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1314 E Florence Boulevard - Casa Grande Shopping Center - Mor Furniture for Less/Dollar Tree, Casa Grande, AZ

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1314 E Florence Boulevard - Casa Grande Shopping Center - Mor Furniture for Less/Dollar Tree

Casa Grande, AZ 85122-4770 - Outlying Pinal County Ret Submarket

(6.1 MB)

Property Type:Retail Sub Type:- Status:Existing Year Built:1982
Building Size:45,327 SF Land Area:4.63 AC (201,639 SF)
For Sale Price:$4,500,000 Price/SF:$99.28
Cap Rate:7.11 %
Parking:Free Surface spaces are available; Ratio of 3.4/1,000 SF Anchor Tenants:Dollar Tree
Features:Dedicated Turn Lane, Pylon Sign, Signage

This building is part of one of the best shopping centers in the trade area . Shadow tenants include Big 5 Sporting Goods, Famous Sam’s, Ace Hardware, Bealls Outlet, Payless Shoe, JB’s Restaurant and Hollywood Video. Neighboring tenants include Kmart, Wells Fargo, Big Lots, J.C. Penney, Fry’s Food and Drug, Home Depot, Sonic Burger and Blockbuster. With its strategic location to Metro Phoenix, strong local economy and rapidly growing population, Casa Grande is an ideal place for investment.

Sale Notes:
CBRE Phoenix Retail Investment Properties has been retained as the exclusive representative to offer qualified investors the opportunity to purchase a ±45,327 square foot asset leased to two anchor tenants, Dollar Tree and Mor Furniture for Less, on a long-term basis within the recently remodeled Big Lots/OfficeMax/Big 5 Sporting Goods/Pet Club anchored Casa Grande Shopping Center in Casa Grande, Arizona. Dollar Tree has been operating from this location since 2001, which has consistently ranked as one of their top performing stores in the state of Arizona. Dollar Tree recently renewed their lease for an additional ten years which includes 10% rental increases every five years, including their one (1), five-year option period. In addition, Mor Furniture for Less recently executed a 10-year lease marking their first location in the Casa Grande market. Mor is a privately held regional furniture company with 30 locations across 7 western states, including 5 in Arizona. Mor Furniture for Less is the largest family-owned and operated furniture company on the West Coast offering a broad selection of quality furniture and named brand mattresses at guaranteed low prices. Mor Furniture for Less placed significant capital into their tenant improvements for their 10- year lease term, which calls for 5% rental increases every two and a half years, including their two (2), ten-year option periods.

Casa Grande Shopping Center is located at the northeast corner of Florence Boulevard and Colorado Street within Casa Grande’s thriving retail corridor strategically positioned halfway between Interstate 10 and downtown Casa Grande along Florence Boulevard, the major east-west thoroughfare in Central Arizona. Florence Boulevard serves as the major retail hub for not only the city of Casa Grande but for all of Pinal County, drawing shoppers from a wide trade area extending throughout all of Central Arizona. Casa Grande Shopping Center is positioned two and half miles west of Interstate 10, the major arterial connecting Casa Grande to the Phoenix and Tucson metropolitan areas, boasting over 43,000 vehicles per day. Further drawing traffic to the immediate trade area is Banner Casa Grande Medical Center, located three blocks east of the Property, consisting of 187 beds and 170 physicians on staff. Not included in the offering, but providing an additional draw to Dollar Tree and Mor Furniture for Less within the same shopping center are: Big Lots, OfficeMax, Big 5 Sporting Goods, Pet Club, Metro PCS, LoanMax, Great Western Bank, Western Dental, JB’s Restaurant and a brand new Dunkin’ Donuts (opening September 2016).

The Property presents an excellent opportunity for an investor to acquire a recently renovated, ±45,327 square foot retail asset, fully leased to two nationally recognized retail anchors at only $99/SF, a fraction of replacement costs.

Andrew Fosberg
(602) 735-1723

Dylan Brown
(602) 735-1714

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