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5/26/20
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A 1.38-acre ground-leased property in Apple Valley occupied by a 14.7k sf Walgreen’s traded for $7.15 mil. The property is located at 21650 CA Hwy18, at Navajo Rd.
Walgreen’s is on an absolute, corporate NNN fee simple lease with 13.9 years remaining. The deal, which closed May 5, came in at cap rate of 6.0%.
Both parties were local private investors. Marty Starr of ASU Commercial represented the buyer. Ara Rostamian and Orbell Ovaness with Ovaness-Rostamian Group of Marcus & Millichap repped the seller.
“Drugstore use is now considered “essential” and continues to be a go-to option for NNN investors as the sector has seen a boost from local policies and being one of the only locations open for daily needs,” noted Rostamian.
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