Hanley Investment Group Arranges Sale of Single-Tenant NNN Walgreens in Oceanside for $7.4 Million

This is the 2nd Walgreens to trade in San Diego County in the last 12 months

OCEANSIDE, Calif. –- (RealEstateRama) — Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, arranged the sale of a single-tenant absolute net-lease Walgreens property located in north San Diego County at 3507 Cannon Road in Oceanside, Calif. The purchase price was $7.4 million, which represented a cap rate of 5.0 percent.

Hanley Investment Group Executive Vice President Kevin Fryman, along with Ed Hanley, president of Hanley Investment Group, represented the seller, a private investor based in Beverly Hills, Calif. The buyer, a private investor from Northridge, Calif., was represented by Jason Flashman/Flashman Investment Group of Peak Commercial of Los Angeles.

Built in 2007, the 14,380-square-foot freestanding building with a drive-thru is located on a 1.64-acre pad within a former Ralphs-anchored shopping center that includes national tenants such as McDonald’s, AutoZone and Pizza Hut. There are more than 15 years remaining on the Walgreens primary lease with ten five-year renewal option periods.

Walgreens has a 10-year history at this location and benefits from the strong demographics in the area and close proximity to two regional hospitals, a large retirement community and convenient freeway access, Fryman notes. “Over 42,000 cars per day travel through the signalized intersection of Cannon Road and Melrose Drive. Melrose Drive is a major north/south thoroughfare in the city of Oceanside.”

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Hanley Investment Group

Built on a solid foundation of performance, integrity and dedication, Hanley Investment Group Real Estate Advisors is a boutique retail investment brokerage firm with a three billion dollar transaction track record that is comprised of innovative specialists delivering unparalleled service and superior results that consistently exceed client expectations.

Hanley Investment Group’s expertise, commitment and unwavering focus of putting the client’s needs first have continued to set the company apart in the industry. Hanley Investment Group works closely with individual investors, developers, and institutional property owners in every facet of the transaction to insure that the highest value is achieved.

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Phone: (949) 585-7610

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