Hanley Investment Group Sells Two Single-Tenant Walgreens Totaling Over $13 Million
Hanley Investment Group Real Estate Advisors negotiated the sale of two single-tenant Walgreens for a total consideration of more than $13 million. The properties were located in Downey, Calif. and Tucson, Arizona.
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March 8, 2012 (FPRC) -- IRVINE, CALIF. – 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 Hanley Investment Group negotiated the sale of two single-tenant Walgreens for a total consideration of more than $13 million.
Located at 8030 Imperial Highway in Downey, Calif., the 12,255-square-foot freestanding building (including a drive-thru) leased to Walgreens is situated on a 0.98-acre parcel of land and was built in 2011. The tenant has a brand new 25-year NNN lease. The buyer, a private investor from Palm Desert, Calif., was represented by Jeremy S. McChesney of Hanley Investment Group. The seller, Downey 1 Partners, LLC from Seal Beach, Calif., was represented by Art Flores of CBRE in Newport Beach, Calif. The purchase price was $8,068,000.
“Single-tenant Walgreens continue to be a preferred investment for buyers seeking a safe place to put their money in today’s commercial real estate market,” said Jeremy S. McChesney, senior vice president at Hanley Investment Group.
William B. Asher and McChesney represented the buyer in the sale of a single-tenant NNN leased investment in Tucson, Ariz. Located at 1880 E. Irvington Road in Tucson, the 14,490-square-foot freestanding building leased to Walgreens is situated on 1.70 acres and was built in 2002. The tenant has 15 years remaining on the NNN lease. The purchase price was $5,190,000, representing a 6.70% capitalization rate.
“The buyer was specifically attracted to this particular location in Tucson because of its strong store sales and the high population density in the immediate surrounding area,” said William B. Asher, managing director at Hanley Investment Group.
“We were able to arrange very attractive financing for a Walgreens lease that had over 15 years remaining on the initial term,” said McChesney.
“The fixed-term rate, loan to value and amortization that were procured were the most aggressive we have seen in the marketplace in recent months and helped the buyer achieve his return goals,” said Asher. Alex Chenarides at Barry Slatt Mortgage of Los Angeles, Calif. facilitated the financing.
The buyer was 31781 Mission Trail Road, LLC of Orange County, Calif. The seller, Tucson Drugstore, LLC of Louisville, Colo., represented itself.
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 brokerage firm with a three 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.
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