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12/03/21
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In a recent single-tenant investment buy in Lake Elsinore, a 13.7k sf, net-leased building occupied by Walgreens sold for $10.5 mil, or $766/sf. Built in 2011, the building is situated on 1.36 acres at 160 Diamond Dr, at the Diamond Drive/Railroad Canyon exit off I-15.
Walgreens has a long-term, absolute triple-net lease, representing little to no landlord responsibilities. The property includes a drive-thru and is adjacent the Lake Elsinore Diamond Stadium, a 6,000-seat minor league baseball stadium occupied by an affiliate of MLB’s San Diego Padres.
Jeremy McChesney, Bill Asher and Jeff Lefko with Hanley Investment Group Real Estate Advisors represented the seller, Diamond Properties, out of Foster City. The buyer, a private investor based in Irvine, was repped by Oliver Wang of RE/MAX Premier Properties in Arcadia.
There are nearly 115,000 people with an average household income of $91,233 within a five-mile radius of the property. Located in Riverside County, Lake Elsinore is one of the fastest-growing cities in California with a 71,000 population that has almost doubled in size over the last 20 years.
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