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Follow on Google News | Hanley Investment Group Represents Seller in Sale of $2.8 Mil Multi-Tenant Strip Center in RiversideEric L. Werner of Hanley Investment Group Real Estate Advisors represented the seller in the sale of a 6,120-square-foot multi-tenant strip center in Riverside, Calif. The purchase price was $2,800,000, representing a 6.48 percent cap rate.
By: Anne Monaghan / Monaghan Communications The 6,120-square- “Newly developed retail centers with local tenants paying historically high rents that have not proved themselves are becoming more challenging to sell,” said Eric Werner, vice president at Hanley Investment Group. “We were able to structure a rent guarantee for one of the five units to successfully close escrow after one of the tenants who had committed to the property initially, never moved in because of financial difficulties.” Werner also notes that the property is situated on University Avenue in one of Riverside’s most active redevelopment areas. “The property is positioned for long-term success. With the rapid growth of the University of California, Riverside in close proximity to the property, leasing up the remaining space in a short amount of time is very achievable.” The buyer, a family trust from Placentia, Calif., was represented by Matt Mueller of Coldwell Banker Commercial in Temecula, Calif. The seller was a private partnership from Riverside, Calif. About Hanley Investment Group Real Estate Advisors Built on a solid foundation of performance, integrity and dedication, Hanley Investment Group Real Estate Advisors is a boutique retail investment advisory firm with a two billion dollar transaction track record that is comprised of innovative specialists delivering unparalleled service and superior results that consistently exceed client expectations. Hanley Investment Group’s expertise, commitment and unwavering focus of putting the client’s needs first have continued to set the company apart in the industry. Hanley Investment Group works closely with individual investors, developers, and institutional property owners in every facet of the transaction to insure that the highest value is achieved. Clients rely on Hanley Investment Group to be the most knowledgeable and trusted source for valuation services, market information and retail property acquisitions and dispositions. For more information, visit the Company’s website at www.hanleyinvestment.com or call (949) 585-7610. For information on this transaction, contact: Eric Werner Hanley Investment Group Real Estate Advisors 2030 Main Street, Suite 1650 Irvine, CA 92614 P 949.585.7678 F 949.585.7611 ewerner@hanleyinvestment.com www.hanleyinvestment.com Website: www.hanleyinvestment.com End
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