November 20, 2015
Hemet Plaza, a 58,035-square-foot shopping center in Riverside County, with a True Value hardware store and Big Lots nearby, recently traded between two private investors. The deal was brokered by Hanley Investment Group Real Estate Advisors and was valued at just under $5.6 million, with a cap rate of 6.3%.
Pat Kent, a senior vice president at Hanley Investment, arranged the deal for both the buyer and seller. He noted that city of Hemet has a 500,000 square foot mixed-used property in the works, further supporting the demand for additional real estate in the area.
The new owner has the option to expand the property, among other value-add opportunities, Kent said.