CFI Southern LLC of Phoenix picked up the 1840 W. Southern Ave. property in a deal with developer Evergreen Devco, which completed construction on the property earlier this year. The Walgreens buy was the second for the family-run investment group, which bought a Walgreens in Surprise, AZ about three years ago, Isy Sonabend, with NAI Horizon's Phoenix office, tells GlobeSt.com. The family also owns other properties in California, he said.
"Walgreens represented to them a stable, long-term buy," said Sonabend, noting that the sale carried with a 75-year lease. Sonabend, who represented the buyer in the transaction, said the drug store chain's real estate has become a popular buy with investors who have been scooping up Walgreens locations the minute they hit the market.
"They've become the Tupperware of the 2000s," he said, noting that the company's solid future and its long-term leases have made the national retailer a solid investment bet. The property's former owner, Evergreen Devco, was self-represented in the transaction.
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