LA JOLLA, CA—GlobeSt.com has exclusively learned that a CVS pharmacy here has changed hands for $8.07 million. The buyer was QWN Ltd.
Ryan Litrich, principal, and Jim Garvin, senior associate, both of Lee & Associates North San Diego County’s office in Carlsbad, CA, represented the seller, MacDonald Family Trust, in the transaction.
Litrich explains that “This transaction represents the current state of the market.” He notes that this was “foreign capital aggressively pursuing ‘high-image,’ credit tenant asset.”
According to Litrich, the 11,900-square-foot store, located in the exclusive Bird Rock community, features high-quality exterior finishes and a subterranean parking garage that exclusively serves customers at this location. The sale included only the leasehold interest in the property.
“Premium retail markets within San Diego County and other Coastal areas are very vibrant and extremely busy. While many national tenants are looking to add footprints to these areas, there is also considerable retail investment activity by high net worth individuals and companies from Latin America and Asia,” David Howard, president of Lee & Associates North San Diego County, tells GlobeSt.com. “The Chinese buyer for the La Jolla CVS Drugstore was sourced through our vast network of both domestic and international relationships. We see continued investment activity from domestic and foreign investors in the San Diego and greater Southern California region.”