RealEstateRama   -   Site   -   in News   -   in Media   -   in Social   -   Web

Hanley Investment Group Arranges Sale of Single-Tenant NNN Rite Aid in Menifee, Calif., for $9 Million

Record Low Cap Rate for a Rite Aid in the Inland Empire

MENIFEE, 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 new single-tenant absolute net-lease Rite Aid property located at 28995 Newport Road in Menifee, Calif. The purchase price was $9 million, which represented a cap rate of 4.72 percent.

Real Estate Research Center
Hanley Investment Group
Search Hanley Investment Group:
WebSite – in News – in Social – in Web

Hanley Investment Group Executive Vice President Kevin Fryman represented the seller, Parkcrest Construction Inc. A Real Estate Development Company of Ontario, Calif. The buyer, a private investor, was represented by First Vice President Investments Ron Duong of Marcus & Millichap of Newport Beach, Calif.

Rite Aid_Menifee

Completed in late 2016, the new 17,185-square-foot freestanding building with a drive-thru is situated on a 1.63-acre parcel of land at the southwest corner of Newport Road and Menifee Road in Menifee. Rite Aid has nearly 20 years remaining on the initial term with increases every 10 years.

According to a report in the New York Post on February 16, 2017, the companies may be close to winning Federal Trade Commission approval with a revised plan, possibly in the next two to four weeks, says Fryman. Combined, Walgreens/Rite Aid would have a reported 46% US market share.

More

SHARE
Hanley Investment Group

Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with an $8.3 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients' needs first, sets us apart in the industry.

Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties.

Contact:
Phone: (949) 585-7610