Hanley Investment Group Represents Buyer in Sale of $2,325,000 Multi-Tenant Building in Moreno Valley, CA
Eric Werner of Hanley Investment Group Real Estate Advisors represented the buyer in the sale of a 8,652-square-foot office/retail building in Moreno Valley, Calif. The purchase price was $2,325,000, representing a 6.12% cap rate. Built in 2006, the property is situated on 0.63 acres and was 100 percent occupied at the time of sale.
View as PDF
 Print View
March 17, 2008 (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 Eric L. Werner of Hanley Investment Group represented the buyer in the sale of a multi-tenant commercial building in Moreno Valley, Calif. The purchase price was $2,325,000, representing a 6.12% cap rate.
The 8,652-square-foot office/retail center, known as the Sunnymead Professional Building, is located at 23205, 23207 & 23209 Sunnymead Boulevard in Moreno Valley. Located less than a 1/2 mile south of the 60 Freeway, the property is a two-story building featuring three local tenants including FastSigns, Geller Stewart & Foley LLP, and PIP Printing. Built in 2006, the property is situated on 0.63 acres and was 100 percent occupied at the time of sale.
“The buyer acquired a well located property in Moreno Valley to fulfill a 1031 exchange,” said Eric Werner, vice president at Hanley Investment Group. “The buyer liked the asset due to no deferred maintenance and minimal management responsibilities with three quality local tenants.”
Werner also notes that the property traded for a very aggressive cap rate for the area. “A 6.12% cap rate for this area is very strong considering similar comparable properties in the area are trading between 6.25%-6.50% cap rates.”
The buyer was a private partnership from Riverside, Calif. The seller, Sunnymead Building Partners 1, LLC from Moreno Valley, was represented by Jamie Harrison of Marcus & Millichap in Ontario, 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.
# # #
For more information about this transaction, contact:
Eric L. Werner
Vice President
Hanley Investment Group
Real Estate Advisors
2030 Main Street, Suite 1650
Irvine, CA 92614
T: 949.585.7678
F: 949.585.7611
E: ewerner@hanleyinvestment.com
# # #
Send an email to Anne Monaghan of Monaghan Communications
949.722.2933
Keywords:
Hanley Investment Group, Real Estate Advisors, Eric Werner
|
