San Diego, Calif. – Beta Agency, a leading commercial real estate brokerage and advisory firm, has announced that the firm has completed the sale of a 16,972-square-foot freestanding CVS Pharmacy. The recently sold building is situated on a 2.59-acre parcel located at 14589 Camino Del Norte in San Diego, CA. The sale price was $5,798,529.00.
Adam Friedlander, Senior Vice President of Beta Agency, represented the buyer, who is a local private high-net-worth investor. The Seller, Tian Ren Di, LLC, was represented by Connor Olandt of Matthews REIS.
“Beta Agency was able to source a local, private Buyer that was attracted to this high profile CVS pharmacy due to its strong in place cash flow day one, underlying real estate fundamentals and long primary lease term remaining,” said Friedlander. “There is limited drugstore competition from newer freestanding stores in the area. The Buyer was able to secure the property by committing to a short due diligence period and an all-cash offer. This will be a legacy asset that the Buyer will hold and pass on to future generations.”
With a 2020 population of 1,386,932, San Diego is the eighth-most populous city in the United States. The city is known for its mild year-round climate, extensive beaches and parks, its long association with the United States Navy and a recent emergence as a healthcare and biotechnology development center. San Diego is the second largest city in the state of California, after Los Angeles.
About Beta Agency
Beta Agency is a leading commercial real estate services firm founded by Richard Rizika, Mitchell Hernandez, and Xan Saks located in El Segundo, California. Beta implements insightful analytics, and advisory and design services to create a competitive advantage to create value for its clients. Beta Agency represents over 12 million square feet of retail space in California and over 80 brands throughout the Western US.