LA JOLLA, CA—GlobeSt.com has exclusively learned that a CVS pharmacy here has changed hands for $8.07 million. The buyer was QWN Ltd.
Ryan Litrich, principal, and Jim Garvin, senior associate, both of Lee & Associates North San Diego County's office in Carlsbad, CA, represented the seller, MacDonald Family Trust, in the transaction.
Litrich explains that “This transaction represents the current state of the market.” He notes that this was “foreign capital aggressively pursuing 'high-image,' credit tenant asset.”
According to Litrich, the 11,900-square-foot store, located in the exclusive Bird Rock community, features high-quality exterior finishes and a subterranean parking garage that exclusively serves customers at this location. The sale included only the leasehold interest in the property.
“Premium retail markets within San Diego County and other Coastal areas are very vibrant and extremely busy. While many national tenants are looking to add footprints to these areas, there is also considerable retail investment activity by high net worth individuals and companies from Latin America and Asia," David Howard, president of Lee & Associates North San Diego County, tells GlobeSt.com. "The Chinese buyer for the La Jolla CVS Drugstore was sourced through our vast network of both domestic and international relationships. We see continued investment activity from domestic and foreign investors in the San Diego and greater Southern California region."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
