January 19, 2015 | By: David Phillips
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.
The property is a trophy asset according to Bitonti. The buyer, a local family trust “was attracted the excellent intrinsic value and rental upside that will be realized in the future,” he added.