Temple City-based FC Investment LLC paid $4.85 mil for a 16.7k sf, single-tenant triple-net leased property occupied by Rite Aid in Pomona. The deal came in at a price of $290/sf and a cap rate of 5.92%.
Built in 1998, the property is situated on 1.6 acres at 611 E. Holt Ave. Rite Aid has occupied the property since it was developed, and in 2015 renovated it to reflect its new modern look and color schemes. The property is at the signalized corner of Holt and San Antonio Aves, which sees more than 40,000 cars per day and is across the street from Cardenas and 99 Cents Only Stores. There are in excess of 198,000 people within a three-mile radius of the property.
Jeff Conover with Faris Lee Investments represented the seller, Los Angeles-based Caswell Development LLC. The buyer was repped by Treelane Realty.