| Purchase Price | $4,290,000 |
|---|---|
| Annual Rental Income | $345,000 |
| Cap Rate | 8.04% |
| Lease Term | 11 Years |
| City | Glendale |
"*" indicates required fields
Walgreens – Glendale, AZ (Phoenix MSA)
This Walgreens Pharmacy located in Glendale, Arizona, represents a premium single-tenant, net lease investment opportunity backed by Walgreens Boots Alliance, a Fortune 500 and investment-grade publicly traded company. Situated within the high-growth Phoenix Metropolitan Statistical Area (MSA), this asset benefits from strong regional demographics, long-term economic drivers, and a lease structure that offers 100% passive income. The property is operated under an absolute triple-net (NNN) lease, where the tenant is responsible for all expenses, offering investors a reliable and maintenance-free income stream with minimal risk.
The Walgreens in Glendale serves as a critical healthcare and convenience destination for the surrounding residential and commercial population. With a well-established store footprint, national brand recognition, and a long-term corporate lease, this property is ideal for investors seeking dependable income, portfolio diversification, and inflation-resistant returns in a resilient and growing Sun Belt market.
Tenant Overview – Walgreens Boots Alliance
Walgreens is the second-largest pharmacy chain in the United States and operates as part of Walgreens Boots Alliance (NASDAQ: WBA), a global leader in retail pharmacy, health, and wellness. With more than 8,000 U.S. locations and over 100 years of operating history, Walgreens is an essential service provider offering prescription medications, vaccines, health screenings, over-the-counter drugs, personal care products, and general convenience goods.
Walgreens continues to evolve its role in the healthcare ecosystem, recently investing heavily in primary care partnerships, in-store clinics, digital health technologies, and prescription automation. Its collaboration with VillageMD to roll out full-service primary care facilities across hundreds of stores highlights the company’s strategy to integrate healthcare delivery within its retail footprint. This evolution increases store relevance, drives consistent foot traffic, and strengthens its long-term real estate presence.
Walgreens is widely regarded as one of the most stable and secure tenants in the single-tenant net lease (STNL) marketplace due to its investment-grade credit, extensive operating experience, and history of honoring long-term lease commitments.
Lease Structure – Absolute Triple-Net (NNN)
The Walgreens property in Glendale is subject to an absolute triple-net lease, with the tenant responsible for all property-related expenses including taxes, insurance, maintenance, repairs, and capital improvements. The lease also includes multiple renewal options and structured rent escalations, providing income durability and growth potential.
This lease structure offers:
Absolute NNN leases are among the most sought-after structures in the real estate investment world, particularly when backed by national credit tenants like Walgreens. They deliver consistent cash flow and reduced ownership complexity while aligning with long-term, conservative investment goals.
Market Overview – Glendale, Arizona (Phoenix MSA)
Glendale is one of the largest cities in Arizona and a key economic engine within the booming Phoenix metropolitan area. Located approximately nine miles northwest of downtown Phoenix, Glendale has a population exceeding 250,000 and is part of the rapidly expanding West Valley region.
The Phoenix MSA is one of the fastest-growing in the nation, ranking consistently at the top for population growth, job creation, and real estate development. Glendale is home to major attractions including State Farm Stadium (home of the Arizona Cardinals), Desert Diamond Arena, and the Westgate Entertainment District. It also serves as a key suburban market for families, commuters, and young professionals seeking affordable housing and access to the greater Phoenix job market.
Phoenix’s economy is fueled by diversified industries including healthcare, education, finance, logistics, technology, and manufacturing. Major employers in the area include Banner Health, Honeywell, Amazon, American Express, and Intel. The city’s pro-business policies, favorable tax environment, and access to a skilled workforce continue to attract both corporations and residents from higher-cost states.
Demographics and Local Economic Drivers
The immediate trade area surrounding this Walgreens benefits from strong demographic fundamentals that support long-term retail pharmacy performance:
As Glendale continues to expand westward, this Walgreens is positioned to serve both established and emerging communities with daily convenience and essential healthcare access. The store’s location along a major commuter corridor ensures repeat customer traffic and long-term site viability.
Site Features and Retail Corridor Strength
This Walgreens property is located along a primary arterial road with excellent visibility, high traffic counts, and convenient ingress and egress. The building features a drive-thru pharmacy window, ample on-site parking, and is surrounded by dense residential developments, schools, churches, and other community services.
Key site characteristics include:
The area’s retail corridor includes multiple national tenants and regional draw centers, reinforcing Walgreens’ location as both a daily-use destination and a strategic real estate hold.
Tenant Credit and Financial Strength
Walgreens Boots Alliance continues to demonstrate financial strength and creditworthiness, maintaining strong revenues and real estate stability even during periods of economic uncertainty. The company’s ability to adapt and innovate within the healthcare landscape positions it for continued success as a net lease anchor.
Investment-grade attributes:
In the single-tenant investment market, Walgreens consistently ranks as a top-tier tenant for investors focused on credit-backed, essential-use properties with dependable cash flow.
Investment Highlights
Conclusion
The Walgreens Pharmacy in Glendale, Arizona represents a premier opportunity to acquire a corporate-guaranteed, absolute NNN asset in one of the most attractive real estate markets in the United States. With a stable lease structure, national brand credit, and strategic location within the booming Phoenix MSA, this investment delivers long-term income, passive ownership, and institutional-quality performance in an essential service sector. For investors focused on yield security, market growth, and tenant credit, this Walgreens property stands out as a high-quality addition to any net lease portfolio.