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Hanley Investment Group Arranges $6M Sale of Net-Leased Asset
Real estate brokerage and advisory firm Hanley Investment Group has arranged the sale of a single tenant, net-leased investment occupied by Walgreens in Tehachapi, CA. The transaction was valued at $6.4 million, according to the Corona Del Mar, CA-based company, representing a cap rate of 5.25%.
“The sale represented a record-low cap rate for a Walgreen’s sale in the Central Valley with a short term lease,” said Bill Asher, who along with Jeff Lefko represented the seller for Hanley Investment Group. “Walgreens has approximately 6.5 years remaining on the initial absolute triple-net lease term and an 18-year history at the location.”
Built in 2003, the 14,500-square-foot building with a drive-thru is located on W. Tehachapi Boulevard, one of the city’s most heavily trafficked corridors. Nearby tenants include Walmart, Albertsons, Big 5 and Panda Express. The region is also rapidly growing, with a 7.8% increase in population since 2020, according to Asher.
