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2/02/17
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A newly constructed Rite Aid pharmacy property in Glendale has sold in a transaction we’re told represents the highest price per square foot in California and lowest cap rate in Los Angeles County for Rite Aid drugstore sales.
The 14.6k sf property, purchased by a SoCal-based private investor, was sold by Mill Avenue Properties LLC in a deal valued at $14.3 mil. The sale came in at a price of around $980/sf and at a cap rate of 4.44%.
The Rite Aid, located at 707 N. Pacific Ave, just north of the 134 Fwy, was completed in the fourth quarter of 2016. The property was co-developed by Starpoint Properties and HRI-Development, who acquired the site in 2014. After completion of the project, the ownership was transferred to Mill Avenue Properties, an affiliate of Starpoint. From what we understand, this was the first new-construction drug store marketed for sale in the San Fernando Valley since 2011.
Ara Rostamian with Strategic Development Advisors (SDA) brokered the transaction, having represented Starpoint and also having procured the buyer.
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