Walgreens & Planet Fitness Anchored - 7th and Townley Center: 8911 N 7th Street | Phoenix, AZ 85020
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Walgreens & Planet Fitness Anchored
7th and Townley Center:
8911 N 7th Street | Phoenix, AZ 85020
Contacts
Exclusively Communication
Listed By: All communication, inquiries and requests should be addressed to
The Capital Asset Management team, as representative of the Seller.
Capital Asset Management
Management of the property should not be contacted directly.
Jason Hersker
Director of Sales & Leasing
Property Visits
Tel: 602.370.9605
Interested investors are required to schedule a time to meet with The
jhersker@camcre.com
Capital Asset Management team to tour the asset and discuss the
merits of the offering. Please contact a member of the team with any
Stephen Herman
VP of Development & Leasing questions.
Tel: 602.859.1502
seh@camcre.com Representations
No warranty or representation, expressed or implied, is made as to
the accuracy of the information contained herein. Terms of sale or
lease and availability are subject to change or withdrawal without
notice.
2701 E. Camelback, Suite 170
Phoenix, AZ 85016
Tel: 602.489.7990
Fax: 866.468.1424
The Offering
Capital Asset Management, as exclusive advisor, is pleased to present the opportunity to acquire a highly sought after
asset located at 8911 N. 7th street (the Property), a 40,054 square foot retail project in Phoenix, Arizona.
The Property is a 97% occupied retail shopping center located along the popular 7th street retail corridor. With traffic
counts of over 33,934 CPD, 7th street is one of the more highly trafficked roads in all of Phoenix, providing exceptional
exposure to the project. The Property is anchored by two dominant national tenants in Walgreens (NASDAQ: WBA)
and Planet Fitness (NYSE: PLNT). Walgreens has been operating at the Property since 1965 and is backed by a corpo-
rate lease. Planet Fitness was recently signed to a brand new 10 year lease with the largest operator in the US.
With a dense population, strong traffic and two high quality Tenants, this asset provides an excellent opportunity for
strong, stable cash flow.
Property Summary Property Summary
Walgreens & Planet Fitness Anchored
8911 N 7th Street | Phoenix, AZ 85020 Offering Price $5.9 MM
43,254 SF 160-03-080L Price PSF $147.30 PSF
Total Building Area Parcel Number
CAP Rate 7.1%
1965 C-3
Year Built Zoning
Annualized NOI $416,300
3.40 AC 0.91/SF (2020)
Lot Size Taxes Nationally Anchored
Property Type
Retail Center
Contents
01 04
Property Aerials Financials
p. 01 - 02 Property Aerial p. 05 Rent Roll
p. 06 Annualized Operating Data
02 05
Property Summary Demographics
p. 03 Property Highlights & p. 07 Population Information
Capital Improvements p. 08 Household Information
03 06
Site Plan Schematic Tenant Profiles
p. 04 Property Site Plan p. 09 Walgreens Profile
p. 10 Planet Fitness Profile
Property
Aerial
7TH STREET | 33,934 cpd
d
cp
716
7,
|1
RD
EK
CRE
AVE
C
DUNLAP RD | 23,712 cpd
TOWNLEY RD
01
THUNDERBIRD
PAVILIONS
SHAW BUTTE
CENTER
PARADISE
VALLEY MALL
VILLAGE
NORTHWOOD FAIR
PLAZA
SHEA
PARK
METRO
CENTER
Dunlap Ave 86,697 VPD
GOOD
7th Street 61,529 VPD
ALTA VISTA SHEPHERD
PLAZA
MADISON
VILLAGE
CHRISTOWN
BILTMORE
PLAZA
CAMELBACK
CENTER BILTMORE
ARENA
CAMELBACK
UPTOWN COLONNADE
MEDLOCK
PLACE
02
Property Aerial
Property
Summary
Property Highlights Capital Improvements
• Dense Central Phoenix trade area is undergoing a
• New elastomeric roof coating
gentrification transformation
• Brand new HVAC units above Planet Fitness
• Area draw from Central Phoenix, 7th Street commuter
• Replaced LED lighting below the parapets
corridor and John C. Lincoln Hospital.
• New transformer and SES
• Home to nationally recognized Little Miss BBQ
• New parking lot slurry and striping
• Recent resurgence of restaurants and various national
• Updated monument signed panels and lighting components
retailers in a 1-mile radius around the property.
• Enhanced landscaping
• Stylized retro architecture
• Attractive cotenancy with Walgreens and Planet Fitness
• Heavily trafficked 7th street
• Freshly recoated 110 ft of drain line
• Attractive cotenancy with Walgreens and Planet Fit-
ness
03
The Offering
Not a Part
NoXcuse Boxing |
946 SF
VACANT | 1211 SF
Polish Goodies |
660 SF
Barber | 1072 SF
CNB Reptile | 1701 SF
04
Property Site Plan
Rent Roll
Monthly Annual
Lease Percent Lease Monthly Annual Lease
Unit Name Area Lease To Term Rent Rent Per Rental Increases
Type Occupancy From Rent Rent Guarantor
Per Area Area
Little Miss BBQ (Not a Part) CAMs Only 0.00 12/1/2018 0.00 0.00 0.00 0.00 0.00 - -
8903 Polish Goodies NNN 1.6% 660.00 7/12/2012 4/30/2024 142.00 $620.40 0.94 $7,444.80 11.28 Personal Annual Increases
Rose Ann Robertson
8905 NNN 2.7% 1,072.00 10/8/2012 4/30/2024 139.00 $947.83 0.86 $11,373.96 10.30 Personal Annual Increases
and Robert Lopez
8911 Walgreens NNN 36.7% 14,700.00 6/17/1965 12/31/2026 739.00 $12,250.00 0.83 $147,000.00 10.00 Corporate 10% every 5 years
8917 Planet Fitness NNN 49.3% 19,764.00 7/26/2019 7/31/2029 121.00 $18,000.00 0.91 $216,000.00 10.93 Corporate 10% every 5 years
8903-B NoXcuse Boxing NNN 2.4% 946.00 4/20/2021 7/31/2024 63.00 $788.33 0.83 $9,460.00 10.00 Personal Annual Increase
$1.00 SF increase
8903-A CNB Reptile LLC NNN 4.2% 1,701.00 3/1/2021 2/28/2031 120.00 $1,013.63 1.13 $22,963.50 13.50 Personal
in year 8 & 10
8907 Vacant 3.0% 1,211.00 0.00 0.00 0.00 0.00
Total SF 40,054.00
Occupied SF 38,843
Vacant SF 1,211
Monthly Base Rent $34,520.19
Annual Base Rent $414,242.26
Average 10.34
• 86% of the Tenants are National Credit and Corporate Guarantees
• Walgreens Rent to increase to $13,475 per month beginning 1/1/22
• NoXcuse Boxing Rent commences 8/1/21
• Planet Fitness is paying an additional $2,346.75 per month over 24 months beginning July 2021 and
ending July 2023 from rent deferral during Covid caused by state mandatory closures
05
Annualized
Operating Data
Income
Base Rental Revenue (Aug 21 - July 22) $422,957
Plus Expense Reinbursements $88,789
Total Gross Rent $511,746
Less Common Area Expenses (2021 Budget Estimate)
Common Area Maintenance $17,590
Taxes $40,800
Insurance $6,869
Utilities/Other $6,360
Management & Admin $23,827
Total Expenses $95,446
Net Operating Income $416,300
Capitalization Rate 7.1%
Offering Price $5.9 MM ($147.30 PSF)
Capitalization Rate (with leaseup of vacant space) 7.3%
06Population Demographics
2021 2026 Population Growth Median
Total Population Population Projection 2021-2026 Age
1 MI 19,981 1 MI 21,362 1 MI 1.4% 1 MI 38.9
3 MI 122,429 3 MI 130,956 3 MI 1.4% 3 MI 39.6
5 MI 390,575 5 MI 419,443 5 MI 1.5% 5 MI 37.9
07Household Demographics
2021 Total 2021 Average Household Growth Median
Households Household Vehicles 2021-2026 Home Value
1 MI 8,203 1 MI 2 1 MI 1.3% 1 MI $286,180
3 MI 52,056 3 MI 1 3 MI 1.4% 3 MI $369,328
5 MI 159,937 5 MI 2 5 MI 1.5% 5 MI $298,751
Median Median Average
Household Income Year Built Household Size
1 MI $51,795 1 MI 1970 1 MI 2.4
3 MI $57,999 3 MI 1974 3 MI 2.3
5 MI $56,412 5 MI 1976 5 MI 2.4
08Walgreens
Walgreens (www.walgreens.com) is included in the Retail Pharmacy USA Division of Walgreens
Boots Alliance, Inc. (Nasdaq: WBA), a global leader in retail and wholesale pharmacy. As Amer-
ica’s most loved pharmacy, health and beauty company, Walgreens purpose is to champion the
health and wellbeing of every community in America. Operating more than 9,000 retail locations
Profile
across America, Puerto Rico and the U.S. Virgin Islands, Walgreens is proud to be a neighbor-
hood health destination serving approximately 8 million customers each day. Walgreens pharma-
cists play a critical role in the U.S. healthcare system by providing a wide range of pharmacy and
healthcare services. To best meet the needs of customers and patients, Walgreens offers a true
omnichannel experience, with platforms bringing together physical and digital, supported by the
latest technology to deliver high-quality products and services in local communities nationwide.
331,000
21
$139.5 Bil
2020 Revenue Employees 44
Years on
8,175+ Fortune
Rank
Fortune 500 List Retail Locations
in the U.S.
09United PF Partners is the largest Planet Fitness franchisee conglomerate, claiming 160
locations in 14 states. United PF’s clubs span the West, Southwest, Midwest, South and
Mid-Atlantic regions.
Planet Fitness
In February 2020, the private equity owners of United PF Partners sold their group to
American Securities, another New York-based private equity firm, for an undisclosed sum.
Profile
American Securities primarily invests in North American companies with annual revenues
ranging from $200 million to $2 billion and claims $23 billion under management.
$407 Mil 10 Mil+
2020 Revenue Members
#58
Top 100 Fastest
2,074
Locations in
the U.S.
$6.97 Bil
Net Worth
Growing Companies
10Walgreens & Planet Fitness Anchored
7th and Townley Center:
8911 N 7th Street, Phoenix, AZ 85020
No warranty or representation, expressed or implied, is made as to the accuracy of the information con-
tained herein. Terms of sale or lease and availability are subject to change or withdrawal without notice.
2701 E. Camelback, Suite 170 Phoenix, AZ 85016
Tel: 602.489.7990 | Fax: 866.468.1424
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