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4/12/21
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A 14.4k sf Walgreens-occupied property in Rialto was purchased by a private investor for $8.72 mil ($606/sf). The NNN-leased property, located at 918 E Foothill Blvd, features a drive-through.
Appetite for pandemic-resilient retail resulted in free-standing, drive-through buildings capturing a larger share of retail investment volumes in 2020 compared to the year prior, according to CBRE research. Drive-through retail, such as fast food, coffee, and pharmacies, were active in the market throughout 2020, with over 147k sf of newly signed leases in the region.
Alan Krueger and Vanessa Haddad with CBRE represented the seller, Hospitality Group LLC, in the transaction. According to Haddad, the listing generated seven offers within two months.
“The sale of this Walgreens represented a record in the past 10 years,” noted Haddad. “Essential-needs retailers have fared well during the pandemic and have even increased in value during the past few months as buyers have been particularly drawn to safer investments in strong population centers.”
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