June 20, 2017 Comments Off on Rosamond Drug Store Sale Sets Cap Rate Record Views: 734 California News, Inland Empire

Rosamond Drug Store Sale Sets Cap Rate Record

Hanley Investment Group Real Estate Advisors arranged the $7.6-million sale of a new single-tenant net-lease Rite Aid property located in Rosamond, CA.

Completed in 2016, the 17,277-square-foot freestanding building with a drive-thru pharmacy is situated on a 2.23-acre parcel of land at 2938 Rosamond Blvd. in the Antelope Valley, north of Lancaster and Palmdale. Rite Aid has a new 20-year absolute NNN corporate-guaranteed lease with six five-year renewal options.

Lee & Associates’ Jim Halferty represented the buyer, Newport Beach, CA-based Newmar, LLC, in an all-cash 1031 exchange. Hanley Investment Group’s Bill Asher represented the seller, a unnamed private partnership based in Texas.

“The sale of the Rite Aid in Rosamond represents the lowest cap rate for a single-tenant drug store in the Antelope Valley,” said Asher.

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