RARE NEW-BUILD DRUG STORE SOLD BY HRI DEVELOPMENT
A co-development by HRI Development and StarPoint Properties sold to a private investor for $14.3 million, or about $982 per square foot. The freestanding retail building at 707 N. Pacific Ave. in Glendale, CA The freestanding Rite Aid at 707 N. Pacific Ave. in Glendale, CA was formerly a Marie Callender's restaurant. The 14,561-square-foot retail property was the first newly-built drug store listed for sale in the San Fernando Valley since 2011. "The local, high-net-worth investor we identified was highly passionate about the long-term value of this trophy asset," said Ara Rostamian, senior associate with Strategic Development Advisors in Pasadena, who brokered the sale on behalf of the buyer and the seller. "Local presence, market knowledge and recognition for high barrier to entry in the Tri-Cities and San Fernando Valley for similar tenants substantially influenced their decision to pay a premium for the asset."
