Hanley Investment Group Real Estate Advisors successfully brokered the acquisition of five retail outparcels at Citrus Landing, a fully-leased neighborhood shopping center in Riverside. The 124,904-square-foot property was recently renovated and is anchored by a grocery store.
EVP Kevin Fryman and President Ed Hanley represented the buyers, who were private investors from San Diego and Newport Beach completing a 1031 exchange. REZA Investment Group Inc., based in Irvine, represented Paragon Commercial Group.
According to Fryman, “We identified this retail investment opportunity to fulfill our clients’ 1031 exchange objectives after they had previously sold industrial land.” He also noted that their negotiation skills resulted in a quick escrow period of just 16 days with only six days for contingencies.
The five outparcel buildings total over 25,000 square feet on more than five acres of land. They are home to popular national and regional tenants such as Chick-fil-A, Carl’s Jr., Quick Quack Car Wash,and Arrowhead Credit Union. Additionally,a multi-tenant pad building includes Panda Express,Café Bottega,and Pacific Dental.
This successful deal highlights Hanley Investment Group’s expertise in brokering commercial real estate transactions for both buyers and sellers across various industries.
