March 16, 2016 Comments Off on Hanley Marks Record Cap Rate For Walgreens Views: 582 California News, Orange County, West

Hanley Marks Record Cap Rate For Walgreens

Corona Del Mar-based Hanley Investment Group Real Estate Advisors completed a $11.85-million single-tenant absolute net-leased sale, involving a Walgreens property in Huntington Park. The cap rate of 4.22 percent is the lowest rate ever for a single-tenant Walgreens in Los Angeles County priced over $10 million, and one of the lowest cap rates for a fee-simple Walgreens nationwide.

The 15,525-square-foot Walgreens building was built in 2007 on a 47,916-square-foot lot, located at 6100 Pacific Blvd. The Walgreens lease had more than 22 years remaining on the initial 30-year term.

Hanley’s Patrick Kent and Bill Asher represented the seller, a private investor based in Los Angeles. The buyer, a private investor based in Northern California, was represented by Kidder Mathews’ Nigel Keep and Bill Kurfess.

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