Eagle Group Finance




The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
December 15, 2018
 Search RENTV
   Go!
 Video Programs
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



RETAIL NEWS
Printer-friendly Version   Email an Associate
Rite Aid Property at the Edge of LA’s Hancock Park Goes for Almost $800/sf

2/16/18

A freestanding, 12.6k sf retail property in Los Angeles sold for $10 mil ($793/sf). The property, which sits on 1.08 acres at 959 Crenshaw Blvd, just north of Olympic Blvd, is currently 100% occupied by Rite Aid.

The property is ideally positioned at a signalized intersection and within a very short walk from a Los Angeles Metro stop for the Gold and Red lines, used by approximately 350,000 commuters every day. It is the only drive-thru drugstore within a one-mile radius, and has operated very successfully at the location since its inception in 1999.

Nicholas Coo, Thomas Chichester, Joseph Chichester and Director Matt Brooks with Faris Lee Investments represented both the Newport Beach-based private seller and the Beverly Hills-based private buyer, who was in a 1031 exchange and paid all-cash. The buyer removed all contingencies within a week, and the transaction closed shortly thereafter. It had an aggressive cap rate of 4.355.

“This remarkably high quality property offered a once-in-a-generation opportunity to acquire a trophy, single-tenant, investment-grade Rite Aid located in the prestigious Hancock Park neighborhood of Los Angeles,” said Coo. “The tenant is currently paying an under-market rent on its 20-year lease, giving the buyer an option for a rent increase when the lease expires next year.”

Rite Aid Corporation, through its subsidiaries, operates a chain of retail drugstores in the United States, with revenues of $32.84 bil in 2017.






Return to the Archive page


 


 


 


 
 





Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2018 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media