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10/18/21
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Here’s the scoop on two recent SoCal single-tenant retail sales totaling just under $20 mil. The buildings traded are NNN-leased to Rite Aid and Walgreens, demonstrating investor appetite for durable, well-located assets with credit pharmacy tenants.
The larger transaction was the sale of an 11.8k sf, Walgreens-occupied building in Huntington Beach that sold for $11.29 mil ($957/sf). The property, located at 19001 Brookhurst St, is surrounded by some of the best demographics in Southern California.
Walgreens is a leader in the pharmacy, health and beauty sector and is a subsidiary of Walgreens Boots Alliance Inc. Gleb Lvovich and Daniel Tyner with JLL Retail Capital Markets team represented the seller in the deal.
32450 Clinton Keith Rd, Wildomar |
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The other deal was for a 17.3k sf Rite Aid in Wildomar that sold for $8.4 mil ($485/sf). Completed in late 2007, Rite Aid began operations in the building in January 2008, shortly after it was constructed.
The building, which has a drive thru and ample parking, is situated on 1.51 acres at 32450 Clinton Keith Rd, at the base of the Elsinore Mountains within fast-growing Riverside County. The Rite Aid is at the signalized intersection of Clinton Keith Rd and Palomar St, which exposes the property to nearly 25,800 vehicles per day.
JLL repped the seller in this deal as well. According to JLL Research’s most recent United States Retail Outlook, demand for neighborhood centers and stand-alone retail properties accounts for 90% of the net absorption seen since the beginning of the year.
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