It's true that everything in California is bigger and glitzier than the rest of the nation.
To prove that point, a private investor just paid $10.7 million or $1,368 per square foot for a 7,830-square-foot site at the heavily trafficked Santa Monica Boulevard and Highland Avenue in Hollywood, CA.
A new Walgreens is under construction on the site at 1050 North Highland Ave. The store is scheduled to be completed in spring 2011. A Del Taco restaurant formerly sat on the pad.
Walgreens will lease the premises from the investor-owner at an undisclosed rental rate. His name was not disclosed in a press release from Marcus & Millichap Real Estate Services Inc. which brokered the transaction.
CoStar and Real Capital Analytics confirm to Marcus & Millichap the deal represents the highest price per square foot for a single-tenant net-leased drugstore building in the United States this year.
Mark Thiel, a senior associate in the firm's San Diego office, represented the buyer.
Thiel says one factor that contributed to the record per-square-foot price was that the property is located on a prime Hollywood corner where a a Del Taco once stood.
"We closed the transaction pre-completion" of the project, Thiel says.
Finnish media company Sanoma has sold its headquarters in Helsinki to German real estate fund Deka Immobilien for €176 million ($242 million). The property is home to Sanoma's editorial offices of its two largest newspapers.
Infrastructure improvements such as the Dubai Tram and planned fast tracking of Dubai Metro's AED 5 billion Red Line extension to Al Maktoum International Airport are set to majorly improve Dubai's connectivity in the lead up to Expo 2020.
When former Panamanian President Ernesto "the Bull" Balledares purchased property near Rodeo Viejo in 2004, the only access was a dirt road used mostly by farmers and villagers coming down from neighboring mountain towns.
U.S.-based private equity firm Cerberus Capital Management LP has sold a 1,900-square-meter land parcel in Tokyo to Japanese general contractor Shimizu Corp, riding on the property market boom in Japan due to Abenomics.
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