Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.