1935 N. Power Road
AZUR Realty Partners, a market leader in Commercial Real Estate Investment & Advisory Services based in Southern California, announced today that Amer F. Kasm represented the Buyer in the purchase of the leasehold interest of a single-tenant Walgreens in Mesa, Arizona. The purchase price was $1,625,000 and the transaction was completed in a total of 52 days. This is the second Walgreens transaction completed by AZUR Realty Partners in the past two months.
The approximately 15,000 square foot Walgreens store sits on approximately 2 acres of a Safeway anchored shopping on the “hard corner” of Power and McKellips Road in the City of Mesa. We were initially very excited to do this deal primarily as a result of the strength of the location, since it was on the most desirable corner of the highly trafficked intersection across from such retailers as Target, MacDonald’s, and Home Depot. The intersection of Power Road and McKellips provides for an average daily traffic count of more than 65,000 cars. The combination of the location, Walgreens’ stellar credit rating, and the above market yield made this acquisition a no-brainer, says Amer F. Kasm, President of Azur Realty Partners. Given that Walgreens’ rent was also well below the market rate, a re-positioning strategy can be easily implemented if Walgreens ever decided to opt out of their lease by exercising any of their termination options.
The Buyer was a Southern California based private investor. The acquisition enabled AZUR’s exchange investor to achieve an annual cash-on-cash return of more than 19%, with an annual equity yield of 23%. AZUR’s Net Lease Division is seeking to acquire investment grade single tenant NNN properties across the country at capitalization rates of 9% or greater with a minimum of ten years remaining on the original lease term. AZUR is able to close on the right property quickly and on an all cash basis. For more information, please contact Amer Kasm at 949.333.7215 or by email: kasm@azurpartners.com.
