Team Archibald & Olaiz Represent Private Seller in Transaction
San Jacinto, CA (November 13, 2017)—Team Archibald & Olaiz of Coldwell Banker Commercial Advisors (CBC Advisors) Glendale office closed the sale of a Rite Aid Pharmacy single tenant net leased investment property at 1180 North State Street in San Jacinto, CA, for $6,900,000.
The single-tenant building, which is part of the national Rite Aid network, is approximately 17,272 square feet on a 1.48-acre trophy corner location. Subsequent to the highly anticipated Walgreens acquisition of some Rite Aid stores, this store will remain a Rite Aid.
The single-tenant net-leased pad, which sold at a 6.38% cap rate, anchors a center known as Mountain View Plaza, to major retailers like 7-Eleven, Denny’s and Panda Express. Situated on the strong signalized intersection of State Street & Ramona Expressway, it characterizes true pride of ownership.
“This state-of-the-art building was recently constructed in 2008, is located on an ideal signalized corner location, has strong demographics and limited competition, and is a great passive income investment,” added Mr. Archibald. “It’s located in a highly popular retail sector near several other major tenants and benefits from the growth of the San Jacinto neighborhood, which has become an attractive community to work and live with its proximity to Orange, Los Angeles, San Bernardino, and Riverside counties.”
Mr. Olaiz added, “Our significant experience in brokering retail investment transactions allowed us to quickly facilitate the sales negotiation and streamline the entire process–from buyer identification in a competitive bidding process to closing the deal.”
Mr. Ernie Farhat of Sanjo Investments represented the Buyer.
As a full-service commercial real estate brokerage, CBC Advisors represents world-class office, retail, investment, industrial and multifamily projects coast to coast while providing institutional-grade asset services nationwide. Coldwell Banker Commercial operates in key markets throughout the U.S. and abroad.