August 4, 2020
Hanley Investment Group Real Estate Advisors 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.
Built in 2006 on 0.77 acres, the 7,203-square-foot pad building is located at 29261 Central Ave. in Lake Elsinore and is 100% leased to four internet-resistant tenants – Navy Federal Credit Union, iBrows Threading Salon, Submarina and Juice It Up!.
Hanley’s Kevin Fryman and Bill Asher represented the seller, Irvine-based Pacific Castle. The buyer was an unnamed private investor from Torrance.
“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.”
For comments, questions or concerns, please contact Dennis Kaiser