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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

Highlights

  • 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

Investment Summary

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 36 locations across 7 western states, including 8 in Arizona. 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. 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.

The Offering

  • Listing ID: 17708964
  • Date Created: 11/13/2019
  • Last Updated:

Links

Amenities

  • Dedicated Turn Lane
  • Signage
  • Pylon Sign

Traffic

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
Walk Score ®
Somewhat Walkable (62)
What is a Walk Score®, Transit Score® & BikeScore®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

zoning

Zoning Code B-2, Casa Grande

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