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Net-Leased Rite Aid Sells in $7M 1031 Deal
CBRE arranged the $6.8-million sale of a 17,272-square-foot retail building at at 806 W. Ramsey St. in Banning to a local private investor completing a 1031 exchange. The single-tenant property is occupied by Rite Aid on a double-net lease.
David McNevin, Melissa Ley Marshall and Ian Schroeder of CBRE’s Net Lease Property Group in Newport Beach represented the seller, a private investor.
“The buyer was looking for a stabilized net-leased investment property to fulfill a 1031 exchange requirement and found the long-term lease with Rite Aid and property location appealing,” said McNevin.
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- ◦Sale/Acquisition




