Featured Columnists
Real Estate News

Private Investor Pays Record $1,368 Per SF for New Walgreens Site in Hollywood, CA

It's true that everything in California is bigger and glitzier than the rest of the nation.

To prove that point, a private investor just paid $10.7 million or $1,368 per square foot for a 7,830-square-foot site at the heavily trafficked Santa Monica Boulevard and Highland Avenue in Hollywood, CA.

A new Walgreens is under construction on the site at 1050 North Highland Ave.  The store is scheduled to be completed in spring 2011. A Del Taco restaurant formerly sat on the pad.

Walgreens will lease the premises from the investor-owner at an undisclosed rental rate.  His name was not disclosed in a press release from Marcus & Millichap Real Estate Services Inc. which brokered the transaction.

CoStar and Real Capital Analytics confirm to Marcus & Millichap the deal represents the highest price per square foot for a single-tenant net-leased drugstore building in the United States this year.

Mark Thiel, a senior associate in the firm's San Diego office, represented the buyer.

Thiel says one factor that contributed to the record per-square-foot price was that the property is located on a prime Hollywood corner where a a Del Taco once stood.

"We closed the transaction pre-completion" of the project, Thiel says.


Comment with Facebook

Copyright 2010 - 2014 WORLD PROPERTY CHANNEL NETWORKS, INC. All Rights Reserved.

Luxury Property Spotlight

News Search

Reader Poll

Real Estate News Alerts

Sign up for World Property Journal updates, information and news alerts