Faris Lee Investments completed the $4.9-million sale of a 16,708-square-foot, single-tenant, triple-net leased property occupied by Rite Aid in Pomona, CA. The property sold at a cap rate of 5.9%.
Faris Lee Investments’ Jeff Conover represented the seller, Los Angeles-based Caswell Development, LLC. The buyer, Temple City, CA-based FC Investment, LLC, was represented by Treelane Realty.
“While the uncertainty of the Walgreens/Rite Aid merger continues, Rite Aid has been experiencing consistently strong sales at this location since 1998,” said Conover, noting that the retailer recently exercised its first lease extension option for four additional years.
Located at 611 E. Holt Ave., the property is situated on 1.61 acres and was built in 1998. Rite Aid has occupied the property since it was developed, and in 2015 renovated it to reflect its new modern branding.