Walgreens, Starbucks property sold at $667 a square foot

Marcus & Millichap negotiated the sale of a 15,150-square-foot Walgreens and Starbucks retail property in San Diego, Calif., for $10.1 million.

Built in 2006, this retail center is located on the corner of University Avenue and 32nd Street. Walgreens occupies 13,650 square feet of the building under a 20-year triple-net lease with 10 five-year options to renew. Starbucks occupies 1,500 square feet of space and is leased under a 10-year triple-net lease with 12 percent rent increases every five years. The lease also includes four five-year options to renew.  more...

Retail deal in California's Central Valley

Lee & Associates represented a private investment group in the purchase of The Visalia Retail Center, a 102,164-square-foot retail asset in Visalia, Calif.

The property, which is located at 3400 Mooney Blvd., was sold for more than $16.7 million.

Ashley, Kerns, Baker Properties Ltd., a Texas partnership, sold the facility, which at the time of sale included tenants such as Anna's Linens, dd's, Petco, Joann's Fabrics and Kragen Auto Parts.  more...

North Phoenix industrial buildings sell

Two industrial buildings within the Mack Deer Valley Phase II development in Phoenix, Ariz., have sold for approximately $23.2 million.

The structures, located at 21420 and 21430 N. 15th Lane, were built in 2006. The first building contains 53,802 square feet and the second contains 127,183 square feet of industrial space.

At the time of sale, both buildings were 100 percent leased to Medina Manufacturing (35,782 square feet), California Closets (17,752 square feet), Brown & White (31,034 square feet) and West Coast HVAC Supply (27,721 square feet).  more...