Hanley Investment Group Real Estate Advisors recently facilitated the sale of a newly built, three-tenant net-leased property in Riverside. The anchor tenant is a Chipotle Mexican Grill with a convenient drive-thru feature known as the “Chipotlane.” The transaction closed at $5.84 million.
Eric Wohl, Executive Vice President, and CJ Kiehler, Associate at Hanley represented both the seller and developer of this property – Greens Development Inc., based in Irvine. On behalf of their client – an investor conducting a 1031 exchange from Los Angeles – Justin Altemus from The Altemus Company also played an instrumental role in sealing this deal.
Wohl commented on how they were able to secure an off-market buyer who was looking for quick closure on their 1031 exchange while BHC Chicken was still completing its buildout within the pad building.
Located at 22430 Van Buren Blvd., this pad building spans over 6,300 square feet and has been operational since last year (2020). It occupies almost one acre within Veteran’s Plaza – which is home to various retail outlets and hotels – developed by none other than Greens Development Inc. Interestingly enough; Hanley had previously arranged for another Starbucks Drive-Thru anchored asset located within Veterans Plaza back in May 2023 when it was sold by Greens Development Inc.
