Property Trades for $2.6 Million
CORONA DEL MAR, CALIF. – (RealEstateRama) — Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, in conjunction with Lee & Associates, announced today that the two firms completed the sale of a single-tenant Sonic Drive-in located at 9505 Magnolia Avenue in Riverside, Calif. The sale price of $2,555,000 represented a cap rate of 4.70%, a record low for a single-tenant Sonic Drive-In restaurant nationwide.
Hanley Investment Group Executive Vice President Bill Asher, along with Lee & Associates Senior Vice Presidents Jon Friesen and Jeff Stanley, represented the seller, Evergreen – Magnolia & Van Buren NWC, L.L.C. (an entity of Evergreen Devco, Inc. in Glendale, Calif). The buyer, a private investor from Los Angeles, was represented by Paul Bahk of Realtex Properties, Inc. in Los Angeles.
Built in 2015, the 3,275-square-foot Sonic Drive-in is situated on a .50-acre parcel at the signalized intersection of Magnolia Avenue and Van Buren Avenue, one of the highest trafficked intersections in Riverside with average daily traffic counts of 75,000 cars per day. Additionally, the building was the winner of the Beautification Award for 2015 by the city of Riverside.
About Evergreen Development
Evergreen was founded in Phoenix in 1974 and is a fully-diversified retail and multi-family development company. Managing partners Bruce Pomeroy, Andrew Skipper and Laura Ortiz oversee the company, which has earned a reputation as an industry leader by delivering high-quality real estate developments. Evergreen works throughout the nation, and has offices in Arizona, California and Colorado. The Evergreen team is committed to partnership, value and creative problem-solving, making it one of the most respected real estate companies in the West.
About Lee & Associates
Celebrating more than 37 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in North America with locations across the U.S. and Canada including Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Maryland, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, Ohio, Pennsylvania, South Carolina, Texas, Vancouver BC and Wisconsin. With more than 800 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $5 billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved.