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September 24, 2020
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Foreign Investor Pays $741/sf for Riverside Walgreens


An all-cash, Chinese-based investor paid $9.5 mil for a 12.8k sf ($741/sf) Walgreens in Riverside. The Walgreens lease is corporate guaranteed and has 10 years remaining on the initial term, with 10 five-year option periods to extend.

Located at 6600 Magnolia Ave, at the five-point intersection of Central Ave, Brockton Ave, and Magnolia Ave, the property has close proximity to Riverside Plaza and benefits from nearby national tenants Regal Cinemas, Trader Joe’s, Chico’s, and Nordstrom Rack. It was sold by an Orange County-based partnership.

Ara Rostamian, Patrick Luther and Matthew Mousavi with SRS’ National Net Lease Group represented the seller in the transaction. The buyer was repped by Wendy Wong of Treelane Realty Group. The deal closed at a 5.20% cap rate.

“The property is located at one of the best and highly traveled intersections in Riverside,” noted Rostamian, vice president of the NNLG. “While location always plays an integral role, Walgreens credit continues to be an attractive option for foreign investors, especially because of their long term absolute triple net lease structure.”

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