Credit Pharmacy Tenants in Durable Assets Draw Investor Attention

Two single-tenant retail buildings triple-net leased to Rite Aid and Walgreens recently sold for $19.69 million, demonstrating investor appetite for durable well-located assets with credit pharmacy tenants. An 11,838-square-foot Walgreens-occupied retail building at 19001 Brookhurst St. in Huntington Beach sold for $11.29 million. The sale closed at nearly $1,000 per square foot. The area’s strong demographic profile includes 120,841 residents earning an average annual household income of $107,799.

A Rite Aid property sold for $8.4 million in the Riverside County community of Wildomar. The private seller had owned the asset since 2012. Completed in late 2007, Rite Aid began operations in the 17,272-square-foot building in January 2008. The drive-thru building is situated on 1.51 acres at 32450 Clinton Keith Rd. in a prime retail corridor at the base of the Elsinore Mountains. Its location at the signalized intersection of Clinton Keith Road and Palomar Street exposes the property to 25,800 vehicles per day.

The JLL team representing the seller was led by Gleb Lvovich and Daniel Tyner.