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1314 E Florence Blvd - Mor Furniture for Less/Dollar Tree
45,327 SF Retail Building Offered at $4,597,000 at a 7.43% Cap Rate in Casa Grande, AZ
- The Property is 100% leased to two long-term anchor tenants: Dollar Tree (±15,115 locations) and Mor Furniture for Less (±36 locations).
- Dollar Tree has been operating from this location since 2001 and just signed a 10-year lease extension with 10% rental increases every 5 years.
- Mor Furniture for Less opened at this location in 2016 signing a 10-year lease with 5% rental increases every 2.50 years.
- Not included in the offering, but also located in the shopping center are: Big Lots, OfficeMax, Big 5, Pet Club and Dunkin Donuts, among others.
- In October 2019, Mor Furniture announced it is being sold to a Chinese home furnishings conglomerate, Healthcare Co. Ltd, ($5 billion market cap).
- The Property has excellent visibility, freeway proximity and is in the heart of a large and desirable trade area with ±28,151 vehicles passing per day
Casa Grande Shopping Center is located at the northeast corner of Florence Boulevard and Colorado Street within Casa Grande’s thriving retail corridor. It is 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 all of Pinal County, drawing shoppers from a wide trade area extending throughout all of Central Arizona. Casa Grande Shopping Center is positioned approximately 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 (Source: ESRI). 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 Dunkin’ Donuts.
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 $101/SF, a fraction of replacement costs.
|Price||$4,597,000||Gross Leasable Area||45,327 SF|
|Sale Type||Investment||No. Stories||1|
|Cap Rate||7.43%||Year Built||1982|
|Sale Conditions||Investment Triple Net||Parking Ratio||3.4/1,000 SF|
|Property Type||Retail||No. Dock-High Doors/Loading||2|
|Building Class||B||No. Drive In / Grade-Level Doors||1|
|Lot Size||4.63 AC|
- Dedicated Turn Lane
- Pylon Sign
|Collection Street||Cross Street||Traffic Vol||Year||Distance|
|N Colorado St||E 9th St, N||5,721||2018||0.08 mi|
|E Florence Blvd||N Colorado St, W||19,509||2018||0.09 mi|
|E Florence Blvd||N Colorado St, E||29,346||2018||0.16 mi|
|N Colorado St||E Florence Blvd, N||1,545||2018||0.18 mi|
|E Florence Blvd||N Peart Rd, E||16,481||2018||0.36 mi|
|Zoning Code||B-2, Casa Grande|
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