Multi-tenant retail building at Lake Elsinore Marketplace sells for $3.8 million
LAKE ELSINORE, Calif. – Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm has arranged the sale of a multi-tenant retail building at Lake Elsinore Marketplace, a 144,034-square-foot shopping center anchored by Costco, Lowe’s, Grocery Outlet, PetSmart and Dollar Tree. The sale price was $3,770,000.
In the last six months, and despite the ongoing Covid-19 pandemic and public health crisis, Hanley Investment Group has sold $75 million in retail properties in the Inland Empire.
LEADING THE RCNS HEADLINES:
Firefighter, former San Jacinto coach, charged with possessing child porn, lewd acts on a child
Sexual assaults along Temecula hiking and biking trail lead to Murrieta man’s arrest
Massive, 5-alarm blaze destroys Perris Salvation Army facility
Hanley Investment Group Executive Vice Presidents Kevin Fryman and Bill Asher represented the seller, Pacific Castle, based in Irvine, California. The buyer was a private investor from Torrance, California.
Built in 2006 on 0.77 acres, the 7,203-square-foot pad building is located at 29261 Central Avenue in Lake Elsinore and is 100% leased to four internet-resistant tenants – Navy Federal Credit Union, iBrows Threading Salon, Juice It Up!, and Submarina.
Hanley Investment Group today announced the $3.77 million sale of a multi-tenant retail building at Lake Elsinore Marketplace, a 144,034-square-foot shopping center anchored by Costco, Lowe’s, Grocery Outlet, PetSmart and Dollar Tree. Monaghan Communications Inc. photo
This sale represents the sixth pad building Hanley Investment Group has sold in the last nine months at Lake Elsinore Marketplace including single-tenant properties for a Wendy’s Drive-Thru, Del Taco Drive-Thru, Panda Express, Valvoline and Wells Fargo.
“The timing of the transaction took place in the initial stages of COVID-19 being declared a pandemic,” said Fryman. “We were able to structure a successful closing to achieve the buyer’s 1031 exchange and satisfy the buyer’s lender’s borrowing guidelines, during one of the most challenging macro-economic environments we’ve experienced in over a decade.”
According to Fryman, “Over 80% of the pad building’s total square footage is occupied by national and regional tenants and has been occupied by the tenants for over eight years; 63% is occupied by the building’s original tenants since the building was built in 2006.
“Lake Elsinore Marketplace is the dominant shopping center in the trade area, ideally situated on Highway 74/Central Avenue, the main retail thoroughfare connecting Orange County to Riverside County, and is immediately adjacent to I-15 at the Central Avenue exit with freeway-visible pylon signage,” said Fryman.
Asher adds, “Lake Elsinore Marketplace is situated at the best retail location in Lake Elsinore benefitting from an excellent regional customer draw and retail synergy of notable credit tenants at Central Avenue and I-15 including Target, Walmart Supercenter (relocation store is currently under construction and expected to open at end of 2020), Home Depot, LA Fitness, Marshalls, 99 Cents Only, ALDI, Five Below, Skechers, ULTA Beauty and Walgreens.”
In the last six months, Hanley Investment Group has sold $75 million in retail properties in the Inland Empire including two multi-tenant retail buildings at Village Grove Plaza, a Stater Bros. Markets- and Crunch Fitness-anchored shopping center in Corona; a three-tenant shop building and single-tenant Quick Quack Car Wash at the Sprouts-anchored Highland Village Shopping Center in Fontana; a single-tenant Smart & Final Extra! and a four-tenant shop building at Eastvale Marketplace Shopping Center in Eastvale; and a two-tenant retail pad building at the Sam’s Club-anchored The Marketplace at Ontario Center in Ontario.
Submitted by Monaghan Communications Inc.
This article sponsored by:
For more information, contact Bill Tyler at Century 21 Full Realty Service.
Voted Best Independent Sandwich Shop in the Inland Empire by The Press-Enterprise readers choice. Centrally located on N Harvard St in the heart of Downtown Hemet, enjoy over 30 different sandwiches and premium salads. Our coffee is made from locally roasted, Organic Coffee Beans from Idyllwild Coffee Roasters. Come taste the difference that is Downtown Deli & Coffee Company. For more information, visit Downtown Deli & Coffee Co. on Facebook.
Contact the writer: [email protected]
Trevor Montgomery, 48, moved in 2017 to the Intermountain area of Shasta County from Riverside County and runs Riverside County News Source and Shasta County News Source. Additionally, he writes or has written for several other news organizations; including Riverside County based newspapers, Valley News, (the now defunct) Valley Chronicle, Anza Valley Outlook, and Hemet & San Jacinto Chronicle; as well as Bonsall/Fallbrook Village News in San Diego County and Mountain Echo in Shasta County.
Trevor spent 10 years in the U.S. Army as an Orthopedic Specialist before joining the Riverside County Sheriff’s Department in 1998. He was medically retired after losing his leg, breaking his back, and suffering both spinal cord and brain injuries in an off-duty accident. (Click here to see segment of Discovery Channel documentary of Trevor’s accident.)
During his time with the sheriff’s department, Trevor worked at several different stations; including Robert Presley Detention Center, Southwest Station in Temecula, Hemet/Valle Vista Station, Ben Clark Public Safety Training Center, and Lake Elsinore Station; along with other locations.
Trevor’s assignments included Corrections, Patrol, DUI Enforcement, Boat and Personal Water-Craft based Lake Patrol, Off-Road Vehicle Enforcement, Problem Oriented Policing Team, and Personnel/Background Investigations. He finished his career while working as a Sex Crimes and Child Abuse Investigator and was a court-designated expert in child abuse and child sex-related crimes.
Trevor has been married for more than 29 years and was a foster parent to more than 60 children over 13 years. He is now an adoptive parent and his “fluid family” includes 13 children and 16 grandchildren.
Pingback: UPDATE: Claiming to have just killed his wife, Redding man fatally stabs self in front of officers – Both now ID’d – Riverside County News Source
Pingback: New details & video of fatal Palm Desert shooting released – Riverside County News Source