Walgreens Sells Moreno Valley Distribution Center For $111.7M, Leases Back For 15 Years

Walgreens has sold its 692,600-square-foot distribution center located at 17500 Perris Boulevard in Moreno Valley, part of a warehouse hub with facilities for Amazon, FedEx, and Home Depot. The property was purchased by Easton Manson, represented by Persis Corporation, for a total sale price of $111,700,000. The transaction took place in the Moreno Valley market, which is experiencing a softened industrial market due to high construction levels and increased vacancy in the Inland Empire.

Summary of transaction details

• Property Type: Retail
• Transaction Amount: $111,700,000
• Address: 17500 Perris Boulevard, Moreno Valley
• Market: Moreno Valley
• ACRES: 92
• Buyer: Easton Manson - Persis Corporation
• Seller: Tim Wentworth - Walgreens
• SF: 692,600
• PPSF: $161

The distribution center was sold by Walgreens, with Tim Wentworth representing the seller. As part of the deal, Walgreens has leased back the property for 15 years, with the option to extend the lease for three additional 10-year periods.