Los Angeles County single-tenant retail property sells
JLL Capital Markets completed the $6.58M sale of the triple-net-leased Walgreens in Whittier to a private investor
NEWPORT BEACH, Calif., Oct. 26, 2021 – JLL Capital Markets announced today that it has closed the $6.58 million sale of a 15,120-square-foot, single-tenant retail building triple net leased to Walgreens in the Los Angeles County community of Whitter, California.
JLL marketed the property on behalf of the seller, Walwit LLC, a family trust. A private investor acquired the asset in an all-cash transaction.
A leader in the pharmacy, health and beauty sector, Walgreens is a subsidiary of Walgreens Boots Alliance, Inc., which has a BBB (S&P) credit rating. The building is situated on 2.11 acres at 8201 Greenleaf Ave. in Whittier’s major retail trade area, and Walgreens has occupied the property since it was constructed in 2001, providing a recession-resistant tenancy for the new owner.
Whittier is an upscale community nearly 18 miles southeast of downtown Los Angeles, and its strong demographics are favorable for a Walgreens retail location. There are 452,748 residents who earn an average annual household income of $118,977 within a three-mile radius of the property. Additionally, daily traffic counts at this location exceed 53,000 vehicles per day, and the property has three points of access.
The JLL Retail Capital Markets team representing the buyer was led by Director Daniel Tyner and Managing Director Gleb Lvovich.
“The sale of Walgreens in Whittier represents the third triple-net-leased drug store property we have closed in the last 30 days,” Tyner said. “The market demand remains as strong as we’ve seen in recent years for these types of properties, and we expect that to continue into 2022.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.