Progressive Real Estate Partners Completes Sale of Rite Aid Pharmacy Leased Investment for $3,500,000
Located in a Lakewood Neighborhood Center the Property Generated Multiple Cash Offers
Lakewood, CA – Tuesday April 18, 2017 – Progressive Real Estate Partners, a leading Inland Empire retail real estate brokerage firm, is pleased to announce the sale of a 19,092 square-foot Rite Aid Pharmacy for $3.5M at a 5.10% cap rate. The property is located at 5520 Woodruff Avenue in Lakewood, California, in an upscale and well-populated region; combined with an absolute net lease this property provided an excellent investment opportunity for a potential buyer.
Progressive Real Estate Partners retail investment sales experts Mike Lin, MBA and Brad Umansky exclusively marketed the property and represented the seller, a private investor based out of Scotts Valley, in Northern California. The buyer was a private investor from Los Angeles, California.
This Rite Aid Pharmacy shares a Lakewood Neighborhood Center with anchor tenant Vons, a division of Safeway. Other tenants in the center include national retailers Starbucks, Arby’s, Chase Bank, Union Bank, Sally Beauty Supply, and international retailer Daiso Japan. The center is adjacent to the signalized intersection at Woodruff Avenue and South Street, with visibility to over 42,000 cars per day. This Rite Aid Pharmacy further benefits from a trade area featuring several other neighborhood centers providing great retail synergy, as well as being located within walking distance of several high schools and a densely-populated suburb featuring an average income of $94,000 within a 1-mile radius.
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