316 S Pacific Coast Hwy
Redondo Beach, CA 90277
CVS Pharmacy- Ground Lease Retail · Retail Property For Sale

Marcus & Millichap is proud to present the opportunity to purchase the corner of Pacific Coast Highway and Torrance Blvd just blocks from the ocean in Redondo Beach, CA. The property is occupied on a ground lease by CVS with over 15 years remaining. The lease contains extremely rare Base Term rent Increases. Redondo Beach is an upscale community located within the Santa Monica bay and borders Palos Verdes on the South, Torrance on the East, and Hermosa Beach to the North. The property was a build to suit for CVS and the ground lease commenced in March of 2006. The lease features rare base term rent increases every 5 years for the first 15 years then flat for 10 years. The lease calls for (3) 5 year options with a very healthy rent increase in the first option that is a factor of FMV or no less than 10%. The property consists of the main building that houses CVS and a smaller food oriented building of 1,819 square feet. The smaller food oriented building's lease is currently out for signature with a national coffee retailer at $3.00 / NNN. The Corner has excellent ingress and egress both from Pacific Coast Highway as well as Torrance Blvd. Average Car counts are close to 40,000 cars per day along Torrance Blvd.