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 Edward B. Hanley and William B. Asher represented the seller in the sale of the fee-simple ownership in the land leased to a single-tenant NNN Red Robin Restaurant in Menifee, Calif. The purchase price was $2,040,000.
Located in Riverside County at 30142 Haun Road in Menifee, the single-tenant Red Robin Restaurant is a pad building situated within the Countryside Marketplace, the dominant power center in the region anchored by Super Target, Lowe’s, Kohl’s, Best Buy, Staples and Michaels. Other notable tenants include Tilly’s, Old Navy, Petco, BevMo, In-N-Out, Wells Fargo, Chipotle and Starbucks. Built in 2008, Red Robin occupies a 6,050-square-foot free-standing building situated on a 1.37-acre parcel of land.
“Single-tenant NNN retail properties continue to be one of the most sought after investments in today’s commercial real estate market,” said Edward B. Hanley, president of Hanley Investment Group Real Estate Advisors. “Quality single-tenant NNN investments like the Red Robin are in high demand, selling quickly and to cash buyers.”
“The Red Robin benefits from an outstanding location within a power center that features a high quality mix of credit tenants that generate customer traffic from not only the local area but regionally as well,” said William B. Asher, managing director at Hanley Investment Group. “Single-tenant NNN retail properties will continue to experience the highest sales velocity in 2010.”
Asher notes the buyer paid cash and fulfilled a 1031 exchange with the purchase which closed escrow in 28 days.
The buyer, Lew 1st – Crenshaw Properties, LLC of Glendale, Calif., was represented by James Kwon of Coldwell Banker Best Realty in Fullerton, Calif. The seller was Donahue Schriber Realty Group of Costa Mesa, California.
About Hanley Investment Group Real Estate Advisors
Built on a solid foundation of performance, integrity and dedication, Hanley Investment Group Real Estate Advisors (hanleyinvestment.com) 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 or call (949) 585-7610.