A Newport Beach-based investment entity paid $7.6 mil ($439/sf) for a new single-tenant net-lease Rite Aid property in the city of Rosamond. The 17.3k sf property is located at 2938 Rosamond Blvd, just north of Lancaster in the Antelope Valley.
Completed in 2016, the freestanding building with a drive-thru pharmacy is situated on a 2.23-acre parcel of land at the signalized intersection of 30th St and Rosamond Blvd. Rite Aid has a new 20-year absolute NNN corporate-guaranteed lease with six five-year renewal options.
Hanley Investment Group’s Bill Asher represented the seller, a private partnership based in Texas. The buyer, Newmar LLC, was repped by Jim Halferty of Lee & Associates.
“Despite the unknown outcome of the proposed Walgreens/Rite Aid merger at the time of sale, we were able to close escrow in 30 days with an all-cash 1031 exchange buyer, which speaks to the strength of this location and long-term history of the tenant in the trade area,” said Asher.
According to Asher, one of the major selling points of the property was its 23-year operating history in the city of Rosamond. It is also the only national drug store within a 12-mile radius. The new Rite Aid (which included a drive-thru pharmacy) was a relocation from an older inline store with no drive-thru nearby that originally opened in April 1993.
Located in Kern County, the City of Rosamond is the closest city to Edwards Air Force Base, the second largest base in the Air Force spanning across 481 square miles with more than 10,000 military, federal civilian and contract personnel. The property also benefits from traffic flow to residential communities to the south and its close proximity to the high school and public library. Regional and national credit tenants in the area include Albertsons, AutoZone, Dollar General, Jack in the Box, McDonald’s, Pizza Hut, Subway and Taco Bell.