Newport Beach, Calif. (March 22, 2018) – SRS Real Estate Partners’ National Net Lease Group announced the recent sale of a Walgreens in Riverside, Calif. for $9.5 million, and a record breaking $741 per square foot in Riverside County for a drug store. The lease is corporate guaranteed and has 10 years remaining on the initial term, with 10 five-year option periods to extend. Located at the rare five-point intersection of Central Ave, Brockton Ave, and Magnolia Ave, the property has close proximity to Riverside Plaza and benefits from nearby national tenants Regal Cinemas, Trader Joe’s, Chico’s, and Nordstrom Rack.
The property, which closed at $9.5 million with a 5.20 percent cap rate, was purchased by an all cash, high-net-worth foreign investor. “We had substantial interest in the asset through our aggressive omni-channel marketing platform. The property is located at one of the best and highly traveled intersections in Riverside,” said Ara Rostamian, vice president of the NNLG. “While location always plays an integral role, Walgreens credit continues to be an attractive option for foreign investors especially because of their long term absolute triple net lease structure.”
Ara Rostamian, vice president, Patrick Luther and Matthew Mousavi, managing principals of SRS’ National Net Lease Group represented the seller. The buyer was represented by Wendy Wong of Treelane Realty Group.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in the U.S. exclusively dedicated to retail services. Headquartered in Dallas with more than 20 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit srsre.com.