Demand Continues from California Investors Chasing Yield

CVS is under a long term, absolute triple-net lease.

MESA, AZ—A number of service-oriented transactions involving tenants with triple-net leases have closed around the Metro. One such deal is a store fully leased to CVS Pharmacy. This CVS is ideally situated within a significant growth area—surrounded by rooftops and serving an expanding area of Mesa that continues to experience significant growth. It is situated at the intersection of Ellsworth and Broadway Roads, visible to 31,500 cars per day. The property is less than one half mile from AZ Loop 202 (serving 43,102 cars per day), a vital connector between Mesa, Phoenix, Tempe, Chandler and Gilbert, and also three miles from US Highway 60, which offers ease of access from surrounding areas.

It also benefits from the additional customer base in the winter when the “snowbirds” settle in. The investment property is under a long term, absolute triple-net lease as of when the property was constructed in 2004. Closing at more than $3.375 million, this freestanding building comprises 13,504 square feet.