October 19, 2016
Corona del Mar, CA-based Hanley Investment Group Real Estate Advisors completed the off-market sale of a 13,940-square-foot multi-tenant retail pad, shadow-anchored by a new Walmart Supercenter in Hesperia, CA. The sales price was $8.5 million, yielding a cap rate of 5.33%.
The transaction represents a record-low cap rate for a fully-leased multi-tenant retail pad over 10,000 square feet in the Inland Empire since 2008. The asset is located within Hesperia Marketplace Shopping Center.
Built in 2015, the multi-tenant building is occupied by national and regional tenants including Pieology Pizzeria, The Habit Burger Grill, Firehouse Subs, Yogurtland, Great Clips, Nutrishop and Metro PCS.
Hanley’s Eric Wohl represented the seller, Newport Beach, CA-based Pacific Development Group. Hanley’s Patrick Kent represented Irvine, CA-based SHA Enterprises, a 1031 exchange buyer.
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