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8/04/15
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A private investor paid $6.93 mil for 17.3k sf ($400/sf), single-tenant property occupied by Rite Aid in the CA community of Lamont. The town has a population of about 15,000 people and is situated 13 miles southeast of Bakersfield, in Kern County.
The property sits on 1.52 acres at 8008 Panama Rd, which, for those of you who’ve not visited Lamont, is near the intersection with Weedpatch Hwy, at the north end of the town center. The store features double drive-thru pharmacy windows and is the only national retail chain servicing Lamont.
The tenant has more than 12 years remaining on the lease term. CBRE retail experts Maurice Nieman and Ian Schroeder represented the unnamed seller in the deal.
“We continue to see strong demand from 1031 apartment sellers looking to invest into double-net investments, as was the case with this transaction,” said Schroeder. “This sale indicates that investors see value in the Rite Aid brand and are chasing yield and willing to bend their investment criteria to get it.”
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