Encompassing a total of 16,190 sf, the facility sold for nearly $303 per sf. "It was built to be a drive-through drugstore, originally intended for Rite Aid," says Nicholas Coo, a Faris Lee Investments broker who worked on the deal. Sav-on Drugs was eventually secured as the tenant for the building, which is located at 702 N. Azusa Ave. The company has a 25-year lease that is fixed for 20 years.

"It was a deal that not everyone was flocking to buy," Coo says. However, he says that there is a segment of the market that is looking to buy this type of property. The property was acquired by a 1031 exchange buyer, Temecula-based D & L and P & L Equity LLC. "At Faris Lee, we are continuously tracking the 1031 market to match them up with these types of properties," Coo continues.

A Faris Lee brokerage team of Coo and David Lee represented the seller, Newport Beach-based Topaz West Covina LLC. A Grubb & Ellis team of David Lowry and Michelle Scheirberl represented the buyer.