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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