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 new retail development in Southern California’s Imperial Valley. Totaling 7,519 square feet, the buildings were leased by Starbucks Drive-Thru and United States Postal Office (USPS) and 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 an 2,089 square foot building located at 802 N Imperial Ave., while the second was for USPS facility at 820 N Imperial Avenue in Imperial Valley. Last year Asher & Lefko also represented 5th Street Development LLC when they finalized an absolute triple net ground lease for 20 years on behalf of McDonald’s adjacent to USPS building..
