Multiple all-cash offers within first week of marketing is evidence of continued demand for well-located single-tenant retail assets
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, announced today that Senior Vice President Jeremy McChesney completed the sale of a brand new construction single-tenant absolute triple-net Black Bear Diner in Orange County, Calif. The purchase price was $3,295,000, representing a 4.40% cap rate.
McChesney represented the seller, Tropical Holdings, LLC and Ruffin Tech Center, Ltd. of Hermosa Beach, Calif. Peter Deltondo of Marcus Millichap of Irvine, Calif., represented the buyer, a private investor from Rowland Heights, Calif.
Built in 2016, the 5,506-square-foot Black Bear Diner restaurant is located on .71 acres at the southeast corner of Beach Boulevard and Fashion Square Lane, 1000 S. Beach Boulevard, in La Habra. Traffic along Beach Boulevard is in excess of 45,000 cars per day, according to McChesney.
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.