Hanley Investment Group Represents Buyer and Seller in $4,200,000 Sale of Multi-Tenant Retail Center in Riverside County; All Cash Transaction; 30-Day Close
Jeremy S. McChesney and Eric L. Werner of Hanley Investment Group represented the buyer and seller in the sale of a multi-tenant retail center in San Jacinto, Calif. The purchase price was $4,200,000, which represented a 6.20% cap rate. The 17,500-square-foot retail center, known as San Jacinto Plaza, is located at 480 N. State Street in San Jacinto. The property is situated on 1.89 acres and consists of 11 local retail tenants servicing the surrounding area.
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August 22, 2007 (FPRC) -- IRVINE, CALIF. – Hanley Investment Group Real Estate Advisors, one of the most dominant retail investment groups in Southern California and a market leader in the sale of retail properties, announced today Jeremy S. McChesney and Eric L. Werner of Hanley Investment Group represented the buyer and seller in the sale of a multi-tenant retail center in San Jacinto, Calif. The purchase price was $4,200,000, which represented a 6.20% cap rate.
The 17,500-square-foot retail center, known as San Jacinto Plaza, is located at 480 N. State Street in San Jacinto. The property is situated on 1.89 acres and consists of 11 local retail tenants servicing the surrounding area. Tenants include Altura Credit Union, Bullfrog Deli, Gina's Fashion, Hot Wok, Plaza Liquor & Market, San Jacinto Cellular, San Jacinto Family Dentist, Sky Nails, Tokyo Sushi and TumbleTime Laundromat. The property was built in 1991 and was 100% occupied at the time of sale.
“The transaction was a direct deal that we engineered based on the buyer’s investment objectives and their immediate need to identify a retail property to fulfill a 1031 exchange,” said Jeremy McChesney, vice president at Hanley Investment Group. “Upon presenting San Jacinto Plaza, the buyer moved quickly, paid all cash and closed in 30 days, which exceeded the seller’s expectations.”
“Demand for retail properties remains strong in Riverside County, even with the recent volatility and challenges that are occurring in the capital markets,” added Eric Werner, senior associate at Hanley Investment Group. “San Jacinto Plaza was a prime example of the types of buyers that are currently in the market, not affected by the widening of lender spreads, and capable of buying a property without financing to complete the transaction.”
The buyer was a private investor based in Santa Monica, Calif. The seller was Hall & Associates from Capistrano Beach, Calif.
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 $1 billion 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.
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Contact:
Jeremy S. McChesney - 949.585.7671
Eric L. Werner - 949.585.7678
Hanley Investment Group
Real Estate Advisors
2569 McCabe Way, Suite 100
Irvine, California 92614
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Send an email to Anne Monaghan of Monaghan Communications
949-722-2933
Keywords:
Hanley Investment Group, San Jacinto Plaza, McChesney Eric Werner
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