Glendale Rite Aid
707 North Pacific Ave. Glendale, CA 91203
PRICE:
(Land): $6,000,000.00
PRICE (Post Development): $14,300,000.00
Tenants
Rite Aid Corp.
Building Size:
12,900 SF
Land Size
55,000 SF
Challenge
Solution
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Brought on-market site to developers attention and challenged with highly competitive offers from other developers looking to build high-density projects.
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Difficult sellers with high expectations on timing and pricing.
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Through market knowledge and previous interactions with sellers created relationship to ultimately win the deal for the developer.
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Facilitated sale of land with several extensions on due diligence while developer obtained tenant interest. Developer successfully signed 20 year lease with Rite Aid for build-to-suit development.
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During last phase of development began pre-development high volume marketing. Leveraging intimate market knowledge procured direct high net worth local buyer guiding them through the purchase achieving record breaking national sales price and CAP rate for Rite Aid and 64% return for developer in 15 month timeline.