Hanley Investment Group Real Estate Advisors recently closed the sale of a 6,402-square-foot multi-tenant retail pad building shadow-anchored by a Save Mart grocery store in Modesto for $4.11 million. EVPs Jeff Lefko and Bill Asher represented the seller, Covenant Real Estate Group in Henderson, NV., while an all cash non 1031 exchange buyer based in Elk Grove CA was secured prior to formally marketing the property for sale.
Lefko noted that they were able to negotiate a timely 15 day due diligence period with certainty for both parties involved: “We negotiated this period to secure the deal and provide assurance that our buyer was committed to purchasing without having formally marketed it.” Built in 2018, this three tenant retail pad is located at 3601 Pelandale Ave., Modesto and includes Pacific Dental Services (operating as Modesto Smiles Dentistry), Mountain Mike’s Pizza and West Coast Sourdough Deli (which will open soon).
