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Hanley Investment Group Sells Ground Lease to Building Occupied by Forever 21 for $5,200,000
Hanley Investment Group represented the seller in the sale of the fee-simple ownership in the land leased to a single-tenant building occupied by Forever 21 in Calexico, Calif. The purchase price was $5,200,000.
The property is located at 1113 Imperial Highway West in Calexico, Calif., situated within a neighborhood shopping center anchored by Food 4 Less and Rite Aid. Built in 2007, Forever 21 occupies a 78,780-square-
“It was one of the most unique and challenging transactions I have ever worked on,” said Carlos Lopez, senior vice president at Hanley Investment Group. “The complexity came in clarifying the chain of ownership to prospective investors.”
“It was an ideal investment for the buyer who was looking to purchase a single-tenant investment with minimal management responsibilities,”
The buyer, John Choi of Los Angeles, Calif., purchased the property to fulfill a 1031 exchange requirement. Choi was represented by Bryan Sung from Ace Realty in Artesia, Calif. The seller was Calexico Retail Associates LLC.
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.