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December 18, 2018
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Rite Aid Property at the Edge of LA’s Hancock Park Goes for Almost $800/sf


A freestanding, 12.6k sf retail property in Los Angeles sold for $10 mil ($793/sf). The property, which sits on 1.08 acres at 959 Crenshaw Blvd, just north of Olympic Blvd, is currently 100% occupied by Rite Aid.

The property is ideally positioned at a signalized intersection and within a very short walk from a Los Angeles Metro stop for the Gold and Red lines, used by approximately 350,000 commuters every day. It is the only drive-thru drugstore within a one-mile radius, and has operated very successfully at the location since its inception in 1999.

Nicholas Coo, Thomas Chichester, Joseph Chichester and Director Matt Brooks with Faris Lee Investments represented both the Newport Beach-based private seller and the Beverly Hills-based private buyer, who was in a 1031 exchange and paid all-cash. The buyer removed all contingencies within a week, and the transaction closed shortly thereafter. It had an aggressive cap rate of 4.355.

“This remarkably high quality property offered a once-in-a-generation opportunity to acquire a trophy, single-tenant, investment-grade Rite Aid located in the prestigious Hancock Park neighborhood of Los Angeles,” said Coo. “The tenant is currently paying an under-market rent on its 20-year lease, giving the buyer an option for a rent increase when the lease expires next year.”

Rite Aid Corporation, through its subsidiaries, operates a chain of retail drugstores in the United States, with revenues of $32.84 bil in 2017.

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