New, single-tenant Cardenas Markets in Whittier sells for $14.8 million
WHITTIER, Calif. — Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, arranged the sale of a new single-tenant Cardenas Markets in Whittier, California, for $14,810,250, representing a cap rate of 5.03%.
Based in Ontario, California, Cardenas Markets is one of the leading Hispanic grocery chains in the country and operates a total of 53 stores under the Cardenas banner and seven stores under the Cardenas Ranch Markets banner. Cardenas’ Whittier store, which opened on July 1, 2020, was the company’s first Los Angeles area location to open.
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Hanley Investment Group Executive Vice President Carlos Lopez and Vice President Lee Csenar represented the seller, a private investor based in Hawaii. The buyer, a private investor from Los Angeles County, California, was represented by CBRE Executive Vice President Gary Stache, Director Doug Mack, along with Associate Chris Martin, all located in CBRE’s Newport Beach, California office.
“Within several weeks of formally marketing the property, we had procured five qualified offers and selected a 1031 buyer who opened escrow non-contingent at approximately 99.4% of the list price and closed escrow in three days to achieve the seller’s goal of a year-end closing for tax benefits and estate planning,” said Lopez.
Hanley Investment Group recently recently arranged the $14.8 million dollar sale of Cardenas Markets’ Whittier store, which was the company’s first location to open in the Los Angeles area last July. Monaghan Communications Inc. photo
The new 34,642-square-foot Cardenas Market is located at the signalized intersection of Whittier Blvd. (SR 72) and Sorensen Avenue at 11750 Whittier Blvd., on 3.62 acres on the site of a former Stater Bros. The new Cardenas building was a complete remodel completed in 2020.
According to Csenar, Stater Bros. had occupied its space for 20 years before closing in November of 2019, with plans to construct a new store nearby at The Groves, a 75-acre master-planned community with 561 for-sale homes and 189 apartment units along with retail space.
“This is an irreplaceable location in Los Angeles County with a long-term lease and corporate guarantee from a highly desirable ‘daily needs’ tenant that offers a secure and stable investment,” Lopez noted. “There are more than 453,000 people with a household income in excess of $89,000 within five miles of the property. Within 1.5 miles, there are 53,000 Hispanic residents.
Csenar noted that Hispanic buying power is estimated to total $2 trillion by 2024; 25% of all millennials are Hispanic and Hispanic consumers tend to make more frequent trips to the grocery store and bring family members and children, which results in higher spending.
“Single-tenant grocery investments have remained one of the most sought-after as an essential business and daily needs tenant, which is recession-proof and internet-resistant,” said Lopez. “This continued demand represents a flight to safety and security and includes Hispanic markets like Cardenas and El Super, organic markets like Whole Foods and Sprouts, and discount-oriented markets like ALDI, Grocery Outlet and Smart & Final. We expect the demand for these tenants to continue throughout 2021.”
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About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with a $7.7 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients’ needs first, sets us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties. For more information, visit www.hanleyinvestment.com.
Submitted by Monaghan Communications Inc.
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Trevor Montgomery, 49, 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 KRCR News Channel 7 and Mountain Echo in Shasta County, Riverside County based newspapers, Valley News, Valley Chronicle, Anza Valley Outlook, and Hemet & San Jacinto Chronicle; as well as Bonsall/Fallbrook Village News in San Diego 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 30 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 18 grandchildren.
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