“The buyer acquired a well located property in Moreno Valley to fulfill a 1031 exchange,” said Eric Werner, vice president at Hanley Investment Group. “The buyer liked the asset due to no deferred maintenance and minimal management responsibilities with three quality local tenants.”
Werner also notes that the property traded for a very aggressive cap rate for the area. “A 6.12% cap rate for this area is very strong considering similar comparable properties in the area are trading between 6.25%-6.50% cap rates.”
The buyer was a private partnership from Riverside, Calif. The seller, Sunnymead Building Partners 1, LLC from Moreno Valley, was represented by Jamie Harrison of Marcus & Millichap in Ontario, 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 more information about this transaction, contact:
Eric L. Werner
Hanley Investment Group
Real Estate Advisors
2030 Main Street, Suite 1650
Irvine, CA 92614