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.”