Escondido, CA (PRWEB) May 18, 2012
NetREIT, a Maryland-based real estate investment company with headquarters in Escondido, California, today announced that it has acquired the former Rite Aid building located in Yucca Valley, California.
This building adjoins the Joshua Village Shopping Center purchased by NetREIT in September of 2011. NetREIT believes the value of both properties will increase now that this building and the shopping center are both under common ownership. This offers NetREIT greater flexibility in creative leasing opportunities.
The purchase of the Rite Aid building is indicative of NetREIT’s sound investment philosophies of asset growth through addition and expansion of its current holdings. Officials at NetREIT believe this purchase will be accretive to the tenant mix at Joshua Village Shopping Center.
The building became vacant through a relocation of the Rite Aid facility. Though the company moved to its new location last year, their lease will not expire for several years, which provides NetREIT with significant time to find a replacement tenant for the property.
Joshua Village Shopping Center is a 103,000 square foot retail center located at Twenty-Nine Palms Highway in Yucca Valley, California. This desert community is located in close proximity to Palm Springs. Anchoring the shopping village is Vons Supermarket along with other tenants that include Aaron Rents, Angel View, Taco Bell, Big O Tires and Del Taco. Leasing for this property is handled by Steve Lyle and Pablo Rodriguez of Coldwell Banker Commercial/Lyle & Associates in Palm Desert, CA.
“This acquisition exemplifies NetREIT’s continuing strategy of acquiring commercial properties at attractive pricing levels, and affords us the opportunity to add value by consolidating Joshua Village under common ownership,” said Jack Heilbron, CEO of NetREIT.
About NetREIT, Inc.
Established in 1999 as a contrarian investment firm, NetREIT seeks out property acquisitions with hidden value. This can either involve financially distressed entities or those with property that is undervalued because of its poor condition. Various factors determine a property’s worth but NetREIT attributes much of its success to being able to locate real estate opportunities like this and take advantage of these types of situations. NetREIT, Inc. operates under the fundamental principle that no matter what the economic conditions are, real estate is always a good investment. According to company research, real estate has performed historically well when measured against the S&P, DJIA, and bonds. Real estate provides a strong potential hedge against inflation.
For more information, please visit the website:NetREIT