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.
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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.
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.