CORONA del MAR, CA—The Newport Beach Office of Marcus and Millichap has closed on a net leased Rite Aid.
The property located on Pacific Coast Highway in Corona del Mar, California sold for $8 million and received multiple offers.
Paul Bitonti, vice president investments and Joe Costanzo, associate represented both parties in the transaction. The property sold at a 2.94% cap rate and represents the lowest cap rate of any drugstore sale in the country. Price per foot exceeded $1,100 for the ground floor.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
