BMO Harris Bank

1875 West Happy Valley Road, Phoenix, AZ 85085
$2,488,000
Status Sold
Price $2,488,000
Cap Rate 5.10%
NOI $126,772
Price/SF $417
Lease Type Absolute NNN
Lease Term 10 Years
Lease Start March 2015
Lease Expiration March 2025
Building Size 5,973 SF
Lot Size 93654 AC

Overview

Located on a hard corner less than two miles north of Deer Valley Airport near Interstate 17, the property features excellent visibility and accessibility. The building is 5,793 square feet with a 28-space parking lot and three drive-thrus. The land is a 2.15 acre lot with a potential development opportunity.

The branch benefits from its location in a retail driven neighborhood. Three major shopping centers: The Shops at Norterra, Walmart Super Center, and Happy Valley Towne Center are within close proximity to this location. National big-box retailers in these shopping centers include: Walmart, Staples, Lowe’s, Ross, TJ Maxx, Dick’s, Bed Bath & Beyond, BevMo!, Old Navy and Pier 1 imports. These retail hubs generate significant consumer traffic.

The neighborhood boasts more than 136,000 residents within a 5-mile radius from the branch. This same population has an average household income of over $75,000.

A development project adjacent to the branch will consists of 28 acres of mixed-use (hotel, retail, office, flex, and multi-family). Additionally, the branch is across the street from the Norterra Planned Unit Development (Norterra PUD) which will be developed as 398 acres of a mixed-use development consisting of employment, commercial, hotel, multi-family residential and single family residential uses. These projects will drive a tremendous amount of traffic to the immediate area.