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March 28, 2024
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INLAND EMPIRE NEWS
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Private Investor Pays $392/sf for Rite Aid Building in the Inland Empire

9/10/20

A 12.2k sf Rite Aid building in Desert Hot Springs sold for $4.8 mil, or about $392 per square foot. The building is located at 12900 Palm Drive, in the northeast quadrant of Hacienda Ave and Palm Rd.

The asset was acquired by a private investor as part of a 1031 tax-deferred exchange following the recent disposition of a multifamily property. The buyer was repped by Kristin Sullivan of Marcus & Millichap. Scott Hook, also with Marcus & Millichap, represented the seller in the transaction.

“The corporate guaranteed lease by Rite Aid has approximately eleven years left on its initial triple-net term with four five-year options, accommodating the new investor with minimal landlord responsibilities,” noted Hook.





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