Hanley Investment Group Sells New Single-Tenant Walgreens in Victorville, Calif. at 5.69% Cap Rate
Lowest Cap Rate for a Single-Tenant Drug Store in Southern California Since 2008
Hanley Sells 7th Walgreens in Southern California in the Past Year
IRVINE, CA – April 23, 2012 – (RealEstateRama) — Hanley Investment Group Real Estate Advisors, one of the most dominant retail investment groups in the western United States and a market leader in the sale of retail properties, announced today that William B. Asher and Patrick G. Kent represented the seller in the sale of a single-tenant Walgreens in Victorville, Calif. The purchase price was not disclosed. The reported cap rate was 5.69%.
Located at 15318 Roy Rogers Drive in Victorville, the 14,740-square-foot freestanding building (including a drive-thru) is situated on a 1.31-acre parcel of land. The building, which is leased to Walgreens for an initial 25-year lease term with ten 5-year options, was built in 2011 and is a part of Desert Sun Plaza, which is anchored by Winco Foods.
“At a 5.69% cap rate, the sale represents the lowest cap rate for a single-tenant drug store in southern California in over 3 years,” said William B. Asher, managing director at Hanley Investment Group. “The demand for single-tenant credit retail investments, specifically newly built drugstores like a Walgreens, remains one of the most sought after investments in today’s market, especially in California.”
“We procured an all cash buyer that closed escrow in approximately 2 weeks,” said Patrick G. Kent, senior vice president at Hanley Investment Group. “The buyer, who fulfilled a 1031 exchange with the acquisition, opened escrow non-contingent with a significant deposit to secure the deal.”
Asher notes the sale of the Walgreens in Victorville represents the seventh single-tenant Walgreens in southern California that Hanley Investment Group has sold in the last year; the most by any brokerage company in southern California in 2011-2012.
The buyer, a family trust from Solvang, Calif., was represented by Vince Schwab at Marcus & Millichap in San Francisco. The seller was AMROYCIV, LLC, based in Newport Beach, Calif.
About Hanley Investment Group Real Estate Advisors
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. Clients rely on Hanley Investment Group to be the most knowledgeable and trusted source for valuation services, market information and retail property acquisitions and dispositions. For more information, visit the Company’s website at www.hanleyinvestment.com or call (949) 585-7610.
