Arizona TIC Property

This location has 20-year operating history and tenant recently exercised a 10-year extension of the lease. At $11.53/SF, this property had the lowest rent per square foot of the fifty comparable Walgreens properties that we researched and thus has a high likelihood of renewal. In the event that Walgreens does not renew, the rent is well below current market rents. A new roof was installed in June 2018 and includes a 10-year roof warranty. The property is visible to 51,500+ cars per day along N 35th Avenue and W Union Hills Drive, and has easy freeway access as it is one mile off off I-17 and Loop 101. The property is also minutes from Arizona State University’s West Campus. Overall, this property has a strong daytime population. The NN lease covers almost all conceivable expenses to property owners and a cash reserve is continually being built in the event any roof/structure issues should arise. As such, the property is a perfect 1031 investment for those exchangors seeking a headache-free investment property with a solid tenant. These tenant-in-common TIC properties allow any investor to enjoy the benefits to investment-grade commercial real estate.