Southwest Drugstore Offering
- Limited Competition with nearest Walgreens 4 miles away and nearest CVS is 7.2 miles south.
- Walgreens reports healthy sales.
- Replaceable rents that are inline with market, limiting downside risk.
- Supporting communities include The Highlands at Dove Mountain (1,297 single family homes), La Sonora (142 units) senior living community, Legacy Apartments (168 units).
- Ritz Carlton at Dove Mountain 5-star resort is 6 miles north of the Property with no retail competition nearby.
- Economic development includes Mattamy Homes (81 homesites 1M east), Southern Arizona Logistics Center (950,000 SF under construction), Bela Flor Communities (162 acre) housing and commercial development, and American Furniture Warehouse(200,000 SF).
We are pleased to market for sale the Walgreens property located at 12050 North Dove Mountain Boulevard in Marana, Arizona (the "Property"). The lease operates on an absolute net basis with no landlord responsibilities whatsoever and has just over 9 years remaining on the initial term with 10 (5 year) options. The lease also allows for rental increases every 10 years in the initial term and in the options. Next rental increase is scheduled for December 2027 and Walgreens is reporting solid sales at this location.
The Property has limited retail competition in the immediate area between The Ritz Carlton just 6 miles to the north as well as The Highlands active adult community just a block away along North Dove Mountain Boulevard. Retail competition to the east is also limited with the nearest grocery store 2.5 miles away, the nearest Walgreens 4 miles away and the nearest CVS 7.2 miles south of the Property.
The Property is located within the affluent Dove Mountain Community which boasts a median household income of over $110,000 in a 1-mile radius and features the 5-star Ritz Carlton at Dove Mountain resort. Marana is part of the Tucson Metropolitan Statistical Area and has seen a population growth of 7.5% over the past decade.