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.

A Southern California-based private trust sold the property to an international hotel owner.

Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage operating nationwide.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.