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10/14/21
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An 11.8k sf, single-tenant retail building triple net leased to Walgreens on a long-term basis in the coastal Orange County market of Huntington Beach traded for $11.29 mil ($957/sf). The property was sold by Stanford Hotels Group.
Walgreens has occupied the property since it was constructed in 2007 and sits on 1.26 acres at 19001 Brookhurst St. The property is visible to more than 53,000 vehicles per day at the intersection of Brookhurst Street and Garfield Avenue and is proximate to numerous healthcare facilities, including MemorialCare Orange Coast Medical Center and Fountain Valley Regional Hospital.
Daniel Tyner and Gleb Lvovich with JLL Retail Capital Markets represented the buyer, a private 1031 exchange investor. According to Tyner, the investor market for coastal triple-net-lease assets in Southern California is abundant, and pricing continues to stay very aggressive for these type of assets with long-term leases in place.
Huntington Beach has some of the best demographics in Southern California, providing a dense and affluent customer base for the tenant. There are nearly 192,900 residents earning an average annual household income of $118,977 within a three-mile radius of the property, and the population is expected to grow over the next few years, as Orange County is known for its high quality of living, beautiful beaches, premier housing, thriving economy and direct access to California’s infrastructure and transportation networks.
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