"He owns a Walgreens store and he feels very bullish on the strength of Walgreens as a company," Ed Kitts, a senior vice president at Grubb & Ellis/BRE Commercial in San Francisco, tells GlobeSt.com. "He was willing to buy a property that hadn't been built yet."
Vrionis Arizona Properties LP closed the deal as part of a 1031 Exchange sparked by last December's sale of a 37,000-sf retail property in San Francisco. The buyer used funds from the sale for the all-cash purchase of a Walgreens store that opened in recent months at 2411 W. Anthem Way in Anthem. Evergreen Devco of Glendale, CA, the seller, is a national developer of Walgreens stores.
Kitts says he made contact with the developer while the facility was still in planning stages and wrote up a contract prior to groundbreaking. Valued at a 6.85% cap rate, the deal includes a brand-new 20-year lease to Walgreens. Kitts handled the deal on behalf of Vrionis while Don Arones of Grubb & Ellis/BRE Commercial's Phoenix office structured the deal for the seller.
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