Acquired in 2017, this property featured a prominent, corner location at a signalized intersection in Menifee, CA. The property featured a strong surrounding credit tenant presence in addition to close proximity to Menifee Lakeside Communities and Menifee Lakes Country Club and Golf Resort.
OneV purchased a brand new 20-year lease, guaranteed by Rite Aid corporate. The NNN lease also featured low market rent and minimal landlord responsibilities, and the location reported above average store sales.
The Sale & Exchange
OneV elected to sell this property in late 2021 in order to diversify its portfolio into smaller single tenant assets. Following a successful sale, the OneV team was able to secure four separate NNN restaurant properties. The exchange properties featured longer term NNN leases with zero landlord responsibilities and corporate/top franchisee operators. The exchange also resulted in an almost 20% increase to annual cash flow over the yield that was provided by Rite Aid.