Valley Still Dealing Drug Stores

Cornerstone Leased Drug Stores LLC purchased four Walgreens drug stores in the Phoenix metropolitan area. The sale is part of a 75-year, 42-store sale/leaseback deal. The Valley stores include 7923 East McDowell Road in Scottsdale, 420 South Sossaman Road in Mesa, and two sites in Peoria - 20266 North Lake Pleasant Road and 8368 West Deer Valley Road. The 14,936-square-foot Scottsdale location sold for $2,788,631, approximately $186.70 per square foot, and features two drive-through lanes and a grade level door. The Mesa site sold for $3,347,158, more than $223 per square foot, and is approximately 15,000 square feet and also features a drive through and grade level loading. The two Peoria locations are 15,048 square feet each and sold for $3,083,498 and $2,712,777 respectively. Neither the buyer, nor the seller, Walgreen Arizona Drug Co., had outside broker representation.