March 8, 2017
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Hanley Investment Group Real Estate Advisors sold a new single-tenant, absolute net-lease Rite Aid property at 28995 Newport Rd. in Menifee, CA. The purchase price was $9 million, representing a 4.7% cap rate, a record low for the Inland Empire.
Completed in late 2016, the 17,185-square-foot freestanding building with a drive-thru is situated on 1.6-acres along the Temecula Valley’s primary retail thoroughfare. Rite Aid has nearly 20 years remaining on the initial term, with rent increases every 10 years.
Marcus & Millichap’s Ron Duong represented the undisclosed private buyer. Hanley’s Kevin Fryman represented the seller, Ontario, CA-based Parkcrest Construction Inc.
“The sale of the Rite Aid represents the lowest cap rate for a single-tenant Rite Aid in the Inland Empire ever,” said Fryman. “It was also one of the lowest cap rates for a fee-simple Rite Aid nationwide.”
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