Hanley Investment Group Real Estate Advisors recently arranged the sale of two new construction single-tenant net-leased retail investments as part of a break-up sale strategy at a retail development in Southern California’s Imperial Valley. The buildings, which totaled 7,519 square feet and were leased by Starbucks Drive-Thru and the United States Postal Office (USPS), sold for a combined total of $5.81 million. EVPs Bill Asher and Jeff Lefko represented the seller and developer, San Diego based 5th Street Development LLC in both transactions.
The first transaction involved Asher & Lefko arranging for the sale of 2,089 square foot building located at 802 N Imperial Ave., while they finalized another deal involving USPS facility at 820 N Imperial Avenue in their second transaction. Last year saw them representing their client again when they closed an absolute triple net ground lease with McDonald’s adjacent to USPS building that was valid for 20 years duration..
