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PHOENIX-Walgreen Arizona Drug Co. is edging closer to its 200th Arizona store with the 75-year lease of a 14,490-sf building that is currently under construction at 67th Avenue and Happy Valley Road in North Phoenix. The lease is valued at nearly $27.2 over its term.

Rick Murphy, with CB Richard Ellis Inc.’s Phoenix office, tells GlobeSt.com that the lease with property developer Bev Norm Olive LLC of Beverly Hills, CA, was written to guarantee the drug firm an initial 25-year tenancy with five 10-year options to renew.”It’s their standard lease,” Murphy said of the Walgreen lease terms for the 199th Arizona store.

The property, which sits on 1.8 acres on the northeast corner 67th Street and Happy Valley Road, currently is under contract to be sold to an undisclosed buyer, Murphy added. Walgreen selected the site for development because of its location in Phoenix’s fast-growing northwest suburbs, which has seen a phenomenal increase in new homes during the last few years.

“There’s not a lot of commercial property in that section of Phoenix and the other corners were gone so it was a good fit for Walgreen’s,” Murphy said. Construction on the building is slated to be completed in June with the store opening scheduled for July.

The Walgreen Co. is the nation’s largest drug store with more than 4,000 stores in 43 states and Puerto Rico. Murphy and Susan Mendonca, also with CB Richard Ellis’ Phoenix office, represented Walgreen, headquartered in Deerfield, IL, and Bev Norm Olive LLC, in the lease transaction.

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