All-Cash 1031 Exchange Buyer Closes in Nine Days
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 the firm completed the sale of a 9,167-square-foot multi-tenant retail pad building, which is part of a neighborhood shopping center anchored by Smart & Final Extra! in Upland, Calif. The sale price of $3.9 million, with a cap rate of 5.48%, represented a record low cap rate for a multi-tenant pad over $3.5 million in the trade area.
Hanley Investment Group’s Executive Vice President Bill Asher and Senior Vice President Pat Kent represented the seller, CME Mountain Avenue LLC, based in San Diego, Calif. The buyer, a local investment partnership, was represented by Jin Hwang of EJ Realty & Investment in Torrance, Calif.
Built in 1997, the multi-tenant retail building is situated on .49 acres at the northeast corner of Foothill Boulevard and Mountain Road at 1042 North Mountain Road in Upland. The five-tenant property was 100% occupied at the time of the sale. Tenants included The UPS Store, The Spot Café, Mountain View Dental and We Talk Pets.