Built by Evergreen Devco of Glendale, CA, the 14,590-sf store at 2024 W. Main St. was sold for close to $4.3 million to Dobson CMT of Teluride, CO, with a 25-year lease to Walgreens, which also holds two 25-year renewal options. Isy Sonabend with NAI Horizon in Phoenix tells GlobeSt.com that Dobson CMT, which liked the solid tenant and the long-term lease arrangement purchased the property before construction began on the site. "It never even went on the market," Sonabend says.
Investor interest in Walgreens has soared because of the firm's long-term lease commitments and its solid reputation. "By today's standard, they represent a solid tenant with a track record and an income stream that will go on for a long time," says Sonabend, who represented the buyer in the recent sales transaction. "These days, even before they break ground, they have them sold. It seems to be a much sought after product." Evergreen Devco, which has three other Walgreens on the drawing board for the Valley, was self represented in the deal.
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