NewswireToday - /newswire/ -
Irvine, CA, United States, 2012/02/23 - Kevin T. Fryman of Hanley Investment Group represented the seller in the sale of a single-tenant NNN leased investment, La Barca Restaurantes, a 3,664 sq. ft. restaurant in Pico Rivera, CA. The purchase price was $1.4 million, at a cap rate of 6.50%.
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 that Kevin T. Fryman represented the seller in the sale of a single-tenant NNN leased investment, La Barca Restaurantes, a 3,664-square-foot restaurant in Pico Rivera, Calif., offering authentic, fresh-made Mexican food. The purchase price was $1,400, 000, which represented a cap rate of 6.50%. The tenant has 7 years remaining on the lease.
Situated in Los Angeles County, La Barca Restaurantes, is located at 8407 Washington Boulevard in Pico Rivera. Built in 1980 on 0.51 acres, the property is located directly across from Super Walmart and Lowe's Home Improvement anchored center. La Barca Restaurantes has been successfully operating at this location since 1997, and is one of five locations in Southern California.
“We continue to see the most buyer activity for single-tenant investments in high profile locations, even for less traditional retailers such as La Barca Restaurantes,” said Kevin T. Fryman, vice president of Hanley Investment Group. “The buyer was comfortable that the tenant would continue to be successful due to the high traffic generated from the Super Walmart center located across the street.”
The buyer, which was represented by Vince Kagawan of Pinnacle Real Estate, Inc. of Irvine, was a private individual from Orange County, Calif. The seller was a private individual from Los Angeles County, 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 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.