will continue to look positive, officials predict.

A challenge that Vestar faces with Christown is the disparity of traffic throughout the different sections of the mall.

“We want to find new ways to drive traffic from one portion of the mall to another and create an environment where the whole is greater than the sum of the parts,” McGinley says.” One of Vestar’s core values includes innovation, which to Vestar, means, “tak(ing) lessons of today to create the projects of tomorrow” and the “innovation comes from (their) constant search for better results.”

Vestar is in the “process of evaluating each aspect of their operation to determine how best to improve the leasing, management and marketing functions,” McGinley says. He adds that tenants have been very responsive to the change in management and with the changes that Vestar is planning on making.

Founded in 1977, Vestar operates properties in Arizona, southern California, and now Nevada. Vestar oversees more than 45 properties which include Tempe Market Place, Desert Ridge Market Place, and Ahwatukee Foothills Towne Center in Arizona.

For more about Christown Spectrum Mall, visit christownspectrum.com; or, for more information about Vestar, visit vestar.com.