9/25/2008

California Walgreens brings $7.69M

by

245-253 Foothill Blvd.

Oakland, Calif.-based Arcadia Burge, LLC, has purchased a Walgreens-occupied, single-tenant retail property in Arcadia for $7.69 million from San Pedro-based Rich Arcadia, LLC.

Dennis Vaccaro of Faris Lee Investments represented the seller while the buyer was in a 1031 Exchange and was self-represented.

The retail building is located at the intersection of Foothill Boulevard and Second Avenue at 245-253 Foothill Blvd. It contains 12,610 square feet and sold with a 6.2 percent capitalization rate. Built in 2008, the building sits on 1.28 acres just 20 miles northeast of downtown Los Angeles.

"Walgreen Co. is number one in sales for drugstores in the United States, and the absolute NNN lease term for this particular store is 75 years with the tenant having the right to cancel the lease each five-year period throughout the 25th to 70th years," Vaccaro said.

Address: 245-253 Foothill Blvd., Arcadia, Calif.

Size: 12,610 square feet

Built: 2008

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Filed Under: Retail

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