IE Business Daily Business news for the Inland Empire.
A building in Lake Elsinore occupied by Walgreens has been sold for $10.5 million.
The structure, at the Diamond Drive/Railroad Canyon exit of Interstate 15, was sold by Diamond Properties in Foster City to an anonymous investor in Irvine, according to Hanley Investment Group Real Estate Advisors.
Hanley Investment Group in Corona Del Mar arranged the sale.
Eight offers were made on the property during the first two weeks it was on the market. Diamond Properties, which owns, operates and develops high-end real estate, received 94 percent of its asking price, according to Hanley Investment.
Built in 2011, the single-tenant building covers 13,676 square feet on 1.3 acres. An estimated 60,000 vehicles pass by the site on a typical day.
Nearly 115,000 people, with an average yearly income of $91,233, live within a five-mile radius of the property. Nearby retailers include McDonald’s, Circle K and Jack in the Box, according to the statement.
