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California  + Inland Empire  + Retail  | 

CVS Pharmacy-Leased Asset in Chino Claimed in 1031 Exchange Deal 

A retail property leased by CVS Pharmacy in Chino, CA has sold for $7.6 million to a local unnamed 1031 exchange investor. CBRE’s Alan Krueger and Vanessa Haddad represented the undisclosed seller in the transaction. The buyer was represented by Albert Le of Le Investment Group.

The 13,013-square foot property is located at 12101 Central Ave. and sits at a signalized corner off Central Avenue, a main 60 Freeway exit in Chino, boasting a daily traffic count of more than 60,000 cars. The CVS location is part of a larger, 24 Fitness-anchored center with a remaining 15-year NNN lease agreement.

“This property sold at a record-breaking cap rate among drug store sales in the Inland Empire in the last two years,” said Krueger. “This is a safe, income-producing investment that turned out to be a win for both parties involved.”

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition