{"id":1004179137,"date":"2017-06-02T11:55:16","date_gmt":"2017-06-02T19:55:16","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004179137"},"modified":"2023-04-09T22:44:14","modified_gmt":"2023-04-10T06:44:14","slug":"hanley-arranges-sale-of-single-tenant-walgreens-in-san-diego-county","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hanley-arranges-sale-of-single-tenant-walgreens-in-san-diego-county\/","title":{"rendered":"Hanley Arranges Sale of Single-Tenant Walgreens in San Diego County"},"content":{"rendered":"<div id=\"attachment_1004179138\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Walgreens-Oceanside-Calif..jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004179138\" data-attachment-id=\"1004179138\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hanley-arranges-sale-of-single-tenant-walgreens-in-san-diego-county\/walgreens-oceanside-calif\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Walgreens-Oceanside-Calif.-e1496414027360.jpg\" data-orig-size=\"852,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Walgreens, Oceanside, Calif.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Walgreens, Oceanside, Calif.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Walgreens-Oceanside-Calif.-e1496414027360.jpg?w=852\" class=\"wp-image-1004179138 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Walgreens-Oceanside-Calif.-e1496414027360.jpg\" alt=\"Walgreens, Oceanside, Calif.\" width=\"300\" height=\"211\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Walgreens-Oceanside-Calif.-e1496414027360.jpg 852w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Walgreens-Oceanside-Calif.-e1496414027360.jpg?resize=300,211 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Walgreens-Oceanside-Calif.-e1496414027360.jpg?resize=768,541 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004179138\" class=\"wp-caption-text\">Walgreens, Oceanside, Calif.<\/p><\/div>\n<p>Hanley Investment Group Real Estate Advisors has arranged the sale of a <a href=\"https:\/\/www.commercialsearch.com\/news\/hanley-sells-socal-single-tenant-nnn-rite-aid-asset\/\">single-tenant absolute net-lease<\/a> Walgreens in north San Diego County. The $7.4 million sale price represented a cap rate of 5 percent, and there are more than 15 years remaining on its primary lease with 10 five-year renewal option periods. Hanley Executive Vice President Kevin Fryman and President Ed Hanley represented the seller, a Beverly Hills, Calif.,-based private investor. Jason Flashman of Flashman Investment Group and Peak Commercial worked on behalf of the buyer, a private investor from Northridge, Calif. This is only the second Walgreens that has changed hands in San Diego County in the last 12 months, according to Hanley.<\/p>\n<p>Located at 3507 Cannon Road in Oceanside, Calif., the 14,380-square-foot free-standing property with a drive-thru was built in 2007, on 1.6 acres within a former Ralphs-anchored shopping center, which includes national tenants such as McDonald&#8217;s, AutoZone and Pizza Hut.<\/p>\n<p><em>\u201cThe market for Walgreens properties remains active as investors are attracted to investment-grade rated companies with long-term leases,\u201d<\/em> said Hanley in prepared remarks. The pharmacy store chain has a S&amp;P Global credit rating\u00a0of BBB.<\/p>\n<p>Walgreens has a 10-year presence in the area, which has a population of more than 280,000 people within a 5-mile radius of the property. The average household income is more than $79,000 within a one-mile radius. The signalized intersection of Cannon Road and Melrose Drive has a daily traffic count of more than 42,000 cars. Two regional hospitals, Tri-City Medical Center and Scripps Coastal Medical Center, are less than 5\u00a0miles from Walgreens. Ocean Hills Country Club, a senior retirement community with more than 1,600 homes, is a five-minute drive away.<\/p>\n<p><em>\u201cWith continued volatility in investments such as stock and bonds, investors are looking to high-quality, <a href=\"https:\/\/www.commercialsearch.com\/news\/nothing-but-net\/\">single-tenant retail assets<\/a> that require little to no maintenance,\u201d <\/em>said Hanley in a prepared statement.<em> \u201cA single-tenant investment such as Walgreens provides long-term cash flow, with relatively low risk. As investors continue to look for security, we expect that the demand for these high-quality, single-tenant investments will remain strong through 2017.\u201d<\/em><\/p>\n<p><em>Image courtesy of Hanley Investment Group\u00a0 <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 14,380-square-foot property in in Oceanside, Calif., traded for $7.4 million, marking only the second Walgreens in the county to change hands in the last 12 months.<\/p>\n","protected":false},"author":960,"featured_media":1004508608,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21742,21749,1608,15],"tags":[35949,33902,33839],"class_list":["post-1004179137","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-latest","category-retail","category-san-diego","category-west","tag-century-21-peak-commercial","tag-hanley-investment-group","tag-walgreens"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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