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9/10/20
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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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