Walgreens, Starbucks property sold at $667 a square foot

Tenants hold leases for several decades

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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. ...