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1/06/20
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A private investor from Newport Beach paid $2.9 mil for the ground lease of a 13.9k sf, single-tenant retail property in San Bernardino. The property is occupied by Walgreens on an absolute, triple-net corporate guaranteed lease.
Built in 2002 and situated on 1.44 acres at 1634 E. Highland Ave, the property includes a drive-thru and provides 74 parking spaces. It is located at the signalized highly trafficked intersection of E. Highland Ave and Del Rosa Ave N. and is less than two miles from St. Bernadine Medical Center. Additionally, it is within a strong retail corridor with other nearby retailers including Target, Harbor Freight Tools, Stater Bros, and Chase Bank, among others.
Michael Walseth with SRS National Net Lease Group represented the buyer and the seller a Chicago-based private investor. The closing cap rate was 4.32%.
“Ground lease opportunities with a strong national tenant in a dense, infill Southern California market are scarce and in high demand from investors seeking a passive investment,” said Walseth.
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