August 3, 2016
Corona del Mar, CA-based Hanley Investment Group completed the sale of a 9,167-square-foot multi-tenant retail pad building in a neighborhood shopping center anchored by Smart & Final Extra! in Upland, CA. The all-cash 1031 exchange transaction price of $3.9 million, with a cap rate of 5.48%, represents a record low cap rate for a multi-tenant pad over $3.5 million in the trade area.
Built in 1997, the building is situated on nearly half an acre at Foothill Blvd. and Mountain Rd. The five-tenant property was 100% occupied with tenants including The UPS Store, The Spot Café, Mountain View Dental and We Talk Pets.
Hanley’s Bill Asher and Pat Kent represented the seller, San Diego-based CME Mountain Avenue LLC. EJ Realty & Investment’s Jin Hwang represented the buyer, a local investment partnership.
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