Sales include Record Breaking Cap Rate of 5.0% for a Single-Tenant Bank Building Sold in the Area
Hanley Investment Group Real Estate Advisors, one of the most dominant retail investment groups in the western United States and a market leader in the sale of retail properties, announced today the sales of five single-tenant NNN buildings for a total consideration of $9,003,000.
Eric L. Werner and Kevin T. Fryman of Hanley Investment Group represented the buyer and seller in the sale of a single-tenant Hollywood Video located at 12252 Perris Boulevard in Moreno Valley, Calif. The purchase price was $1,745,000. Built in 1998 on a .33-acre parcel of land at the signalized intersection of Perris Boulevard and Hemlock Avenue, Hollywood Video occupies a 6,556-square-foot building situated in a shopping center anchored by CVS Drug Store, Dollar Tree, and dd's DISCOUNTS. Hollywood Video has less than one year remaining on its initial lease term. The buyer was a private investor from Orange County, Calif. The seller was Union Bank of California based in San Diego, Calif.
Werner and Fryman teamed up with Bryan Land of Hanley Investment Group to represent the buyer and seller in the sale of a single-tenant Hollywood Video located at 1333 E. Foothill Boulevard in Upland. The purchase price was $2,140,000. Located at the signalized intersection of Foothill Boulevard and Alta Avenue, Hollywood Video is situated on a .55-acre parcel of land with six years remaining on its initial lease term. Built in 1998, Hollywood Video occupies a 6,800-square-foot building. The building is a stand-alone location positioned at a hard corner, signalized intersection just west of Upland Marketplace and Village Grove shopping centers, the closest adjacent retailers in the area. The buyer was a private investor based in Los Angeles, Calif. The seller was a private investor from Long Beach, Calif.
Edward Hanley of Hanley Investment Group teamed up with Phil Berry of Commercial West Brokerage of Corona del Mar, Calif. to represent the buyer and seller of a single-tenant NNN PFF Bank & Trust in Palm Desert, California. The purchase price was $1,800,000, representing a record breaking 5.0 percent cap rate for a single-tenant bank building sold in the area. PFF Bank & Trust is a newly developed pad located at 36975 Cook Street within The Village at University Park, a mixed-use center which will encompass 115,000 square feet of restaurant and retail space, 133,000 square feet of garden office condominiums, and a 130-room Hilton Homewood Suites upon completion. Built in 2007, PFF Bank & Trust occupies the 3,000-square-foot free-standing building situated on a .43-acre parcel of land. The buyer was a family trust based in La Mirada, Calif. The seller was The Evans Company of Palm Desert. Hanley noted the buyer paid all cash for the property and fulfilled a 1031 exchange with the purchase.
Fryman and Jeremy S. McChesney of Hanley Investment Group represented the buyer in the sale of two single-tenant NNN Carl's Jr. properties in Florence and Meridian, Colorado. The collective purchase price for both assets by a single buyer was $3,318,000. The property in Florence (Fremont County), Colorado is a 4,473-square-foot single-tenant NNN Carl's Jr. with drive-thru located at 502 E. Main Street. The property is easily accessible from the signalized corner of State Highway 115 (Main Street) and State Highway 67 (Robinson Avenue). Located approximately 93 miles south of Denver, Colorado, the property was built in 1991 and is situated on 0.93 acres. Carl's Jr. has a new 20-year lease with 12 percent increases every five years. The purchase price was $1,400,000, representing a 6.50 percent cap rate.
The second Carl's Jr. property purchased is located at 12165 Lioness Way in Meridian (Douglas County), Colorado and is a 2,733-square-foot single-tenant NNN Carl's Jr. with a drive-thru. Located in a high income suburb of Denver, Colorado, the property was newly developed in 2007 and is situated on 0.71 acres. The Carl's Jr. property is located within a brand new development, Meridian International Business Center, on Lincoln Avenue, a major east/west artery and 1 mile east of Interstate 25. Carl's Jr. has a new 20-year lease with 12 percent increases every five years. The purchase price was $1,918,000, representing a 6.10 percent cap rate. The buyer was a private investor based in Garden Grove, Calif. The seller, By the Bay Land Company based in Denver, was represented by Andy Bogardus at NAI BT Commercial in San Francisco, Calif.
About Hanley Investment Group Real Estate Advisors
Built on a solid foundation of performance, integrity and dedication, Hanley Investment Group Real Estate Advisors is a boutique retail investment advisory firm with a two billion dollar transaction track record that is comprised of innovative specialists delivering unparalleled service and superior results that consistently exceed client expectations. Hanley Investment Group's expertise, commitment and unwavering focus of putting the client's needs first have continued to set the company apart in the industry. Hanley Investment Group works closely with individual investors, developers, and institutional property owners in every facet of the transaction to insure that the highest value is achieved. Clients rely on Hanley Investment Group to be the most knowledgeable and trusted source for valuation services, market information and retail property acquisitions and dispositions. For more information, visit the Company's website at www.hanleyinvestment.com or call (949) 585-7610.
Search News
