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Hanley Investment Group Sells Brand New Single-Tenant Walgreens in Lake Elsinore for $8 Million
William B. Asher and Jeremy S. McChesney of Hanley Investment Group Real Estate Advisors represented the buyer and seller in the sale of a single-tenant Walgreens in Lake Elsinore, Calif. The purchase price was $8,086,409.
Located at 31781 Mission Trail Road in Lake Elsinore, the 13,678-square-
“At a 6.48% cap rate, the sale represents the lowest cap rate for a single-tenant drug store in the Inland Empire in 2011,” said William B. Asher, managing director at Hanley Investment Group. “It was an attractive single-tenant drugstore investment as the lease included rental increases throughout the term; something you rarely find in a typical Walgreens lease.”
“We were able to facilitate a unique sale that included the purchase of the land from the same seller and the building from Walgreens Co. in two separate transactions that closed concurrently,”
“It was a rare sale of a Walgreens in southern California,”
The buyer was a private investor from Palm Desert, Calif. The seller was a private investor from Seal Beach, 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 brokerage firm with a three 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.