Hanley Brown Group Represents Seller in the Sale of Single-Tenant Pacific Dental in Riverside, CA; All Cash Transaction Closed in 21 Days at a 5.0% Cap Rate
Hanley Brown Group Real Estate Advisor announced today Edward B. Hanley of Hanley Brown Group represented the seller in the $1,600,000 sale of the fee simple ownership in the land leased to a single-tenant Pacific Dental, a 5,000-square-foot building in Riverside, CA. Situated on a .60-acre parcel of land, Pacific Dental is located at the signalized entrance to Orangecrest Town Center at the SWC of Trautwein Road and Bountiful Avenue. The all cash transaction closed in 21 days at a 5.0% cap rate.
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October 10, 2006 (FPRC) -- IRVINE, CA -- Hanley Brown Group Real Estate Advisors, one of the most dominant retail investment groups in Southern California and a market leader in the exclusive representation of owners in the sale of retail properties, announced today Edward B. Hanley of Hanley Brown Group represented the seller in the sale of the fee simple ownership in the land leased to a single-tenant Pacific Dental, a 5,000-square-foot building in Riverside, CA for $1,600,000. The cap rate was 5.00%.
Pacific Dental, located at the signalized entrance to Orangecrest Town Center at the southwest corner of Trautwein Road and Bountiful Avenue, is situated on a .60-acre parcel of land. The building, which opened in 2005, is co-tenants with Kohl’s, Walgreens, Washington Mutual, Wendy’s, Carl’s Jr., Pizza Hut and Chevron and is ideally situated within the master-planned community of Orangecrest.
The buyer, a family trust from Gilroy, CA, was represented by George Renz of Renz & Renz in Gilroy. The seller was HEC Orangecrest, LLC based in Newport Beach, CA.
“The market for single-tenant NNN assets of this type is still very much in high demand,” says Edward B. Hanley, president of Hanley Brown Group.
“With an average household income in excess of $95,000 within a one-mile radius, and a newly constructed property, the Buyer acquired a quality single tenant NNN investment with no management responsibility,” says Hanley.
Hanley also notes that the sale was an all cash transaction. The buyer was in a 1031 exchange and closed on the property in 21 days.
Built on a solid foundation of performance, integrity and dedication, Hanley Brown Group Real Estate Advisors is a boutique retail investment advisory firm with a $900 million transaction track record that is comprised of innovative specialists delivering unparalleled service and superior results that consistently exceed client expectations.
Hanley Brown 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 Brown 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 Brown 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.hanleybrown.com or call (949) 585-7610.
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Send an email to Anne Monaghan of Monaghan Communications
949-722-2933
Keywords:
Hanley Brown Group, retail investment, shopping center sale
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