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Two Tucson Walgreen’s Properties Swapped for Nearly $10M
Project Capricorn Fund V was the buyer of the two Tucson locations. The fund has been investing in Walgreen’s stores around the country.
The Capricorn Fund V paid $5,152,000 ($331 PSF) for the Walgreen’s at 3910 East 22nd Street in Tucson and $4,600,200 ($310 PSF) for Walgreen’s at 550 N Silverbell Rd in Tucson. Both were sold by the Walgreens Corporation. The stores will remain open and have signed long term leases.
Both properties in Tucson were on larger than average sites; the 15,560-square-foot Walgreen’s on 22nd Street, built in 2000, sits on 1.85 acres and the other 14,820-square-foot store on Silverbell, built in 2012, sits on 3.5 acres.
There were no brokers involved in the sales; Michael Reiter, attorney and member of Project Capricorn Fund V handled the transactions. Of the nearly 8200 Walgreen’s locations, approximately 85% of this total are leased.
- ◦Sale/Acquisition
