CORONA DEL MAR, CALIF. – 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 Pat Kent completed the sale of Hemet Plaza, a 58,035-square-foot shopping center anchored by Big Lots (not part of the sale) and True Value hardware store in Riverside County, California. The purchase price was $5,575,000, representing a cap rate of 6.3%.
Hemet Plaza is centrally located on 4.55 acres at 1911-2095 Florida Avenue in Hemet, at the hard-corner signalized intersection of Florida Avenue (Highway 74, the main east-west thoroughfare in Hemet) and Yale Street (34,000 cars per day). In addition to anchors Big Lots (NAP) and True Value, Hemet Plaza includes other national tenants such as Farmers Insurance, Jackson Hewitt Tax Services, Rent-A-Center, Metro PCS, and US Postal Service.
The population of Hemet has grown 50% since 2000 and currently has more than 169,000 residents within a 5-mile radius of the property, according to Kent. “The city of Hemet recently announced a new 500,000-square-foot retail, entertainment and mixed-use office development on Florida Avenue, which substantiates the Hemet demand for additional product,” Kent said.