A single-tenant net-leased investment occupied by Walgreens in Lake Elsinore recently sold for $10.5 million. The buyer was a private investor based in Irvine.
The single-tenant Walgreens is located off the Diamond Drive/Railroad Canyon exit off Interstate 15 with daily traffic volumes exceeding 132,000 cars.
Hanley Investment Group’s executive vice presidents Jeremy McChesney, Bill Asher and Jeff Lefko represented the seller, Diamond Properties in Foster City, CA.
“We generated eight qualified offers in the first two weeks of marketing this asset,” said McChesney. “We sourced an all-cash Southern California-based 1031-Exchange buyer through a cooperating broker and closed at a record price for a single-tenant Walgreens in Riverside County.”
Built in 2011, the 13,676-square-foot single-tenant building is situated on 1.36 acres at 160 Diamond Dr. According to McChesney, Walgreens had a long-term absolute triple-net lease, representing little to no landlord responsibilities.
“The Walgreens-occupied property is positioned on a large 1.36-acre parcel with a drive-thru at a signalized intersection with 60,000 cars per day and national retailers that include McDonald’s, Circle K and Jack in the Box at the other three corners of the intersection,” said McChesney. “The property is also adjacent the Lake Elsinore Diamond Stadium, a 6,000-seat minor league baseball stadium occupied by an affiliate of MLB’s San Diego Padres.”
The buyer was represented by Oliver Wang of RE/MAX Premier Properties in Arcadia, CA.