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Bringing More NNN Retail to the Market

GLENDALE, CA—The first new-construction freestanding drug store in five years opens in the San Fernando Valley on a long-time vacant land site, GlobeSt.com reports in this EXCLUSIVE story.

By Kelsi Maree Borland | kelsimareeborland | Updated on March 15, 2016

Rite Aid The Rite Aid is located at 707 N Pacific Avenue in Glendale.

GLENDALE, CA—Starpoint Commercial Properties and HRI Development are building a rare freestanding triple-net drug stores in the San Fernando Valley market in a joint venture project. The developer purchased a former Marie Callender’s restaurant on nearly an acre of land that had sat vacant for several years, to develop a build-to-suit Rite Aid. The property, which will be complete this summer, has come to market, becoming the first newly constructed and freestanding triple-net drugstore to come to market since 2011.

“We are all very familiar with the Glendale market, and have been aware of this site,” Evan Farahnik, a principal at Starpoint Commercial Properties, tells GlobeSt.com. “It was a vacant Marie Callender’s, and the previous owner has made several attempts to find another restaurant to occupy the space and was unable. We knew there were tenants that had interest in this large of a land parcel to do a build-to-suit before we started pursuing the acquisition. We looked at multiple tenant triple-net or single-tenant triple net. We looked at multiple facets and product mixes and decided that this was the option that made the most sense for the city and the local community.”

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