March 16, 2016
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.