A newly constructed, 14.5k sf Rite Aid in Long Beach sold for $13.5 mil, or $930/sf. The deal closed at a 5% cap rate.
The property, which was just completed earlier this month, is under a long term lease with Rite Aid. It is located at 4525 Pacific Coast Hwy, south of the 405 Fwy at the confluence of Los Coyotes Diagonal and Ximeno Ave.
Matthew Mousavi, Patrick Luther, Garrett Colburn and Townsand Cropsey with SRS’ National Net Lease Group negotiated the transaction on behalf of both parties.