IRVINE, Calif., April 19, 2013 /PRNewswire/ -- Cambridge Realty Investors LLC announced today that Cambridge Realty Partners L.P. completed the acquisition of a Walgreens drugstore in Pomona City, California. The property is leased on a net-lease basis to Walgreens for an initial term of 25 years with additional 16 years on the base lease. Purchase price was recorded at US$8,250,000. Colliers International (The Snyder/Carlton Team) is the broker for this transaction; Morgan Stanley is the lender.
This property is located at the signalized intersection of Holt Avenue and Towne Avenue, just south of the 10 FWY and just east of the 71 HWY. Constructed in 2004, the property also enjoys convenient access, strong street visibility with monument signage, plentiful parking and robust traffic counts along Holt Avenue. Major surrounding retailers include: McDonalds (co-tenant store), Jack-in-the-Box, El Polo Loco, Wells Fargo Bank, Rite Aid, AutoZone, and 99¢ Only Store.
The property enjoys a dense residential trade area with approximately 192,000 and household incomes of US$62,500 within a 3 mile radius. Subject is one of the top 10% performing stores in California and top 1.5% in the U.S. for Walgreens.
Cambridge Realty Investors is a net lease investment operator, the latest affiliate investment management subsidiary of Chenco Holdings. Cambridge Realty Partners LP is a private fund formed in August 2012 to invest in a targeted diversified portfolio of freestanding, single-tenant, net-leased properties located throughout the Western States. The funding is mostly from overseas Chinese capital.
US-based Chenco Holdings, a key investor in Cambridge Realty Investors, has over 20 years of fund management experience across the U.S., China and Taiwan. Chenco's latest business venture is China Prosper Group, an umbrella for a licensed private equity management company in Mainland China, in which China Post Group and CITIC Group are among the investors.
Derek Chen, Chairman of Chenco Holdings, serves as Chairman of Cambridge Realty Investors. Dr. Robert Zerbst, Chairman Emeritus of CBRE Global Investors, serves as Investment Committee Chair for Cambridge Realty Investors.
Cambridge has two business lines i) commingled core-plus fund, ii) separate account business for core and valued-added programs.
Additional information can be found at www.crinvestors.com.
Contact:
Cervantes Lee
Co-President, Cambridge Realty Investors
Phone: +1-323-356-0628
Email: clee@crinvestors.com
Aden W. Kun
Co-President, Cambridge Realty Investors
Phone: +1-949-622-5567
Email: akun@crinvestors.com
Address: 19200 Von Karman Avenue, 6F, Irvine, CA 92612
