PRZOOM - /newswire/ -
Menifee, CA, United States, 2010/03/23 - Edward B. Hanley and William B. Asher of Hanley Investment Group represented the seller in the sale of a 5,250-square-foot, free-standing single-tenant NNN Wells Fargo in Menifee, Calif. The purchase price was $3,245,000.
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 a single-tenant NNN Wells Fargo in Menifee, Calif. The purchase price was $3,245,000.
Located in Riverside County at 30186 Haun Road in Menifee, the single-tenant Wells Fargo 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, Red Robin, Chipotle and Starbucks. Built in 2008, Wells Fargo occupies a 5,250-square-foot, free-standing building situated on a 0.55-acre parcel of land.
“The demand for single-tenant NNN investments continues to be extremely strong,” said Edward B. Hanley, president of Hanley Investment Group Real Estate Advisors. “There is a lack of quality single-tenant NNN properties on the market right now in southern California. When they do come to market, they are transacting quickly with all cash buyers.”
“The Wells Fargo benefits from an outstanding location within a power center that features a high quality mix of credit tenants,” said William B. Asher, managing director at Hanley Investment Group. “Overall, single-tenant bank buildings with the credit of a Wells Fargo or similar to it are receiving the most activity in the marketplace and viewed by the investment community as one of the most stable and secure single-tenant investments.”
Asher notes the buyer paid cash and fulfilled a 1031 exchange with the purchase.
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, Calif.
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 brokerage 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.