Huntington Beach Walgreen's Brings Record California Price

HUNTINGTON BEACH, CA—Marcus & Millichap has completed the sale of a 13,772-square-foot Walgreens drugstore in Huntington Beach. The $16 million sales price equates to $1,162 per square foot. The price is the highest ever recorded for a California Walgreens.

“The triple-net lease has a firm term of 25 years with renewals extending out to 60 years,” says Joe Linkogle, vice president investments in Marcus & Millichap’s Long Beach office. “The property was originally built on a ground lease that has 5% rent increases every five years. Those increases are now part of the current lease, which is rare for this asset type.”