Daniel Tyner of Coldwell Banker Commercial Advisors Closes $4.7M Sale
Daniel Tyner and Scott Hook, of Coldwell Banker Commercial Advisors, have announced the sale of a Rite Aid property in the City of Murrieta, CA. The property which consists of a 16,708 square foot building sold for $4,700,000 at an approximate cap rate of 5.85%. Daniel Tyner and Scott Hook, represented the sellers in this transaction. The property is located along the major retail corridor of California Oaks Road, right off the 15 Freeway in Murrieta.
“This was a unique property due to the close proximity of Walgreens and the current negotiations between Rite Aid and Walgreens relating to their company merger. The Rite Aid, which had less than 3 years left on the current lease term, allows the new investor the flexibility to renegotiate the lease or redevelop the site.” stated Daniel Tyner. “The below market rent currently in place was attractive to the buyer and the acquisition fulfilled the buyers 1031 exchange requirement,” Tyner added.
Mr. Tyner is a 2015 graduate of CBC’s Emerging Broker Training (EBT) Program.