Hanley Investment Group Real Estate Advisors recently completed the sale of a new multi-tenant retail investment in Perris, California for $4.05 million. The property is located on an outparcel to a Cardenas Markets anchored shopping center, near the Interstate 215 on/off-ramps and is leased to Altura Credit Union and Little Caesars Drive-Thru.
EVPs Bill Asher and Jeff Lefko represented the seller, a private partnership from Orange County while Howard Rosenthal and Guy Excell of Rosenthal & Excell Commercial Real Estate in Hemet represented the buyer -a local family office from Riverside County-.
The transaction was an all cash 1031 exchange which fulfilled both parties’ expectations; premium pricing based on today’s market conditions met with satisfaction by both sides as it satisfied their specific criteria for this type of exchange. “We procured an all-cash 1031 exchange buyer through a broker relationship in an off-market transaction,” said Asher.
